Over the last year, more people have been paying attention to staking to earn passive income with crypto. Averting from the widespread belief that huge profits can only be made from buying cryptocurrencies at low prices and selling them when prices go up, staking seeks to reduce PoW risks.
As of June, the total market cap for all Proof of Stake(PoS) coins stood at $15 billion and is seen to increase steadily. Instead of joining select platforms like Stake.US or to stake on crypto, exchanges and other platforms have taken the initiative of providing staking services. They run their PoS nodes to offer different coin types.
Staking Platforms With High Reward Rates
PoS service providers are investment platforms where users can stake PoS coins and get paid rewards weekly or monthly. The yields are variable and depend on which coin has been staked. Providers can facilitate yields of a range of between 1-100% as they choose. Some of the top staking providers at the moment include:
Earlier, in July, Cardano shipped its highly anticipated mainnet, Shelley, alongside network staking capabilities. It migrated to a proof of stake blockchain and has already started distributing the rewards to its users.
On August 23, 7 million ADA ($831,000) was handed out as the first reward to its users. According to Cardano staking calculator, rewards have an annual return of about 5.1% annually. It is higher than the 4.6% that was estimated before the Shelley launch. Aparna Jue stated that the community responded better than expected, with 1,138 stake pools currently active. Jue added that there are already 40,221 addresses that have staked 13.6 billion ADA. The numbers represent the desired equilibrium for the network.
The 2018 founded Canadian staking provider offers institutional-grade infrastructure, tools, and software for token holders and stake-based blockchains. Its staking fees range from 0-15% depending on the stacked coin.
Rewards can be in Tezos, Livepeer, Cosmos, IRISnet, ICON, Algorand, Harmony, Chainlink, Aion, Celo, Band Protocol, e-money, Kava, and Terra. Yesterday, Figment Networks announced that as of 21st September, one could stake AVAX, adding to the list of coins that can be staked.
MyContainer Staking Platform
The Estonia-based platform offers its investors to soft stake a wide range of PoS coins through an easy to use platform. It is both a staking and lending platform with its staking fees currently at 9%. My container supports over 40 different digital assets with more expected to come in the future. Mycontainer stands out from other staking platforms as every user benefits even with a limited amount of coins and every reward is subject to compound interest.
As time goes on, more people are likely to join such platforms as they provide an investing chance and reduce PoW related risks. For newbies, they are a perfect way to get started to avoid losses as they don’t require any prior experience.