Crypto has risen in popularity for the extreme volatility which makes it possible to gain sky-high ROIs. Perhaps one of the most famous cases (aside from Bitcoin’s (BTC) bubbles throughout the 2010s) has been Shiba Inu (SHIB) – in which some lucky investors got to enjoy a colossal 121,000,000% ROI.
However, while 62% of crypto investors believe that it’ll make them rich, relying on crypto to boom is only one of the many opportunities investors have to profit from their digital assets. Arguably the most popular method to get more out of your crypto investment is through staking – the process of keeping funds in a crypto wallet to support the operations of a blockchain network and, in exchange, they earn rewards.
Many seasoned investors stake their crypto in order to gain a solid passive income stream which earns them more crypto in addition to benefiting from rewards and generous interest rates. As these interest rates can be up to 20% per year, staking has the potential to be an excellent way to maximize your profits.
Let’s examine the staking rewards from Algorand (ALGO), Cosmos (ATOM) and Explora Chain (EXPL), which is in its presale stage, so you can make the best possible choice.
Always do your own research before investing in any crypto.
All addresses on Algorand (ALGO) containing one or more ALGO will be rewarded. The current annual yield on Algorand (ALGO) is between 5% and 6%.
Every time you make a transaction to or from your account, you earn rewards. You could also claim your rewards by sending yourself a 0 ALGO transaction.
Algorand (ALGO) is favored by many investors for staking due to its simplicity, as to begin staking, no action is required aside from a minimum balance of 1 ALGO. Additionally, Algorand (ALGO) has a very low risk of forking due to its unique consensus algorithm. The rewards from staking are also easy to claim because they’re directly added to your global balance once claimed. Lastly, the speed of the Algorand (ALGO) network is relished. Transactions are completed quickly.
The current annual yield for staking on Cosmos (ATOM) is 9.7% on average, according to its website. Rewards will begin to be generated immediately after the staking transaction is completed. Stakeholders can use a wallet to send a transaction at any time to claim their accumulated rewards.
There are two ways that staking rewards are generated and distributed to staked ATOM holders. The Cosmos (ATOM) Hub collects transaction fees, which are then distributed to staked ATOM holders. Second, to reward stakers, the total supply of ATOM is inflated. ATOM holders who do not stake do not receive rewards, which means their ATOM value will dwindle over time.
To stake on Cosmos (ATOM), you must install the app and open an Atomic Wallet. Once purchasing ATOM, you simply click on the option to stake, which will transfer you to the staking interface displaying available balance for staking, staked and unbonded ATOM and rewards. To continue, click Stake. Then, by clicking on ‘name’, you can change the validator and see your yearly earnings. After you’ve double-checked the information, click Stake. After that, your ATOM has been staked, and rewards will be generated with each block. From time to time, click ‘Claim’ to have it withdrawn to your address.
Explora Chain (EXPL)
Explora Chain (EXPL) is only in its presale stage, but has been gaining traction across the crypto community due to its multifacetedness that boasts a highly developed NFT marketplace, NFT swap, P2E gaming, a BNB Launchpad as well as staking rewards on its platform.
Explora Chain (EXPL) details the staking process on its White Paper:
To begin, users entrust their crypto assets to the cryptocurrency protocol. Validators are chosen from among the participants to confirm transaction blocks. The more you pledge, the more likely you are to be chosen as a validator. New EXPL tokens are created and awarded to the block’s validator, as staking rewards each time a new block is added to the blockchain.
Most importantly, you retain ownership of your coins when you stake them. You’re effectively putting your staked coins to work, and if you want to exchange them later, you can always unstake them.
Explora Chain (EXPL) holders also get to benefit from the platform’s multitude of different passive income streams as well as from staking for maximum ROI.
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Disclaimer: This is a paid post and should not be treated as news/advice.