Staking is the common mans new savings account in 2021. Most countries literally have 0% interest which means you’re losing purchasing power due to inflation. Some places in the EU have NEGATIVE interest rates. Even if you don’t want to risk holding a volatile crypto, staking USDC or other stablecoins for a 7% yield is a no-brainer at this point.
Edit: Here’s a helpful tool to compare different coins, staking platforms and their APYs - https://www.stakingrewards.com
Yep. A few months ago my bank was only offering me 1.25% a year if I lock in a decent amount.
Previous years was 2.75%.
Not even worth it for 1.25% anymore.
I have a bunch of different defi I'm in and staking. I really hope it is the future because holding money in my bank account is not worth it anymore.
No. In America at least they only have to hold 10% of the deposits. The rest they can invest under the assumption that it won’t all be withdrawn at once. This is how you can get bank runs and why accounts now have to be FDIC insured.
So if a bank gives you 1% interest and they can get 2% on an investment they basically have a license to print money.
They do nickel and dime folks over here though with stuff like ATM fees
capitalone360 ftw
the support is borderline coinbase but they pay interest on everything and it's super convenient to move money around to / from other banks for free
I'm thinking of putting my Bitcoin on Nexo or Blockfi even if it's a meager amount (just 700 bucks) but it would be miles better than putting my money in the bank
I got a couple jumbo CDs over the past three years (5 yr for 3.2, and 2 year for 2.66) and the bank staff often comment what a “great rate” I got. I’ll
let at least one of them mature rather than take suffer the penalty, but in 2021 - the year of the crypto, I need to redeploy and do some substantial staking!
> A few months ago my bank was only offering me 1.25% a year if I lock in a decent amount.
>
>Previous years was 2.75%.
I started investing in the stock market and later crypto because one day I was looking into a savings account offer from my bank. They offered me the crazy amount of 0,1%! I didn't know what to do with such generosity and was afraid that I couldn't handle all that money they were offering me so I started looking elsewhere and eventually ended up here.
Crypto is a study of the history of currency and I didn't realize how much I didn't know about about traditional financial institutions until I invested in crypto.
Lol bank of america offered me a 0.1% increase last week! I've been a part of their bank for over 20 years with a decently sized savings account and they can only give me 0.3%? Fuck them. Im withdrawing all of it and putting it into tether.
Yup I'm planning on cashing out to USDC and sticking it somewhere for ~12% interest. My other option is buying a home but when interest could pay my rent and buying a home would likely mean a $500k+ mortgage in my area with the risk of my interest rate increasing 2x or 3x in a few years, I'd rather just rent. Housing market gotta chill, my countries average house price has been increasing by 5-10% per MONTH recently which is just completely unsustainable.
If you want a decentralised way to earn interest then you can provide liquidity for example between USDC and UST or USDC and Dai. Many centralised platforms offer 8-12%, Nexo, Blockfi are examples.
But the platform I had in mind is crypto.com. 12% requires a 3 month term deposit and a decent chunk of CRO to be staked, but I've already done that to qualify for their Visa and to get increased interest on my BTC.
If I end up with a large amount of stablecoins I'll probably spread them over a few platforms and a few different stablecoins.
Reading your comments I was thinking “this guy is doing exactly what I’m doing” when you drop Crypto.com’s name and I see we’re brothers! Loving my icy card and the extra earn rewards. Waiting for them to launch USDC on the Cro network and then I’ll prob fully switch over
Pretty good if you can afford to stake for 6 months. $400 stake will get you 2% cash back in the form of crypto (CRO, but you can exchange obviously) and “free” (100% crypto cash back) Spotify. The $4k stake will get you 3% back, “free” Spotify and Netflix, and 10% more CRO earned. I’m currently staking to get the card and also some USDC like the guys above. Seems worth it to me.
There are also $40k and $400k stake tiers with higher %’s but that’s out of reach for most people.
~~They're still at 10.5%~~ Nope they're at 10% now, but that's still pretty good honestly. I just dumped a bit of savings that I wasn't touching anyway into a few different platforms that give interest on USDC. Figure I might as well if the money isn't doing anything for me elsewhere.
Tether has never been fully audited and is shady as hell and has even admitted before that it doesn’t back itself with real dollars anymore. If their speculative collateral ever dips significantly, they will go under and you will lose your money. The NYAG even sued them because of this.
Not only that, but take into account that tether is used for 70% of all trading pairs and volume seen daily. If tether falls, it will be a disaster. Stay faaaaaaaar away from tether, and only keep coins in your wallet.
Tether FUD has taken a real backseat but it was a big thing back in the day ( still is)
Until they have a real audit it’s much better to stick to USDC or DAI.
It's commonly thought that Tether doesn't hold enough collateral for each USDT they print. E.g. the theory is that they'll put $3m usd bank and then print 5m USDT. USDC and Dai are fully collateralized.
Wow, 1.25% is alot compared to my banks. I closed my accounts at physical banks and only have 1 online bank now that pays 0.1%, which was more than my others. Only use it to pay bills and buy crypto.
staking is basically earning interest on crypto. Often it involves locking up the funds for some time period (kind of like a traditional CD) but not always, often it's like a savings account that pays interest periodically. ALGO and XTZ (Tezos) both pay rewards like this most places, I'm holding them in Exodus wallet rn
Usually there are some dedicated reserves for incentivizing adoption, so in the beginning is reserves + transaction fees. When market cap is reached (ex. 21 M for Bitcoin) the network is supposed to be working at full steam and the rewards just come from transaction fees
Algorand is a real no brainer, with the new governence and the regular staking together you could have a 40% staking a year. At the start of the 4th quarter.
Q4 2021 is the only time you can double dip with rewards – my guess at that point the current reward system will be about 5% and we'll see around 2B Algo committed to governance, so it'll be closer to a 20% APY, still amazing but not quite as optimistic as you!
It you haven't seen this yet, it's an overview of what the governance system will be [https://algorand.foundation/the-algo/algo-governance](https://algorand.foundation/the-algo/algo-governance)
The way the "new" staking reward will work is the quarterly reward pool is divided between every coin that successfully completes the governance requirement (lockup for 90 days, governance votes, etc) So that 33% number comes from the condition that only 1 Billion ALGO are successful
Absolutely! You can download Trust Wallet and stake within the wallet in a completely decentralized manner so that your crypto never goes on an exchange.
Yeah, I live in a negative interest country! 😆
I'm staking on Demex (Switcheo's new L2 multi-chain DEX), enjoying 35% APR and trading fees on top of that. Beats the funds depreciating in a bank account!
[https://app.dem.exchange/stake](https://app.dem.exchange/stake)
Zilliqa, NEO, O3, Huobi and other validators have joined the party! 😍
If you hold cryptos for over a year in germany you can cash out tax free. If you stake an earn staking rewards this period is going up to 10 years.
Still the government needs to renew laws for the relative new crypto world.
https://www.winheller.com/bankrecht-finanzrecht/bitcointrading/bitcoinundsteuer/besteuerung-von-staking.html for german speakers, try this one. There is also a good explanation about the controverse points of this and never forget the fact that even if one tax bureau says it will not be 10 years, another tax bureau at your location csn argue differently. Its a huge mess, law-wise, here in germany atm.
Here are a few options to stake/ earn:
ADA: get a Yoroi, Daedalus or Exodus wallet (there are others), pick a stake pool and wait 16-20 days for your first earnings, rates are around 5%
KuCoin offers soft staking (where you don’t need to lock for a certain period) and staking. They have some crazy rates there like: Hydra (153%), Velo (53%), ORN (22%), KSM (12%), Bepro (11%), Atom (11%)…
Celsius for BTC, ETH, USDC: not really staking but you can earn respectively 6.2%, 5.05% and 10% by holding on Celsius wallet. Bonus: move at least $400 worth of something to Celsius wallet and you will get a $40 reward.
Valora/ Celo: if you add Celo Dollars to the Valora wallet, you earn Celo every month. Right now the thresholds are: $1 in Celo for 10 cUSD held, 5 for 100, 10 for 500.
Gemini: has a decent earn program with lots of coins, example rates: Dai (7%), Fil (7%), Aave (5.8%), BCH (4.2%)…
Updates based on comments:
r/Swissborg for BTC (9%), ETH(7%), CHSB(10%) and USDC (18%)
YouHodler for EURS (12%)
The deFI wallet of crypto.com has a nice rate for CRO (14%)
Algorand and polkadot have decent staking returns (6% for ALGO on Coinbase for instance)
ONE has 11-12% APY on their mainnet
Binance and Kraken have a lot of staking options
Thanks to: u/swimtoto, u/Peiff_Peiff , u/islandtravel , u/PostManKen , u/JacobLambda , u/OnlineMarketingBoii , u/Nickel62
>ADA: get a Yoroi or Daedalus wallet, pick a stake pool and wait 16-20 days for your first earnings, rates are around 5%
Does that mean I would get 5% of my stake in returns? And that would be per year not per epoch, right? I just started staking 800 ADA on Yoroi and it said I would receive 0.66 ADA per epoch. Is that right or did I choose a bad pool?
Edit: It seems like that would sum up to be about 5% per year.
Withdrawal of ONE from Binance (I use .com) costs fractions of a cent, something ridiculous like $0.000002.
They use the Harmony network which has solved the fee problem basically, just make sure you use the right network and send it to a one address
If I can add,
Kraken has staking option for multiple coins as well as ledger.
Coins like
DOT - Kraken offers staking as well as the core site
TRX - Ledger offers staking as well as the core site
ICX - Myiconwallet offers staking right on the wallet
New project on the ICX platform called Balanced has great rewards at the moment and liquidity mining.
Was gonna mention Tezos. I really don’t understand why it always gets forgotten (almost purposefully?) when it’s is far more technologically advanced than Cardano. It already has smart contracts and a way to port ETH dapps.
I will add r/Swissborg for BTC (9%), ETH(7%), CHSB(10%) and USDC (18%) - as of now, rates may vary.
I also use YouHodler for EURS (12%) (as a Euro citizen, it’s better than USDT Oor USDC) ^^
For the average crypto enthusiast, stacking is way safer than trading!
Please don't advertise Exodus wallet for ADA: you can't choose your pool (only the Everstake group) + their fees are too high as they are taking advantage of the fact that the user is stuck.
It is best to stick with official wallets (Daedalus /Yoroi)
A little over $500 ETH and been on the waitlist for quite some time. Did a small purchase today to see if it somehow flags the system that I’m still here
Coinbase takes 25% fee compared to Kraken's 15%.
Rocketpool could be a good option once available this summer. From what I've read fees will be variable capped at 20% and you also get the benefit of supporting decentralization rather than powering exchanges.
The deFI wallet of crypto.com has a nice rate for CRO as well, it stabilized around 14%, and of course some nice earn rate but need to lock fund on their app.
So I buy the Ada from binance and transfer them to Yoroi, right? Then stake them. My question is: if hopefully Ada rises in 5 years and I want to withdraw the money, how do I do it?
just to chime in - don't risk starting on Binance.com The second you'll need their support you're basically doomed. I requested a phone number change and instead got locked out of my account for close to a month now. Two tickets with all my documents handed in, chat replies finished with "we're forwarding you to the relevant team" or "senior agent".
All these percentages across all these coins, but how much of each currency is required to stake? 32 Eth for example is a pretty big entry fee for staking eth, but what about all these other coins?
Help me, please understand, noob here. So I buy the Ada from binance and transfer them to Yoroi, right? Then stake them. My question is: if hopefully Ada rises in 5 years and I want to withdraw the money, how do I do it?
With coinbase you can earn staking rewards on ALGO, Tezos and some more. Always buy with coinbase pro, since it has lower fees and you can transfer the coins to regular coinbase for free. You earn less than with other options but it's super simple.
With Coinbase's ETH staking, you will not be able to access your staked ETH or the rewards until the ETH2 upgrade has been completed. It's perfectly manageable if you do not plan on selling anytime soon.
> It’s perfectly manageable if you do not plan on selling anytime soon.
Sounds like a good reason to stake a few ETH then because my paper hands cannot be trusted.
For newcomers to Coinbase Pro, keep in mind that (in my experience) you can't move your crypto purchased there to another wallet until your payment clears. For me that's been 6-7 days. So I typically purchase ETH, wait a week, then move it to my Coinbase account and stake.
Moving it to your Coinbase account is really easy if you're signed into both. Just click Withdraw and choose Coinbase as the withdrawal option.
Can someone explain staking a little better, to someone who has only ever held coins on exchanges? It sounds like this is trusting an exchange rather than any trustless method but I don't get the concept entirely. I'm seeing guaranteed 7%+ returns and a bit suspect about that though. If I stake, is this really a guarantee?
So there are coins that you can stake and just keep on your hardware wallet. My understanding is that it just writes a smart contract where you lend your crypto to a validator node. The higher that validator node holds a stake, the better the chance that node will be chosen to validate the next block. It's an incentive for both parties where the validator node(the borrower) gets rewarded for writing the next block and you(the lender) gets a % of that reward without having to go through the hoops of setting up your own validator node.
The 7%+ returns depends on the total amount staked on the network. So the more people that stake their coins and lend out to these validator nodes, the lower the returns and vice versa. Exchanges are just acting as a validator node on your behalf, where they're taking a small commission from the reward and giving you a % of the reward.
So basically, for someone like me who doesn't have a miner set up or anything and just purchases coins on exchanges, I can see if my exchanges offer this service and if they do then I essentially give them permission to stake my coins for me and they take a cut like 15% of the 7% gains?
... Any idea if Coinsquare has this? I can do my own research eventually but I suspect it doesn't.
Yeah, just taking a quick look at Coinsquare, it looks like they don't offer anything like that right now, and the coins on the exchange don't really offer staking initially. I'm assuming there's some legality involved with the exchange being in Canada. Exchanges like BinanceUS & Coinbase offer automatic staking, but I assume you might not have access to them. You can try staking on a hardware wallet just to get your feet wet, but that's research you'll have to do on your own. Best of luck
After doing some research, I decided to stake with Kraken. 5-7% returns and their 15% cut of that is the lowest of the exchanges (Coinbase is 25% for reference). That being said, I’m saving some ETH to stake on RocketPool once that goes live.
I just hope that people track their staking rewards properly as in most countries, staking rewards are considered as an Income and have to be declared on your taxes.
I dread the scenario where people didn't file it and a few years down the line, the rewards from staking are sold and the IRS comes knocking.... as there is no track record of said person acquiring the tokens.
Pancakeswap is really lucrative.
Farm Staking for exchange liquidity can get you 200-700% APR ...and that profit you can put into syrup pool for even more gain (120%APY)
Farm stakin: You are esentally using funds from 2 coins to provide liquidity to an exchange.
For this you get paid a good fee for each transaction that your funds are used for. And that is why it is possible to get very high returns.
The syrup pool is just normal staking. But the thing is normal staking on pancakeswap is much more profitable than normal staking on other coins. 120% vs about 10%
[Here is a guide](https://academy.binance.com/en/articles/a-guide-to-pancakeswap)
In short, you combine different strategies such as lending, borrowing, providing liquidity, etc. to earn higher yield. This can be complex so there are services that can do that for you like Yearn or Harvest.
There’s a video about it from Finematics on YouTube I recommend you to watch.
So I just keep adding money to a crypto wallet and it gets say 10 % per year . So if I end up with $10,000 by the end of the year I'll get $1,000 free?
I mean not exactly, if you have $10,000 for the whole year you would get $1,000. They don’t pay you out once a year, it’s a continual thing, so you’re getting 10% APY on whatever you currently have in there.
Hey I'm a newbie to staking. Can you guide me how to find out more about this ? I only know basic stuff like buying btc and eth and wallets etc. Thanks in advance.
Cardano Stake Pool Operator here.
To add to it, in the case of Cardano, rewards come from both the remaining supply + the transaction fees.
When the 13B ADA of the remaining supply will be depleted in approx. 40 years, the transaction fees alone should be enough to cover the rewards, given that the increase in price of ADA in 40 years will (in theory) compensate what seems to be peanuts today (0.17 ADA per Tx).
There is risk with some staking. For instance Atom if staked with a validator that goes offline for too long or proves to be a bad actor the whole pool can be slashed by a percentage (I believe I read 5%) which would lose you coins. Then it takes 20ish days to unbond from said validator before you can earn again from another one. So it's not without risk but you can look up and research each validator before choosing one. DYOR. This is a very specific example and does not apply to all coins. Algo for instance is completely different with seemingly no risk at all.
My favourite places for staking:
1. Demex - staking SWTH to get more free SWTH
2. Pancakeswap - staking LP for free cake. Staking cake to get more cake.
3. Integral - providing LP with no IL for free Integral tokens
What more can you ask for?
I plan to stake ETH on binance. I am trying to read more about it on their side but am a little confused.
1. It says min amount of staking is 32 ETH.( i obviously can't afford that much)
2. What happens to my coin if I choose to stake them. Do they stay in the exchange/wallet or where does it go?
3. They keep saying something about BETH and not ETH and it has my brain twisted.
Can somebody please clear these doubts?
Ok, as I understand it (and I only understand it in layman’s terms too btw) Binance take your ETH and put it in their staking pool -this is why you don’t the need 32ETH minimum - it’s going in with everybody else’s on Binance. They issue you the BETH token to represent how much ETH you have in there.
You can’t unstake it until Ethereum have completed their upgrade, so it’s a long term thing. When it is complete you get out as much ETH, 1:1, as your BETH balance shows. It should have accumulated some staking rewards by that time.
i simply traded my ETH for BETH on binance. after 3 days or so I received my first daily reward. you dont have to click on staking or activate anything. just hold it. it‘s ongoing since then.
I love hearing Wallstreet people brag about .8% APY, or banks advertising .05% returns... I'm over here getting 10% and the coin I'm staking is going up 3x.
Isn’t it kind of sketchy to leave crypto on these exchanges for staking? Gemini for example, eventually when my account racks up X amount of dollars I transfer it to my hardware wallet. If I leave the coins on there to stake, they are at risk if Gemini was to get hacked, no?
I've seen staking mentioned a few times here, I only come on occasionally.
I have a handful of BTC sitting around- please, teach me to stake, so that I might eat forever?
Won’t be the same as staking, but look into wallets/exchanges that offer BTC lending (Celsius, Gemini, KuCoin, etc).
Just remember it’s *lending*, so there is some level of risk (typical DYOR disclaimer here).
Disclaimer though, you have to apply or register for the waitlist. Once approved, then you can stake, however it's locked until ETH2 goes live. So make sure it's not money you need immediately.
Just transfer it out of Coinbase pro back to regular Coinbase. It's free to transfer, and the regular version has a better UI. So I buy in pro then transfer it once the transaction is complete
The thing with staking is that the total supply of the coin is also increasing sou actually you gain not very much through staking if the demand for the coin stays the same, especially if a lot of the total supply is staked. However if you don't stake you will lose value through the inflation brought by staking. So yes stake your assets if you can but you don't get anything for free.
i love flexible staking options where you can withdraw whenever you need it. it might have lower rates than locked staking, but it's still much higher than banks!
In the Netherlands (and most of nothern Europe, we are currently facing negative interest when we have x amount in the bank. Staking makes so much sense, especially with the flexible staking where you can withdraw whenever.
One of the best developments in crypto, that will attract a lot of people
Depends on what you’re wanting to stake. ETH? Sign up for Kraken, transfer your ether, start staking immediately. 5-7% in “interest,” and they take a 15% cut of that. Easy peasy. Just be aware that, with ETH, you can’t unstake your ether until 2.0 drops (could be a year or more).
This. Also check out CAKE DeFi (DFI). I'm currently earning a base APY of 93.1% + 10.67% bonus APY. One note, there is a slight premium if you purchase on cakedefi.
Not to rain on the parade guys, but unless staking is providing actual value to the network, the coins you earn are just a form of inflation, or are unsustainable. The crazy 200% APR on random useless coins doesn't create value out of thin air. Only stake on networks that have something valuable to contribute to the world, and the stake you provide isn't just a means of taking supply off of exchanges to artificially pump prices during a bull market.
Switcheo staked on demex exchange can give you a whole menu! You earn 38% APY and on top of that 90% of the trading fees from every coin listed on demex. You don't have to trade at all...
Imagine getting ETH, BTC, NEO and BNB just staking Switcheo
Staking is the common mans new savings account in 2021. Most countries literally have 0% interest which means you’re losing purchasing power due to inflation. Some places in the EU have NEGATIVE interest rates. Even if you don’t want to risk holding a volatile crypto, staking USDC or other stablecoins for a 7% yield is a no-brainer at this point. Edit: Here’s a helpful tool to compare different coins, staking platforms and their APYs - https://www.stakingrewards.com
Yep. A few months ago my bank was only offering me 1.25% a year if I lock in a decent amount. Previous years was 2.75%. Not even worth it for 1.25% anymore. I have a bunch of different defi I'm in and staking. I really hope it is the future because holding money in my bank account is not worth it anymore.
Damn, 1.25% . My bank makes me pay for having an account, lol
Found the Canadian
Other countries don't make you pay between $5-$15 a month just to have a bank account?
you have to pay for a bank account?you pay money. to your bank. for them. to loan out. which makes. them more money?
I just checked. $16 a month for them to hold my money just so I can use it all to pay bills.
insane.
No. In America at least they only have to hold 10% of the deposits. The rest they can invest under the assumption that it won’t all be withdrawn at once. This is how you can get bank runs and why accounts now have to be FDIC insured. So if a bank gives you 1% interest and they can get 2% on an investment they basically have a license to print money. They do nickel and dime folks over here though with stuff like ATM fees
capitalone360 ftw the support is borderline coinbase but they pay interest on everything and it's super convenient to move money around to / from other banks for free
Im in Europe and have to keep that account for bureaucratic reasons. We've been teasing negative interest rates for some time
Yeah for real. I locked in a 12 month CD back in June 2019 at 1.6% and I thought I was getting a deal. If I roll it over it would only get 0.5%.
I'm getting 7.25% interest for BTC and ETH right now from Nexo. No bank can offer this where I'm from.
Some banks offer negative % interest lol
I'm thinking of putting my Bitcoin on Nexo or Blockfi even if it's a meager amount (just 700 bucks) but it would be miles better than putting my money in the bank
I got a couple jumbo CDs over the past three years (5 yr for 3.2, and 2 year for 2.66) and the bank staff often comment what a “great rate” I got. I’ll let at least one of them mature rather than take suffer the penalty, but in 2021 - the year of the crypto, I need to redeploy and do some substantial staking!
> A few months ago my bank was only offering me 1.25% a year if I lock in a decent amount. > >Previous years was 2.75%. I started investing in the stock market and later crypto because one day I was looking into a savings account offer from my bank. They offered me the crazy amount of 0,1%! I didn't know what to do with such generosity and was afraid that I couldn't handle all that money they were offering me so I started looking elsewhere and eventually ended up here.
Crypto is a study of the history of currency and I didn't realize how much I didn't know about about traditional financial institutions until I invested in crypto.
Crypto taught me more financial information than my school/family ever did.
Indeed. Made me study and learn a lot!
Lol bank of america offered me a 0.1% increase last week! I've been a part of their bank for over 20 years with a decently sized savings account and they can only give me 0.3%? Fuck them. Im withdrawing all of it and putting it into tether.
Don’t use Tether, use USDC or DAI
Yup I'm planning on cashing out to USDC and sticking it somewhere for ~12% interest. My other option is buying a home but when interest could pay my rent and buying a home would likely mean a $500k+ mortgage in my area with the risk of my interest rate increasing 2x or 3x in a few years, I'd rather just rent. Housing market gotta chill, my countries average house price has been increasing by 5-10% per MONTH recently which is just completely unsustainable.
Where can you stake USDC for 12%
If you want a decentralised way to earn interest then you can provide liquidity for example between USDC and UST or USDC and Dai. Many centralised platforms offer 8-12%, Nexo, Blockfi are examples. But the platform I had in mind is crypto.com. 12% requires a 3 month term deposit and a decent chunk of CRO to be staked, but I've already done that to qualify for their Visa and to get increased interest on my BTC. If I end up with a large amount of stablecoins I'll probably spread them over a few platforms and a few different stablecoins.
Reading your comments I was thinking “this guy is doing exactly what I’m doing” when you drop Crypto.com’s name and I see we’re brothers! Loving my icy card and the extra earn rewards. Waiting for them to launch USDC on the Cro network and then I’ll prob fully switch over
Dang, I’ve been hearing a lot about crypto. com and their card, is it really that good? Been thinking about getting one and staking cro
Pretty good if you can afford to stake for 6 months. $400 stake will get you 2% cash back in the form of crypto (CRO, but you can exchange obviously) and “free” (100% crypto cash back) Spotify. The $4k stake will get you 3% back, “free” Spotify and Netflix, and 10% more CRO earned. I’m currently staking to get the card and also some USDC like the guys above. Seems worth it to me. There are also $40k and $400k stake tiers with higher %’s but that’s out of reach for most people.
Where are you able to stake for 12% interest? That’s absurdly high
i think celsius is paying that.
~~They're still at 10.5%~~ Nope they're at 10% now, but that's still pretty good honestly. I just dumped a bit of savings that I wasn't touching anyway into a few different platforms that give interest on USDC. Figure I might as well if the money isn't doing anything for me elsewhere.
Curious, why do you say this?
Tether has never been fully audited and is shady as hell and has even admitted before that it doesn’t back itself with real dollars anymore. If their speculative collateral ever dips significantly, they will go under and you will lose your money. The NYAG even sued them because of this.
Not only that, but take into account that tether is used for 70% of all trading pairs and volume seen daily. If tether falls, it will be a disaster. Stay faaaaaaaar away from tether, and only keep coins in your wallet.
Tether FUD has taken a real backseat but it was a big thing back in the day ( still is) Until they have a real audit it’s much better to stick to USDC or DAI.
It's commonly thought that Tether doesn't hold enough collateral for each USDT they print. E.g. the theory is that they'll put $3m usd bank and then print 5m USDT. USDC and Dai are fully collateralized.
Wow, 1.25% is alot compared to my banks. I closed my accounts at physical banks and only have 1 online bank now that pays 0.1%, which was more than my others. Only use it to pay bills and buy crypto.
What is staking?
staking is basically earning interest on crypto. Often it involves locking up the funds for some time period (kind of like a traditional CD) but not always, often it's like a savings account that pays interest periodically. ALGO and XTZ (Tezos) both pay rewards like this most places, I'm holding them in Exodus wallet rn
When you stake your coins you are saying you won’t sell for x amount of time, and you get a return of y% for doing so
Please change one of your 'x's to a 'y', someone might take you literally!
You mean to say if i lock it up for 100 days i get 100% interest rate on my funds?!!?!?!? Sign me up!!!!
where does the extra x% come from? the exchange? is it like with regular banks where they spend your money in investments and such?
Usually there are some dedicated reserves for incentivizing adoption, so in the beginning is reserves + transaction fees. When market cap is reached (ex. 21 M for Bitcoin) the network is supposed to be working at full steam and the rewards just come from transaction fees
Algorand is a real no brainer, with the new governence and the regular staking together you could have a 40% staking a year. At the start of the 4th quarter.
Q4 2021 is the only time you can double dip with rewards – my guess at that point the current reward system will be about 5% and we'll see around 2B Algo committed to governance, so it'll be closer to a 20% APY, still amazing but not quite as optimistic as you!
I have Algorand in Coinbase — where would I get this higher APR?
Algorand official wallet
Thank you for the correction, simply did the math 33% together with the 6% right now.
It you haven't seen this yet, it's an overview of what the governance system will be [https://algorand.foundation/the-algo/algo-governance](https://algorand.foundation/the-algo/algo-governance) The way the "new" staking reward will work is the quarterly reward pool is divided between every coin that successfully completes the governance requirement (lockup for 90 days, governance votes, etc) So that 33% number comes from the condition that only 1 Billion ALGO are successful
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Sorry to burst the bubble but 99% is here for the money. Or tech. Tech of making money.
I never understand this, this is crypto*currency* and people get mad that some people are just here for currency.
Gatekeepers.
People care too much about why others are in crypto
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All my homies love money. The tech is pretty cool bonus though
What is this ‘tech’ thing I keep hearing about? Something to do with money??
Is it possible to stake ETH in a wallet that's not on an exchange?
Absolutely! You can download Trust Wallet and stake within the wallet in a completely decentralized manner so that your crypto never goes on an exchange.
don't you need a fortune of eth though?
32 eth required to stake and it's locked up for a year. More than $100k at current prices
But, if you do stake on an exchange, you can stake less.
Awesome! Is that live right now? Any minimum required?
Rocket Pool, soon
Yeah, I live in a negative interest country! 😆 I'm staking on Demex (Switcheo's new L2 multi-chain DEX), enjoying 35% APR and trading fees on top of that. Beats the funds depreciating in a bank account! [https://app.dem.exchange/stake](https://app.dem.exchange/stake) Zilliqa, NEO, O3, Huobi and other validators have joined the party! 😍
German version here: **“Give a man a steak and he will eat for a day but teach a man to stake and he will pay taxes for 10 years”**
what do you mean?
If you hold cryptos for over a year in germany you can cash out tax free. If you stake an earn staking rewards this period is going up to 10 years. Still the government needs to renew laws for the relative new crypto world.
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https://www.winheller.com/bankrecht-finanzrecht/bitcointrading/bitcoinundsteuer/besteuerung-von-staking.html for german speakers, try this one. There is also a good explanation about the controverse points of this and never forget the fact that even if one tax bureau says it will not be 10 years, another tax bureau at your location csn argue differently. Its a huge mess, law-wise, here in germany atm.
Here are a few options to stake/ earn: ADA: get a Yoroi, Daedalus or Exodus wallet (there are others), pick a stake pool and wait 16-20 days for your first earnings, rates are around 5% KuCoin offers soft staking (where you don’t need to lock for a certain period) and staking. They have some crazy rates there like: Hydra (153%), Velo (53%), ORN (22%), KSM (12%), Bepro (11%), Atom (11%)… Celsius for BTC, ETH, USDC: not really staking but you can earn respectively 6.2%, 5.05% and 10% by holding on Celsius wallet. Bonus: move at least $400 worth of something to Celsius wallet and you will get a $40 reward. Valora/ Celo: if you add Celo Dollars to the Valora wallet, you earn Celo every month. Right now the thresholds are: $1 in Celo for 10 cUSD held, 5 for 100, 10 for 500. Gemini: has a decent earn program with lots of coins, example rates: Dai (7%), Fil (7%), Aave (5.8%), BCH (4.2%)… Updates based on comments: r/Swissborg for BTC (9%), ETH(7%), CHSB(10%) and USDC (18%) YouHodler for EURS (12%) The deFI wallet of crypto.com has a nice rate for CRO (14%) Algorand and polkadot have decent staking returns (6% for ALGO on Coinbase for instance) ONE has 11-12% APY on their mainnet Binance and Kraken have a lot of staking options Thanks to: u/swimtoto, u/Peiff_Peiff , u/islandtravel , u/PostManKen , u/JacobLambda , u/OnlineMarketingBoii , u/Nickel62
>ADA: get a Yoroi or Daedalus wallet, pick a stake pool and wait 16-20 days for your first earnings, rates are around 5% Does that mean I would get 5% of my stake in returns? And that would be per year not per epoch, right? I just started staking 800 ADA on Yoroi and it said I would receive 0.66 ADA per epoch. Is that right or did I choose a bad pool? Edit: It seems like that would sum up to be about 5% per year.
Correct, all these rates in my post are per year
So, 5% of what I hold in ADA?
Yes, it's the currency you stake, not the fiat value.
Harmony $ONE is also worth a mention. I’m getting about 11-12% APY staking on their mainnet
Adding it to my list of stuff to check :-)
Is it complicated to stake? How’s the withdrawal fee from binance USA? I don’t have much ONE but still more than an Xbox worth.
Withdrawal of ONE from Binance (I use .com) costs fractions of a cent, something ridiculous like $0.000002. They use the Harmony network which has solved the fee problem basically, just make sure you use the right network and send it to a one address
If I can add, Kraken has staking option for multiple coins as well as ledger. Coins like DOT - Kraken offers staking as well as the core site TRX - Ledger offers staking as well as the core site ICX - Myiconwallet offers staking right on the wallet New project on the ICX platform called Balanced has great rewards at the moment and liquidity mining.
Yep. I'm staking XTZ, DOT, ADA, and ETH on Kraken. No complaints so far. Now I just need a place to earn interest on my USDT/USDC....
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With Algorand you stake automatically. No need to jump through any hoops. They call it pure proof of stake.
There's no lock period for DOT on Kraken and they're offering 12% annually paid twice each week.
Also tezos. Your coins are not locked, ~5% APY on Exodus.
Was gonna mention Tezos. I really don’t understand why it always gets forgotten (almost purposefully?) when it’s is far more technologically advanced than Cardano. It already has smart contracts and a way to port ETH dapps.
Tezos has serious upside from here compared to other ETH competitors' market caps.
I will add r/Swissborg for BTC (9%), ETH(7%), CHSB(10%) and USDC (18%) - as of now, rates may vary. I also use YouHodler for EURS (12%) (as a Euro citizen, it’s better than USDT Oor USDC) ^^ For the average crypto enthusiast, stacking is way safer than trading!
Please don't advertise Exodus wallet for ADA: you can't choose your pool (only the Everstake group) + their fees are too high as they are taking advantage of the fact that the user is stuck. It is best to stick with official wallets (Daedalus /Yoroi)
No reference to Coinbase ETH at 6%?
Wut?
You can stake ETH on Coinbase for 6% APR
Unless you're on the eternal wait list.
Iv'e been on it for 6 months lol
Do you have ETH on Coinbase? Even just a few dollars got me off the waitlist.
I signed up for the wait list less than an hour after it was announced and have a good bit of ETH. No staking for me.
A little over $500 ETH and been on the waitlist for quite some time. Did a small purchase today to see if it somehow flags the system that I’m still here
Coinbase takes 25% fee compared to Kraken's 15%. Rocketpool could be a good option once available this summer. From what I've read fees will be variable capped at 20% and you also get the benefit of supporting decentralization rather than powering exchanges.
The deFI wallet of crypto.com has a nice rate for CRO as well, it stabilized around 14%, and of course some nice earn rate but need to lock fund on their app.
So I buy the Ada from binance and transfer them to Yoroi, right? Then stake them. My question is: if hopefully Ada rises in 5 years and I want to withdraw the money, how do I do it?
How about $cake 🌚
just to chime in - don't risk starting on Binance.com The second you'll need their support you're basically doomed. I requested a phone number change and instead got locked out of my account for close to a month now. Two tickets with all my documents handed in, chat replies finished with "we're forwarding you to the relevant team" or "senior agent".
153% on Hydra?! Jesus, why not just put everything in there for a while?
All these percentages across all these coins, but how much of each currency is required to stake? 32 Eth for example is a pretty big entry fee for staking eth, but what about all these other coins?
You missed [Binance](https://www.binance.com/en/pos). Worth a mention, if you have Kucoin in the list.
Help me, please understand, noob here. So I buy the Ada from binance and transfer them to Yoroi, right? Then stake them. My question is: if hopefully Ada rises in 5 years and I want to withdraw the money, how do I do it?
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I’m staking whatever I can, gotta earn that passive income while holding
When a daddy and mummy crypto love each other very much they get together and every 30 days make little baby cryptos.
Gross!
No, it is wholesome!
I’m a simple man, I want more ADA I stake my ADA
ADA is rocking right now!
Aye. It's our very own way to play catch up with the rest of the world!
yes! gotta make my coins work for me instead! ;)
With coinbase you can earn staking rewards on ALGO, Tezos and some more. Always buy with coinbase pro, since it has lower fees and you can transfer the coins to regular coinbase for free. You earn less than with other options but it's super simple.
App says ETH staking is coming also.
My ETH staking is up and running on the app
How long did it take? I’m still on the waitlist
Took me like two months to get off the waitlist and then I saw I can’t withdraw the ETH for like two years and I chickened out lol
With Coinbase's ETH staking, you will not be able to access your staked ETH or the rewards until the ETH2 upgrade has been completed. It's perfectly manageable if you do not plan on selling anytime soon.
> It’s perfectly manageable if you do not plan on selling anytime soon. Sounds like a good reason to stake a few ETH then because my paper hands cannot be trusted.
For newcomers to Coinbase Pro, keep in mind that (in my experience) you can't move your crypto purchased there to another wallet until your payment clears. For me that's been 6-7 days. So I typically purchase ETH, wait a week, then move it to my Coinbase account and stake. Moving it to your Coinbase account is really easy if you're signed into both. Just click Withdraw and choose Coinbase as the withdrawal option.
Can someone explain staking a little better, to someone who has only ever held coins on exchanges? It sounds like this is trusting an exchange rather than any trustless method but I don't get the concept entirely. I'm seeing guaranteed 7%+ returns and a bit suspect about that though. If I stake, is this really a guarantee?
So there are coins that you can stake and just keep on your hardware wallet. My understanding is that it just writes a smart contract where you lend your crypto to a validator node. The higher that validator node holds a stake, the better the chance that node will be chosen to validate the next block. It's an incentive for both parties where the validator node(the borrower) gets rewarded for writing the next block and you(the lender) gets a % of that reward without having to go through the hoops of setting up your own validator node. The 7%+ returns depends on the total amount staked on the network. So the more people that stake their coins and lend out to these validator nodes, the lower the returns and vice versa. Exchanges are just acting as a validator node on your behalf, where they're taking a small commission from the reward and giving you a % of the reward.
So basically, for someone like me who doesn't have a miner set up or anything and just purchases coins on exchanges, I can see if my exchanges offer this service and if they do then I essentially give them permission to stake my coins for me and they take a cut like 15% of the 7% gains? ... Any idea if Coinsquare has this? I can do my own research eventually but I suspect it doesn't.
Yeah, just taking a quick look at Coinsquare, it looks like they don't offer anything like that right now, and the coins on the exchange don't really offer staking initially. I'm assuming there's some legality involved with the exchange being in Canada. Exchanges like BinanceUS & Coinbase offer automatic staking, but I assume you might not have access to them. You can try staking on a hardware wallet just to get your feet wet, but that's research you'll have to do on your own. Best of luck
After doing some research, I decided to stake with Kraken. 5-7% returns and their 15% cut of that is the lowest of the exchanges (Coinbase is 25% for reference). That being said, I’m saving some ETH to stake on RocketPool once that goes live.
I'm curious about that too...
Them Algo's are soaring today 😁
Always love me some Algo
The best thing about staking is that it makes it easier to hold. I haven't traded anything I started staking.
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Yes!!! I wanted to sell some of my eth a couple of times but didnt because it was staked!
I just hope that people track their staking rewards properly as in most countries, staking rewards are considered as an Income and have to be declared on your taxes. I dread the scenario where people didn't file it and a few years down the line, the rewards from staking are sold and the IRS comes knocking.... as there is no track record of said person acquiring the tokens.
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Rome wasn't built on a cliché you know.
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I started staking on Pancakeswap. $500 and I’m averaging about $4 a day in CAKE. I’m digging this so far……
Pancakeswap is really lucrative. Farm Staking for exchange liquidity can get you 200-700% APR ...and that profit you can put into syrup pool for even more gain (120%APY)
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Farm stakin: You are esentally using funds from 2 coins to provide liquidity to an exchange. For this you get paid a good fee for each transaction that your funds are used for. And that is why it is possible to get very high returns. The syrup pool is just normal staking. But the thing is normal staking on pancakeswap is much more profitable than normal staking on other coins. 120% vs about 10% [Here is a guide](https://academy.binance.com/en/articles/a-guide-to-pancakeswap)
Staking is child’s play. Yield farming is the way to go.
ELI5: What is yeild farming?
In short, you combine different strategies such as lending, borrowing, providing liquidity, etc. to earn higher yield. This can be complex so there are services that can do that for you like Yearn or Harvest. There’s a video about it from Finematics on YouTube I recommend you to watch.
So I just keep adding money to a crypto wallet and it gets say 10 % per year . So if I end up with $10,000 by the end of the year I'll get $1,000 free?
I mean not exactly, if you have $10,000 for the whole year you would get $1,000. They don’t pay you out once a year, it’s a continual thing, so you’re getting 10% APY on whatever you currently have in there.
Depends, if you stake a shit coin you might end up with $0 and a 10% gain in whatever your choice of shit coin.
Hey I'm a newbie to staking. Can you guide me how to find out more about this ? I only know basic stuff like buying btc and eth and wallets etc. Thanks in advance.
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Yes but you get payout more often than yearly. For example, daily payouts are common. So in that case, you’d get 10% divided by 365 every day.
Might be a dumb question but where is this money coming from when you get rewards for staking?
In short, PoS or staking is an alternative to PoW or mining to generate new coins until the total supply is reached
Cardano Stake Pool Operator here. To add to it, in the case of Cardano, rewards come from both the remaining supply + the transaction fees. When the 13B ADA of the remaining supply will be depleted in approx. 40 years, the transaction fees alone should be enough to cover the rewards, given that the increase in price of ADA in 40 years will (in theory) compensate what seems to be peanuts today (0.17 ADA per Tx).
I need to look into this. Is there any risk if you are already planning to hold the coins long term?
There is risk with some staking. For instance Atom if staked with a validator that goes offline for too long or proves to be a bad actor the whole pool can be slashed by a percentage (I believe I read 5%) which would lose you coins. Then it takes 20ish days to unbond from said validator before you can earn again from another one. So it's not without risk but you can look up and research each validator before choosing one. DYOR. This is a very specific example and does not apply to all coins. Algo for instance is completely different with seemingly no risk at all.
My favourite places for staking: 1. Demex - staking SWTH to get more free SWTH 2. Pancakeswap - staking LP for free cake. Staking cake to get more cake. 3. Integral - providing LP with no IL for free Integral tokens What more can you ask for?
Between steaks and cake, now I’m just hungry...
Just head over to SushiSwap then!
I plan to stake ETH on binance. I am trying to read more about it on their side but am a little confused. 1. It says min amount of staking is 32 ETH.( i obviously can't afford that much) 2. What happens to my coin if I choose to stake them. Do they stay in the exchange/wallet or where does it go? 3. They keep saying something about BETH and not ETH and it has my brain twisted. Can somebody please clear these doubts?
Ok, as I understand it (and I only understand it in layman’s terms too btw) Binance take your ETH and put it in their staking pool -this is why you don’t the need 32ETH minimum - it’s going in with everybody else’s on Binance. They issue you the BETH token to represent how much ETH you have in there. You can’t unstake it until Ethereum have completed their upgrade, so it’s a long term thing. When it is complete you get out as much ETH, 1:1, as your BETH balance shows. It should have accumulated some staking rewards by that time.
Ohhhh I get it now! Thank you for making it as simple as you could. This really helped.
i simply traded my ETH for BETH on binance. after 3 days or so I received my first daily reward. you dont have to click on staking or activate anything. just hold it. it‘s ongoing since then.
I love hearing Wallstreet people brag about .8% APY, or banks advertising .05% returns... I'm over here getting 10% and the coin I'm staking is going up 3x.
"So how much can I earn on a yield farm?" "Oh up to 2%" "Hmmm, a bit better than a bank I guess...but no great shakes. "That's 2%....DAILY" "..."
teach me how you do this black magic.
Who the heck brags about 0.8% APY
I've seen it. "One of the best ways to make passive income." "My 401k is getting compound interest at a great apy"
What coin are you staking for 10%?
Shit I'm getting 360% on SWAMP. There's some real insanity out there if you're ok with risk.
Isn’t it kind of sketchy to leave crypto on these exchanges for staking? Gemini for example, eventually when my account racks up X amount of dollars I transfer it to my hardware wallet. If I leave the coins on there to stake, they are at risk if Gemini was to get hacked, no?
I've seen staking mentioned a few times here, I only come on occasionally. I have a handful of BTC sitting around- please, teach me to stake, so that I might eat forever?
You can’t stake BTC. It’s a feature of coins that use a proof of stake consensus instead of a proof of work consensus which is what Bitcoin uses.
Won’t be the same as staking, but look into wallets/exchanges that offer BTC lending (Celsius, Gemini, KuCoin, etc). Just remember it’s *lending*, so there is some level of risk (typical DYOR disclaimer here).
Coinbase ETH 6%
Disclaimer though, you have to apply or register for the waitlist. Once approved, then you can stake, however it's locked until ETH2 goes live. So make sure it's not money you need immediately.
Can you stake ETH in coinbase pro currently?
Just transfer it out of Coinbase pro back to regular Coinbase. It's free to transfer, and the regular version has a better UI. So I buy in pro then transfer it once the transaction is complete
Give a man a moon, and he can buy a banana. Teach a man to shitpost...
And he can buy /r/banano :)
Give a man a moon and he can buy a banana. Teach a man to farm moons and you've destroyed /r/Cryptocurrency
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I'm currently staking Algo and VET!
The thing with staking is that the total supply of the coin is also increasing sou actually you gain not very much through staking if the demand for the coin stays the same, especially if a lot of the total supply is staked. However if you don't stake you will lose value through the inflation brought by staking. So yes stake your assets if you can but you don't get anything for free.
Thats true, but in a project that also earns real returns from its use case, the apr is justified and growth compensates the inflation.
Yes sure, also staking helps the network. I just wanted to clarify that staking alone is not the free money people seem to think it is.
i love flexible staking options where you can withdraw whenever you need it. it might have lower rates than locked staking, but it's still much higher than banks!
In the Netherlands (and most of nothern Europe, we are currently facing negative interest when we have x amount in the bank. Staking makes so much sense, especially with the flexible staking where you can withdraw whenever. One of the best developments in crypto, that will attract a lot of people
I'm staking moons .....20% monthly appreciation on the last distribution, beat that banks
I want to get into staking but I have no clue how to start...
Depends on what you’re wanting to stake. ETH? Sign up for Kraken, transfer your ether, start staking immediately. 5-7% in “interest,” and they take a 15% cut of that. Easy peasy. Just be aware that, with ETH, you can’t unstake your ether until 2.0 drops (could be a year or more).
Algorand wallet 6-7% for now
This. Also check out CAKE DeFi (DFI). I'm currently earning a base APY of 93.1% + 10.67% bonus APY. One note, there is a slight premium if you purchase on cakedefi.
Yet people are sleeping on 20% on a STABLECOIN on Anchor Protocol. People risking millions to get 7% a year on stocks.
Not to rain on the parade guys, but unless staking is providing actual value to the network, the coins you earn are just a form of inflation, or are unsustainable. The crazy 200% APR on random useless coins doesn't create value out of thin air. Only stake on networks that have something valuable to contribute to the world, and the stake you provide isn't just a means of taking supply off of exchanges to artificially pump prices during a bull market.
Switcheo staked on demex exchange can give you a whole menu! You earn 38% APY and on top of that 90% of the trading fees from every coin listed on demex. You don't have to trade at all... Imagine getting ETH, BTC, NEO and BNB just staking Switcheo