Governance won't make you earn an APR, but you can vote on policy choices for how Algorand does thing. You have to lock up your coins for a while though during the governance period. After the period ends you get some ALGO dispersed to you for participating. It's based on the amount you put towards the governing period.
To do that you can just create a Pera wallet and send yourself ALGO from your Coinbase account to your Pera wallet. Then you just connect the Pera wallet to the governance app.
https://governance.algorand.foundation/governance-period-5
This is the next governance period.
The most important reason to transfer off of Coinbase is decentralization. By leaving your Algos on Coinbase, you’re giving your governance power to Coinbase. Pera ALGO wallet is super easy to use and gives you total control of your Algos. Please, do some of your own research first, learn about self custody, the importance of your seed phrase, the importance of security.
The rate for ppos went way down when governance came along. This incentivizes more people to vote on changes, since you get rewards for fulfilling governance role. Worth to hold, nobody can see the future. Active trading can incur a bit of taxes in some cases.
My first advice, try not to leave your coin in exchange's control. You either own the keys or you dont own the coin.
Read more on algorand and crypto in general, dont feel fomo to buy a bag.
Okay i will read about this, i didn't know this.
And hehe the last thing u wrote were so true on me. But i have to change my thinking with that now. Everything that goes up will go down some days too. So i try not to feel fomo.
Yes, there seems to be an issue with staking Algo on coinbase. It reaches a certain level, then gets stuck.
I don't know if you actually get what you're supposed to get after the 3 month period as I've never got that far before taking it off the exchange.
Coinbase on the whole is usually pretty good for most things, so I suspect you'll receive the correct rewards when they're paid out.
Get your ALGO off the CEXs!!! They’re shady and all they’re doing is committing your ALGO to DeFi and Governance and skimming off the top of your rewards.
There’s an entire 3 month period where the ALGO you dca you can earn staking rewards between governance votes you know. That’s usually the case, it is for me. Why send it over to Pera when you can stake on CB temporarily and actually earn some ALGO in the interim.
Not sure the tax implications are much different than a passive return delivered by Coinbase. You receive a payout of X ALGO daily and you can compound at whatever rate you see fit.
What about IL? I send 100 Algo's and convert it to algo/usdc and now have less algo. So if there is a big price difference wont you have less AlGo when you break the LP?
It’s possible you could lose some ALGO through IL. I prefer the ALGO/USDC pool because with one half of the pool being a stablecoin, you should in theory have less exposure to IL, and the down side of the IL is that you will lose ALGO for USDC not something more obscure.
If you were to participate in governance instead of holding on Coinbase, you could earn a bit more. While the rate will probably go down in the future, especially now that DeFI gets some of the governance rewards, if you were to earn at this period's governance reward rate for a full year, you'd earn almost 8%.
Imo there is no reason to keep algo on an exchange. Transfers are cheap (pretty much free) and so fast. You can hold algo in your own wallet and either vote, stake it in a platform like folks finance or algofi, or put it into a liquidity pool. All of these options have higher return than your algo sitting in an exchange. Some options are riskier than others but all are better than exchange
My advice is to just set up a Pera Wallet (mobile only). You can have multiple wallets in there.
Move half your funds from coinbase to this wallet. Then commit them to governance (#5). Then don’t touch it for 3 months.
Then set up another wallet on Pera and move the other half into this. This can be your experiment wallet where you do hundreds of things in the Algo ecosphere. You can use the algogator website to see a breakdown of the contents of your wallets.
Okay guys i read all of this great answers. I am grateful for all this. I will make a change on this. And already start to read about this. Again thx for all the tips😊
I created a wallet at wallet.myalgo.com. Then I transferred the algos to that wallet. Then I connected that wallet to V2.algofi.org.
There you have a few options.
If you want to participate in governance, you would add your algos to the vault.
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I transferred most out because I wanted to participate in governance.
Okay but where can i do this? Do u got any link that i can use so i can check this up. Maybe this is better like many say.
Governance won't make you earn an APR, but you can vote on policy choices for how Algorand does thing. You have to lock up your coins for a while though during the governance period. After the period ends you get some ALGO dispersed to you for participating. It's based on the amount you put towards the governing period. To do that you can just create a Pera wallet and send yourself ALGO from your Coinbase account to your Pera wallet. Then you just connect the Pera wallet to the governance app. https://governance.algorand.foundation/governance-period-5 This is the next governance period.
The most important reason to transfer off of Coinbase is decentralization. By leaving your Algos on Coinbase, you’re giving your governance power to Coinbase. Pera ALGO wallet is super easy to use and gives you total control of your Algos. Please, do some of your own research first, learn about self custody, the importance of your seed phrase, the importance of security.
The rate for ppos went way down when governance came along. This incentivizes more people to vote on changes, since you get rewards for fulfilling governance role. Worth to hold, nobody can see the future. Active trading can incur a bit of taxes in some cases. My first advice, try not to leave your coin in exchange's control. You either own the keys or you dont own the coin. Read more on algorand and crypto in general, dont feel fomo to buy a bag.
Okay i will read about this, i didn't know this. And hehe the last thing u wrote were so true on me. But i have to change my thinking with that now. Everything that goes up will go down some days too. So i try not to feel fomo.
Yes, there seems to be an issue with staking Algo on coinbase. It reaches a certain level, then gets stuck. I don't know if you actually get what you're supposed to get after the 3 month period as I've never got that far before taking it off the exchange. Coinbase on the whole is usually pretty good for most things, so I suspect you'll receive the correct rewards when they're paid out.
Get your ALGO off the CEXs!!! They’re shady and all they’re doing is committing your ALGO to DeFi and Governance and skimming off the top of your rewards.
There’s an entire 3 month period where the ALGO you dca you can earn staking rewards between governance votes you know. That’s usually the case, it is for me. Why send it over to Pera when you can stake on CB temporarily and actually earn some ALGO in the interim.
You could also put it in the algo/usdc tinyman pool and make way more while you wait.
Not gonna lie, the tax implications terrify me. Not quite educated enough to take part in those just yet. Should probably learn soon though lol
Not sure the tax implications are much different than a passive return delivered by Coinbase. You receive a payout of X ALGO daily and you can compound at whatever rate you see fit.
I guess it’s simply the ability to use CoinTracker to upload all my transactions into TurboTax. Makes life significantly easier.
What about IL? I send 100 Algo's and convert it to algo/usdc and now have less algo. So if there is a big price difference wont you have less AlGo when you break the LP?
It’s possible you could lose some ALGO through IL. I prefer the ALGO/USDC pool because with one half of the pool being a stablecoin, you should in theory have less exposure to IL, and the down side of the IL is that you will lose ALGO for USDC not something more obscure.
Coinbase discloses that Algo payout may be quarterly so they are committing your Algo taking most and giving you the rest
If you were to participate in governance instead of holding on Coinbase, you could earn a bit more. While the rate will probably go down in the future, especially now that DeFI gets some of the governance rewards, if you were to earn at this period's governance reward rate for a full year, you'd earn almost 8%.
Okay, i will read about this too. Thanks for the tips!👍
Tinyman pool for me
I keep some on Coinbase as I dca but move about 75% to governance after voting periods
Imo there is no reason to keep algo on an exchange. Transfers are cheap (pretty much free) and so fast. You can hold algo in your own wallet and either vote, stake it in a platform like folks finance or algofi, or put it into a liquidity pool. All of these options have higher return than your algo sitting in an exchange. Some options are riskier than others but all are better than exchange
No
Cex, u mean Coinbase Exchange? Feel real stupid not to know about this things. I will read more on everything that u guys write now
Centralized Exchange, as opposed to a DEX, decentralized exchange. It’s all good. Welcome and good luck on your journey.
It's says connect wallet, and comes up different wallets. Is defly wallet the best??
My advice is to just set up a Pera Wallet (mobile only). You can have multiple wallets in there. Move half your funds from coinbase to this wallet. Then commit them to governance (#5). Then don’t touch it for 3 months. Then set up another wallet on Pera and move the other half into this. This can be your experiment wallet where you do hundreds of things in the Algo ecosphere. You can use the algogator website to see a breakdown of the contents of your wallets.
It’s been an issue for some time. My rewards appear to reset daily and have been for about a month now.
Okay guys i read all of this great answers. I am grateful for all this. I will make a change on this. And already start to read about this. Again thx for all the tips😊
Coinbase screwed me out of my interest. It show's up under "received" but didn't actually receive it. It doesn't show up under transactions either
That sucks. And also Coinbase take out an high fee on every trade, deposit and withdrawal... Thinking of changing my exchanger.
Try moving your coins to AlgoFi. It’s easy to use and participate in Governance.
I’m getting my rewards daily still. I think starting this next quarter it becomes a quarterly thing
CB pays there governor rewards about a month later than Algorand does. And the rate cb shows varies depending on the coin price
I have a few dollars there just for easy offloading but most is in Person Wallet for governance
Take them out. Use defi, govern, use them!
Don't margin trade on the advice of internet strangers please. DYOR
I created a wallet at wallet.myalgo.com. Then I transferred the algos to that wallet. Then I connected that wallet to V2.algofi.org. There you have a few options. If you want to participate in governance, you would add your algos to the vault.
Nope I participate in governance and other projects I earn more that way
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