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Staking DeFi, is a way of providing financial services to users through smart contracts. It allows users to lock their crypto assets into a smart contract in exchange for rewards and generate passive income. In this guide, we will explore the concept of staking DeFi, its benefits, and the best DeFi staking platforms.
What is Staking DeFi?
Staking DeFi is a process where users lock their crypto assets into a smart contract, which is a decentralized application (dApp) built on a blockchain network. The smart contract is programmed to reward users with interest or other benefits in exchange for their staked assets. This process is also known as proof-of-stake (PoS) consensus algorithm.
Benefits of Staking DeFi
Passive Income: Staking DeFi allows users to earn passive income by locking their assets into a smart contract.
Decentralized Finance: Staking DeFi is a decentralized way of providing financial services, which means that users have control over their assets and can participate in the decision-making process.
Security: Staking DeFi is a secure way of storing and managing assets, as the smart contract is programmed to ensure the security and integrity of the assets.
Liquidity: Staking DeFi allows users to access liquidity by staking their assets and earning interest or other benefits.
Best DeFi Staking Platforms
Nexo is a leading DeFi (Decentralized Finance) platform that offers a range of services. The platform allows users to stake their cryptocurrencies to earn interest and rewards, while also providing a way to borrow against the value of their staked assets.
Key Features:
Nexo accepts staking on a wide range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, EOS, Solana, BNB, Avalanche, Terra, and more.
Nexo offers competitive interest rates for stakers, with rates ranging from 4% to 12% APY (Annual Percentage Yield) depending on the cryptocurrency and staking period.
Nexo allows users to choose from a variety of staking periods, from 1 day to 1 year, giving users the flexibility to choose the staking period that best suits their needs.
Nexo compounds interest daily, allowing users to earn interest on their interest, which can help to accelerate their returns.
Nexo charges low fees for staking, making it an attractive option for users who want to earn interest on their cryptocurrencies without incurring high fees.
Nexo offers insurance coverage for its users, which provides an additional layer of protection for their assets in the event of a security breach or hack.
The Nexo Card is a crypto-backed card that allows users to spend their cryptocurrency assets without selling them. Earn up to 2% cashback on all purchases in Credit Mode or up to 13% p.a. on idle assets in Debit Mode.
Nexo’s platform is easy to use and provides a convenient way for users to stake their cryptocurrencies and earn interest.
Go To NEXO
CryptoCom is a cryptocurrency exchange company based in Singapore that offers various financial services, including an app, staking, exchange, and non-custodial DeFi wallet, NFT marketplace, and direct payment service in cryptocurrency. As of June 2023, the company reportedly had 80 million customers and 4,000 employees.
Key Features
Buy, sell, and trade over 350 cryptocurrencies, including Bitcoin, Ethereum, and more.
A non-custodial wallet for storing and managing cryptocurrencies.
A platform for buying, selling, and creating non-fungible tokens (NFTs).
Make payments in cryptocurrency, with support for over 20 fiat currencies.
A mobile app for buying, selling, and managing cryptocurrencies on-the-go.
Earn up to 5% cash back on purchases with the Crypto.com Visa Card.
Competitive fees for buying and selling cryptocurrencies, with discounts for high-volume traders.
Low fees for withdrawing cryptocurrencies to external wallets.
Security
Crypto.com is regulated by the Singaporean authorities and adheres to strict anti-money laundering (AML) and know-your-customer (KYC) regulations.
Crypto.com publishes regular proof of reserves to ensure the security of user funds.
Additional security measures, such as two-factor authentication, to protect user accounts.
Go To CryptoCom
Bake
is a financial marketplace that connects thriving communities with exciting investment opportunities. It is a platform where investors can gain insights behind the big ideas moving the markets and discover new ways to build and grow a digital assets portfolio.
Key Features
Bake YieldVault compounds interest every 12 hours. This means that the interest earned on your investment is calculated and credited back to your account every 12 hours. This frequency of compounding can result in higher returns compared to less frequent compounding, such as monthly or yearly compounding.Bake offers Automated Market-Making (AMM), a feature that allows users to provide liquidity to the market and earn trading fees.
The platform provides yield farming opportunities, enabling users to earn passive income by staking their digital assets.
Bake allows users to stake their digital assets, earning rewards and contributing to the security of the network.
The platform integrates NFTs, enabling users to trade and leverage digital collectibles within the platform.
Go To BAKE
EarnPark is a cryptocurrency investment platform that allows users to earn interest on their crypto assets. The platform leverages automated and algorithmic strategies in both CeFi and DeFi markets to generate returns. With a team experienced since 2017, including former market makers for Binance, EarnPark prioritizes security, following industry standards for IT security, data protection, and encryption.
Key Features
Automated and algorithmic strategies in CeFi and DeFi markets
Competitive APYs up to 25% with daily compounded payouts
Flexible liquidity options with no minimum deposit requirements or lock-in periods
SEC approval and accessibility to investors from over 180 countries
Regulated by the UK and US financial authorities
User-friendly platform with maximum transparency and security
Go To EarnPark
