Cardano is a famous cryptocurrency that can be staked by using a digital currency exchange or an on-chain wallet to get Cardano staking rewards. In this article, we will be seeing the best Cardano staking platforms.
What Does Cardano Staking Imply?
The investors of Cardano who hold their ADA token on the network have a stake in the complete network that is relative to the number of tokens held. When the owner assigns the tokens to a staking pool, they are taking part in the governance and security of the Cardano PoS (Proof of Stake) blockchain network by processing transactions and validating new blocks.
In return for the contribution made by the investor, they receive a staking return or reward on their investment. This process is known as staking Cardano and is a similar idea to lending to earn free digital currencies and digital currency mining.
How To Stake Cardano Ledger?
Before we go into discussing the best Cardano staking platform if you are wondering how to stake Cardano 2021, here are the steps in short on how to stake Cardano. There is a Cardano staking calculator that helps the investors to calculate the staking rewards they are going to get.
- First, create an account with any of the reputable digital currency exchanges.
- Transfer or purchase ADA tokens to your crypto exchange wallet.
- Go to the staking option of that exchange and select Cardano.
- Choose the duration of staking.
- Enter the ADA amount you want to stake.
- Choose “stake now” to complete and begin staking.
Top 5 Cardano Staking Platforms With High Yield Rewards
Cardano can be staked using digital currency wallets or exchanges to earn free crypto rewards. Here is a list of the best places to stake Cardano if you don’t know yet.
The first in our list of best Cardano staking platforms is Binance. Binance introduced the staking of Cardano on their digital currency exchange in February 2021 that has yielded up to 24.79% APY. The predicted crypto staking reward since then has been reduced to 7.79% APY when locked in for a fixed tenure of 60 days on Binance. The program functions on the “first come first serve” basis with the digital coin interest paid out daily. So if you are wondering how to stake Cardano on Binance, then the steps are similar to what has been mentioned above.
The biggest advantage of staking your ADA on this platform is the availability of other features, services, and the products that are offered by them without the need to shift the coins to any other wallet address.
Kraken is a cryptocurrency exchange that links willing digital currencies sellers and buyers on an intuitive and simple platform. Since this exchange was founded, it has become a leading digital currency exchange in the United States with a high reputation of safety, ease to use, and pricing that is highly competitive in nature. This exchange has increased its list of cryptos that can be staked for the users to maximize their return while holding crypto in the Kraken wallet.
In Kraken, the ADA stalking rewards are paid on a weekly payout basis and can be transferred or withdrawn from the Kraken stalking wallet to the spot wallet for the purpose of trading for other cryptos. Overall it is an excellent choice for the users to stake cryptos without any lock-in contracts and get one of the best returns in staking for Cardano staking.
Crypto.com is a digital asset service that offers its service globally that provides a broad range of products on an intuitive crypto and beginner-friendly application. The digital coin provider enables users to purchase, trade, sell, earn, store, stake, loan, and pay bills using digital currencies using its services and products on a mobile device. The application supports an array of 30 varied coins that can be staked on the platform which include ADA tokens to earn a passive income of 3 percent per annum.
The Cardano staking rewards that this platform offers are not as high as compared to others in the crypto space. However, the bonus of the staking can be increased for a fixed 3 months to 5%.
CEX.IO is a famous digital currency exchange in the United Kingdom that has been created to offer an easy to use the channel for users to convert their fiat money into cryptos. The exchange is highly ideal for beginners and intelligent investors and provides a broad variety of services and products and also trading tools for the most famous crypto assets.
The CEX.IO staking platform enables its users to raise the holdings of their favorable coins like Cardano on a CEX.IO account to receive a passive income. Once the Cardano tokens are bought or transferred to the exchange for staking, the rewards for staking are automatically transferred to the wallet balance.
Kucoin was established in 2017 and has come to be known as one of the best crypto staking sites across the globe. Kucoin is the 6th biggest crypto exchange as per the trading volume, by crypto data aggregator website Coinmarketcap.
When compared to Binance which provides a yield of 0.48% under an elastic term, staking Cardano on KuCoin offers a greater return on investment. This is ideal for traders who wish to earn passive income from staking in between trading. However, there are no fixed term choices to lock in ADA tokens for a 30 or 60 day span to earn greater returns which is a con when compared to Binance.
The Bottom Line
To conclude this article on the best Cardano staking platform, the best is undoubtedly Binance, which offers an array of options to the investors along with the high yield on the staking rewards. Other than that there other exchanges that have been mentioned are equally good, each having its own pros and cons. But before you start to stake your ADA, do your part of research and then tackle your decision. Other than these exchanges you can stake Cardano Coinbase as well.