Top staking coins you should consider in 2024
Staking is when an individual locks up their crypto holdings for a certain period of time with the benefit of earning rewards. The use of cryptocurrencies nowadays makes us think about the evolution of currencies and payments in general. The idea of trading started around 3000BC. Later, humans invented coins in 600B.C., leading to paper money in the 7th century.
Then, in the 1300s, bills and checks started to exist. Eventually, credit cards made the payment scenery in 1914, and in 1990 digital payments and transfers started to become popular. In fact, many regularly use these today, to make all sorts of payments, like to pay at casino with Paypal or credit cards for example. However, the latest craze is that of cryptocurrencies. The first crypto came into existence in 2009 – Bitcoin. Since then, several cryptocurrencies have come into existence. Here are a few which you might want to consider staking:
Polkadot (DOT)
The Polkadot token is one of the most well-known staking coins. Polkadot is a new generation protocol, and it allows multiple blockchains to connect and collaborate with each other. The DOT token can be staked on several platforms such as Binance and Kraken. However, the staking rewards vary according to the platform you lock your DOT on.
Cardano (ADA)
Cardano is blockchain project that aims to create a more balanced and sustainable ecosystem for crypto. The whole idea of staking this cryptocurrency is based on securing the network without consuming too much energy. ADA seeks to improve upon the second-largest cryptocurrency’s system – Ethereum. For someone looking to hold their ADA coins for a long time, staking their holdings might be something they might want to consider. Again, this can be staked on several cryptocurrency exchanges, such as Binance, and Crypto.com. Obviously, these all have different staking rates, and duration periods.
Ethereum (ETH)
Ethereum is an open source blockchain project with ETH as its cryptocurrency. This is one of the most staked assets worldwide, and staking it contributes to securing Ethereum’s network, while receiving rewards in the process. Staking should be considered by anyone who intends to hold their crypto investments for a long time.
Once again, this cryptocurrency can be staked on several cryptocurrency platforms, such as Coinbase, Binance, and several others.
Conclusion
Besides the pre-mentioned cryptos, Avalanche (AVAX) and Binance Coin (BNB), are another two cryptocurrencies that you might want to consider staking. AVAX is mostly known for its scalability and speed and is built up on 3 blockchains to achieve its goals. However, BNB is a utility coin which powers the BNB Chain ecosystem. However, before investing in any cryptocurrency it is always best to do your own research.
Disclaimer: This is not financial advice