Do you have some digital currencies such as Ethereum and DASH and want to make some gains with them? Your best bet to accomplish this is by staking your assets. Staking involves locking away some of your cryptocurrencies so that you earn some profit from them after a specified period of time. There are many staking platforms that help people to accomplish this through staking pools.
Some of the popular staking platforms include Kucoin, Binance, Coinbase and Poloniex. What these platforms do is essentially locking up proof-of-stake coins and related types of coins in a manner that they yield profit for the owner after the expiration of the locking period.
What is happening in staking is that the investor is helping to protect the network of the cryptocurrency and also verify transactions. As a result, they are rewarded for their participation in the staking pool.
Advantages of Staking
Apart from the fact that it is a mechanism that protects the network, staking is an easy way of making profit using your crypto assets.
In staking, the investor does not really have to do anything, the staking platform is in charge of all aspects of the staking process after the owner has allocated the funds that they intend to stake.
Low Energy Demand
Unlike proof-of-work systems, the protocol of proof of stake coins is not energy intensive. The effect on the environment is minimal even as it helps retail investors to make some profit.
It is Easy
Staking is one of the easiest ways of making some profit with your cryptocurrency within the cryptosphere. This is why anyone that owns these coins can easily stake them at the right staking platforms or pools.
So what are the best coins to stake if you have them? The essence of this post is to show you the coins to stake as well as a hint on where you can stake them. This would enable you to make the most of the assets that you own instead of just leaving them in a wallet.
It is important to note that the reward accrual from staking of digital currencies are not the same. So in staking, it is important to check what the ROI would be at the end of the staking period. Based on these factors, here are the top five coins that you can stake.
Cosmos is one of the projects that solves the problem of high energy demand for proof-of-work coins through its implementation of proof-of-stake as its consensus protocol. You can easily stake its token, ATOM on several platforms and earn a profit of up to 6%.
Axie Infinity (AXS)
There are some staking platforms where you can stake AXS, the internal token of the play-to-earn platform, Axie Infinity. The AXS token is one of the most valuable NFTs due to its popularity. You can earn up to 100% staking AXS here.
DOT is another token that you should consider staking due to its high earning potential. This is the currency of Polkadot, the network that has been quite effective in creating interoperability among blockchains. Staking DOT would earn you returns of up to 11% in just 30 days 0n the platform that we recommend.
Binance Coin (BNB)
Binance is the largest cryptocurrency exchange, so it is not surprising that its token, the Binance coin made the top coins that you can stake. Binance routinely burn some of their tokens, so you can be sure that this is one of the cryptocurrencies of repute, even rated by capitalization. Staking BNB can earn you more than 6% in 60 days.
You may not be aware that Ethereum 2.0 has provision for staking ether and that you could earn up to 20% doing this. Ethereum is one of the networks with high use cases and staking the coin can also be rewarding.
Bear in mind that staking platforms differ in efficiency and reliability. This is why you should stake your coins in a platform that delivers on its promises.
Staking helps in protecting networks, makes money for the investors easily, is not expensive and also helps in reducing the energy cost of cryptocurrencies by supporting less energy intensive coins. Here is the platform that we recommend for staking your coins.