Passive earning opportunities are one of the “endearments” of the decentralized blockchain. Holders of digital assets are swayed by the ever-expanding investment options that the technology keeps innovating. One of these is Crypto skating. It is one of the most lucrative passive income opportunities in blockchain.

Either you are a newbie, an amateur, a full-blown investor or you’re just looking to scrap knowledge. This article will guide you on what staking is, as well as detail the top 10 best crypto staking platforms of 2023.

Hello Blockchain!

Blockchain as you already know is a permissionless digital ledger that records transactions. Its native currency is Bitcoin. To make this possible, transaction information is distributed in blocks and is hashed by bitcoin miners who have nodes already connected to the blockchain server. This process is computational mathematics known as Proof of Work (PoW). Miners in return receive a part of the bitcoin as a reward. The flaws, faults, and limitations of the hardcore bitcoin blockchain verification process gave room for the development of the Ethereum blockchain.

Hi Ethereum

With the arrival of Ethereum and its inherent crypto ETH, a new transaction verification process was introduced, Proof of Stake. Rather than computational mathematics, coin holders can stake an amount out of their coins to verify transactions on the block. In Ethereum, they are called “network validators”. This process is made possible by the smart contract. Stakers are rewarded from a portion of the network transaction fee known as “staking rewards”.

Since its introduction in 2015, Ethereum has grown and fully brought the world into the 4th tech revolution known as Web3. Today, not only are there numerous use cases, applications, and earning opportunities in crypto, crypto staking has become a full-blown lucrative crypto earning opportunity.

With the development of DApps and smart contracts, staking websites, apps, wallets, and crypto platforms allows you to either run a full staking node or contribute a quota of your cryptocurrency to a staking pool that combines from other stakers to form a full staking node. Staking rewards can be anywhere between 1% to 20% on your original crypto holdings. However, most blockchains pay staking rewards in their native crypto. Ethereum pays in ETH, Binance pays in BNB, etc.

If you’re interested in staking, here are the top 10 crypto staking platforms of 2023.

 

Ethereum

Of course, the originator of the innovation is number 1 on the list. Any user with any amount of Ethereum can stake and earn rewards in the process. To activate a validator node, you will have to stake 32 ETH but, you can stake less and join a pool of validators. There are different types of staking on the Ethereum network; solo home staking, staking as a service, pooled staking, etc. Depending on where you stake your ETH, you stand a chance of earning an average reward beginning from 2.26%.

Coinbase

Coinbase is a leading crypto exchange that also lets users stake ETH on the coinbase cloud’s public validators to help secure the network and earn crypto as rewards. Validators who stake on coinbase earn up to 6.0% APY on up to 15+ networks. Before you can stake, you must have gone through the identity verification module, be verified, and have a valid TIN on file.

Binance

The most patronized form of staking on the Binance smart chain is the Binance staking pool. A pool of coin holders merges their resources to improve their chance of validating blocks and earning their validators' rewards. Rewards are as high as 104.62% APY. Binance offers staking options for all of its network services including the Binance DeFi.

Gemini

Staking on Gemini is as straightforward as opening a Gemini account, buying crypto, and transferring the crypto to Gemini staking. The perk about this exchange is that; there are no transfer or redemption fees. Either through the Gemini Mobile App or the Gemini Exchange, anyone is welcome to stake.

BlockFi

Beyond trading and lending crypto, BlockFi lets users of the platform stake their crypto assets at zero fees. However, BlockFi only supports 8 coins for staking; BTC, ETH, USDT, PAX, PAXG, USDC, GUSD, and LTC.

Algorand

The platform is one of the blockchain platforms with a highly maintained governance using the Web3 DAO framework. The platform’s staking program called the Governance Reward Program is strictly for holders of the ALGO. It gives validators an Adj reward of 3.18% to an Average reward of 7.20%.

Kucoin

Holders of kucoin who deposit their Kucoin do not only earn staking rewards, but they also earn POL credits. They can also trade their staked tokens in the liquidity trading market for liquidity. BTC and ETH are available for staking. The rewards are added to holders' wallets daily where holders can earn as high as 1.5% return in a single trading year.

Polygon

Unlike Kucoin, staking polygon MATIC means that your MATIC will be locked for a defined period. Where Algorand is strictly based on its DAO governance, Polygon is open to anyone to stake and earn a passive income on the main net.

Polkadot

Polkadot by far remains one of the blockchain platforms that enjoyed prominence during the DeFi emergence wave. The network uses native tokens and nomination pools. The native token implies that holders have total control over their crypto assets with as low as just 1 DOT.

Solana

According to the platform, staking means a process where the SOL holder assigns some or all of their SOL to a particular validator or validator which helps increase those validators' weight. Its ledger live feature allows the SOL allocation process seamless. Staking rewards are up to 5% and more.

Basically, staking is a low-risk method of passive earning in crypto. However, it is best to consider staking only if you

• Want to invest in the long term
• Need a passive earning on your crypto holdings, and
• Will not be needing your digital funds withdrawn urgently or for an emergency