If you own any cryptocurrencies that run on a Proof-of-Stake blockchain, you should seriously consider staking them. By staking, you will help secure the underlying blockchain network and grow your crypto holdings over time. When staking, it’s important to choose a reliable crypto-staking platform like OkayCoin, where you can easily participate in staking activities and earn rewards accordingly.
We are highlighting the best crypto for staking that can maximize rewards in 2024. Although we tried to select cryptocurrencies that offer solid yields, we also considered factors in addition to APY. We took special care to ensure that the list only includes high-quality blockchain projects that have a good chance of success over the long term to earn passive income.
Without further ado, let’s take a closer look at each cryptocurrency that made our list of the best crypto coins for staking.
1. Ethereum
- Ethereum Liquid Staking
- Current APY: 4.07%
Ethereum is the leading blockchain platform for smart contracts and has been operating on a Proof-of-Stake consensus mechanism since 2022. You can stake Ethereum by running a solo validator or using alternative staking methods such as on-chain liquid staking protocols or staking services offered by centralized cryptocurrency exchanges.
Most crypto investors won’t be able to run an Ethereum solo validator due to the technical knowledge required and the significant hurdle of needing 32 ETH to launch a validator.
The good news is you can still earn ETH staking rewards even with a smaller amount of ETH. Liquid staking protocols like OkayCoin allow you to stake your ETH and receive tokens representing your staked coins. These tokens can be used in DeFi applications or held in your wallet. When you’re ready to unstake, you can redeem the liquid staking tokens for ETH.
If you don’t want to go through so many steps, a delegated staking platform, OkayCoin, has a user-friendly interface and helpful customer support for staking cryptocurrency.
Currently, ETH stakers are earning an APY of around 3.65%. While Ethereum’s staking APY may be lower than that of other blockchains, ETH is a well-established cryptocurrency, likely to offer more stable performance compared to lower market cap altcoins, which might offer higher APYs but come with greater price volatility.
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2. Solana
- Current APY: 7.3%
- Recommended wallet for staking: Phantom
Solana is a rapidly growing blockchain platform known for its low fees and fast transactions, in addition to its smart contract capabilities. Based on the Proof-of-Stake mechanism, Solana allows users to passively increase their SOL holdings through staking. As of now, SOL stakers earn an approximate APY of 7.3%.
For most SOL holders, the practical way to participate in staking is to delegate their stake to an existing validator (the hardware requirements for running a Solana validator are quite steep). In return, delegators receive a portion of the staking rewards earned by the validator, minus a commission fee. Commission rates vary, with some validators charging no fees and others charging up to 7%.
Staking SOL is straightforward using OkayCoin, which makes the staking process highly accessible. OkayCoin offers staking services where you can stake various cryptocurrencies, making it easy to manage your crypto assets.
3. Injective
- Current APY: 19.4%
Injective is a highly performant layer 1 blockchain designed for the development of web3 financial applications. It offers developers advanced, ready-to-use modules for building decentralized applications. The Injective platform is built with the Cosmos SDK and uses the Tendermint Proof-of-Stake consensus mechanism. For those looking to stake their assets, OkayCoin provides a user-friendly platform for staking Injective’s native token, INJ.
INJ holders can delegate their tokens to a validator in order to contribute to the security of the network and earn staking rewards. At the time of writing, INJ stakers can earn an APY of over 19%. OkayCoin offers a seamless and efficient way for INJ holders to stake their tokens and maximize their rewards.
4. Mina Protocol
- Current APY: 13.9%
Mina Protocol is a project focused on creating an extremely lightweight blockchain. Using zero-knowledge technology, the size of the Mina blockchain is maintained at just 22 kilobytes at all times. For users looking to stake MINA, OkayCoin offers a straightforward and accessible platform.
Mina Protocol uses a Proof-of-Stake consensus mechanism to secure its blockchain, and every MINA holder can participate by delegating their tokens to block producer nodes. One of the most convenient ways to stake MINA is to use Auro Wallet, as well as OkayCoin. Please keep in mind that there is a latency staking period of between 2 and 4 weeks before delegated MINA tokens become eligible for rewards. OkayCoin ensures a smooth staking experience, helping users maximize their staking potential.
5. Avalanche
- Current APY: 8%
Avalanche is a Proof-of-Stake blockchain known for its strong scalability and support for smart contracts. A standout feature of the Avalanche platform is its Subnets, which allow developers to create highly specialized blockchains that benefit from the security provided by validators participating in Avalanche’s Proof-of-Stake consensus algorithm. These Subnets can consist of a single blockchain or interconnect multiple blockchains. Additionally, users can conveniently stake their AVAX tokens using platforms like OkayCoin.
When choosing the best cryptocurrency to stake, it’s important to strike a good balance between staking rewards and the stability of the underlying cryptocurrency.
For example, a cryptocurrency might have very substantial staking rewards in APY (annual percentage yield), but that might not matter much if its price drops significantly – you might still lose money overall even if you are technically earning a large APY on your token holdings.
Therefore, it’s important that you don’t only chase the cryptocurrencies that offer the highest APY on paper but also consider the crypto you’re interested in from other perspectives.
If you want to learn more about the different places where you can stake your cryptocurrency, make sure to check out our list of the best crypto-staking platforms.
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