The 7 Best Places to Stake Algorand (ALGO)
Reading Time: 4 minutesCryptocurrency staking is a popular way to invest, but where can you stake Algorand?
You’ve probably heard of staking if you’re interested in crypto. Traditional staking involves locking away a certain amount of funds within an exchange, wallet, or similar platform—and receiving rewards through being a validator. You can stake various crypto coins, including Algorand (ALGO). But where is the best place to stake Algorand?
Algorand’s Switch to Governance
In April 2022, the Algorand network left staking behind and switched to governance rewards. Governance relates to the voting system existing within decentralized networks, wherein token holders can have their say in the changes and developments made to the ecosystem. In the case of Algorand governance, those who hold gALGO can vote.
gALGO is Algorand’s governance token and can also be used as collateral on the Folks Finance lending and borrowing platform. Using gALGO in the governance process, token holders can earn rewards by voting. These rewards vary based on how much gALGO is put forward in a given voting period, but, overall, Algorand offers higher rewards via their governance program than they did in their passive staking program.
We have explained how to use Algorand’s governance system in more detail if you want to learn more.
Now, let’s get to where you can earn rewards with Algorand.
1. Binance
Binance is the most popular exchange platform in the world and offers all your standard exchange features and some interesting extras—including staking. You can stake a variety of coins, with Algorand being a popular option. So, what do you need to stake ALGO on Binance?
Firstly, you need a minimum of 100 ALGO if you want to partake in any staking period with Binance. This currently amounts to around $180. Though this may sound a little inconvenient if you only have a few AGLO, or none at all, at the moment, Binance offers some decent rewards. Currently, you can earn an APR of 8.24% if you lock up your ALGO for 120 days.
The interest rate decreases with the staking period in this case. So, if you want to lock your funds for just a month, you’ll only be eligible for a rewards rate of 2.25%. If you only want to stake your ALGO for one week, you’re looking at a reward rate of just 1%. So, it’s better to stake for longer periods of time if you want those nicer interest rates.
But Binance doesn’t charge a staking fee, so you can earn rewards passively without dealing with any charges.
2. Atomic Wallet
Atomic Wallet is a popular software wallet that also allows users to stake certain cryptocurrencies, including Algorand. The staking process on Atomic Wallet is super straightforward, and you can even use the Atomic Wallet smartphone app.
The best thing about Atomic Wallet is that, like Binance, it doesn’t charge any staking fees. So, you can earn up to 7.49% APR on your staked ALGO without having a cut taken by Atomic Wallet.
3. Coinbase
Coinbase is one of the world’s biggest crypto exchanges and processes billions of dollars worth of transactions daily. Since 2017, Coinbase has offered ALGO staking, along with various other coins.
You only need a dollar’s worth of ALGO to start staking on Coinbase, which makes the entry requirements pretty much doable for everyone. The platform offers a 5.75% reward rate on your staked ALGO, which they pay out daily.
However, Coinbase takes a pretty hefty 25% staking fee. Multiple other platforms charge much less or don’t charge at all, so you should check those out first if you don’t want to pay that fee.
4. Bitfinex
Bitfinex began as a Bitcoin-only exchange in 2021 but now supports trading and staking a range of coins, including Algorand. By staking ALGO on Bitfinex, you can earn annual rewards of 3-5%. You need to deposit a minimum amount of one ALGO to stake, but this currently converts to around $1.80, so you don’t need to buy big to stake.
While Bitfinex’s reward rates aren’t as high as some of the other platforms on this list for ALGO, they don’t charge any staking fees, which means you’ll get to keep your total earnings.
5. Exodus
Exodus is a software wallet built for storing crypto funds, but you can still stake your Algorand using this software. You can stake your ALGO using either the Exodus mobile app or its website.
You’ll need a minimum of one ALGO to begin staking your funds using Exodus, but don’t worry, that’s less than fifty cents at the time of writing. The platform offers a reward rate of 5.9% on top of your staked ALGO, and the staking process itself is also super quick and easy.
6. Ledger Nano
Ledger Nano is neither an exchange nor a software wallet. Instead, Ledger specializes in hardware wallets. However, this doesn’t mean you can’t stake ALGO! It’s pretty easy to start staking via your Nano, and the requirements are minimal.
You need at least one ALGO on your account to stake with Ledger. You also need to download Ledger Live, an app that accompanies your hardware wallet. But this is free and can be found on both Google Play and the Apple Store. Alternatively, you can use a third-party wallet app if you’re not too fond of Ledger Live—or if you’ve already got a favorite wallet that you’d like to use.
At the moment, Ledger offers a rewards rate of 7.40%, which is pretty healthy compared to some other platforms. However, this nice rewards rate comes with a fee. Ledger currently charges between 1.7 and 4.5% for staking, which isn’t terrible in any case but can be avoided using other free platforms.
7. Trust Wallet
Trust Wallet is a software crypto wallet that allows you to stake your ALGO. You can do this via your computer’s web browser or Trust Wallet’s mobile app. It’s easy to get started, and you only need 1 ALGO as a minimum.
Currently, Trust Wallet offers a reward rate of 5-6% annually. What’s more, the platform doesn’t take any fees from your earnings.
Staking Algorand Is Quick and Easy
If you want to earn a passive income without locking up huge amounts of funds, staking Algorand is an option you should consider looking at. The minimum fund requirements are usually low, and you won’t have to freeze your funds, as you would with many other crypto coins. So, look at the platforms above to see if you find your perfect place to start staking ALGO.
Reference: https://www.makeuseof.com/best-places-to-stake-algorand/
Ref: makeuseof
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