Disclaimer: Flint does not endorse any of the platforms mentioned in this article in any capacity. Readers are advised to research into the risk aspects of these platforms before making any investment.
Staking, in layman’s terms, is defined as putting your crypto assets into a blockchain to confirm the transactions on the same. It helps users to earn rewards and interest on the same. Staking is only supported by platforms that use the Proof of Stake consensus mechanism.
Every user on the blockchain is allowed to pledge their crypto assets. The users who have committed the highest amount on the blockchain are chosen as the validators to validate the transactions. When a transaction is confirmed and the block is added, the validators receive cryptocurrency as a reward.
For a user, the ultimate purpose of staking and lending is to earn extra money on their holdings. In staking, a user commits assets to the blockchain to validate transactions whereas, in the case of lending, a user deposits their crypto assets to allow other users to borrow the same and earn interest on it. Staking is only available on the blockchains that use Proof of Stake as their consensus mechanism whereas there is no such restriction on the lending platforms.
Here are the top 4 staking platforms in July 2022
Crypto.com is one of the world’s fastest-growing crypto platforms that offer multiple services under one umbrella including the service of staking crypto assets to earn rewards and interest on the same. As a platform, it provides flexible staking options with user friendly & easy to access platform. It calculates the rewards on a daily basis and is distributed every week. A user can easily generate up to 10% interest on their stablecoins and up to 14-14.5% interest on other coins such as Bitcoin and Ethereum. Also, if you stake its native crypto token i.e CRO tokens, you’ll be able to generate higher interest as compared to other coins on the platform.
Coinbase is one of the worlds leading centralized crypto exchange platforms that offer staking services as well. If you are aiming to buy and sell crypto assets and earn interest on the same, Coinbase is the go-to platform for the same. You can earn up to 5-6% on non-stablecoins and up to 2-3% on your stablecoins in a secured, risk-free manner. The payout on the platform varies from daily to monthly. The crypto coins supported on the platform are Ethereum, Tezos, Dai, Cardano, Cosmos, and Algorand.
Aqru, one of the most popular crypto staking platforms allows you to earn up to 7.5% on your crypto holdings. The interest is paid out daily and tracked every second. The platform is beginner-friendly and doesn’t have any fee for the purchase of crypto assets. The lock-in period on the platform varies from 0-90 days which depends from coin to coin. The platform is highly secured and has partnered with Fireblocks which is one of the leading wallet infrastructure providers in the market.
Kraken is one of the leading crypto staking platforms in the market that allows users to earn up to as high as 23% interest yearly on their crypto holdings. The platform supports 15 coins and allows to earn rewards twice a week with the facility of unstaking it immediately without any charges. A user has to buy/ transfer assets in the Kraken spot wallet and then to the savings account to earn the interest on the same. The platform also supports off-chain staking which involves staking with Kraken internal programs which are currently available in select countries only.
Here is an infographic comparing the top crypto staking platforms for July 2022
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