Hello everybody, i'm here to write about a good way to get a passive income just by holding your crypto safely in your wallet.
There are a few proof of stake coins that give you this chance. Today i m going to tell you about my experience in staking Ada and Algorand on EXODUS wallet.
Ada-Cardano
Cardano is a proof of stake blockchain platform of 3rd generation created by C.Hoskinson. Staking cardano means to delegate your ada to a validator's pool which is gonna be rewarded with more ada for the creation of a new block.
How to stake
-buy ada on some exchange(ada is listed on the mainstream exchanges)
-send your ada to your exodus wallet
-remember to use the shelley address
-put your address in staking. Actually staking means to stake your address so you can't choose how many coins to stake. The minimum amount to stake is 5 and you are going to be charged by 2 Ada(Fee). You will get back your 2 Ada fee when you will unstake your address.
-after 20 days you will get your first reward. After that a new reward will come every 5 days!
Pros
-you keep control of your coins and you can even spend or send them while you are staking
-rewards are automatically added to your "earning balance"
-apy can variate but i ve always seen it between 5/7%
Cons
-if you just want to give it a try you will need to wait 20 days to see your first reward.
Algo-Algorand
Algorand is a pure proof of stake coins(PPos). Every users influence the choice of a new block proportionally to his stake amount.
How to stake
-buy algo on your favourite exchange
-send your algo to your exodus wallet
-remember you need 0.1 Algo to activate your address
-done! just remember to claim your rewards when you prefer!
Pros
-as soon as you deposit your coins you are already earning rewards on them
-you keep control of your coins, you can spend or send your coins whenever you want to
-apy can change but has always been 6/7% in my experience
Cons
-quite difficult to find for me! Maybe the only one could be if you don't believe in algorand's project!
Conclusions
Is possible to stake Ada and Algo also on other wallets then exodus. Do your own research if your favourite wallet supports staking for these coins.
Creating a new wallet is fast and easy but be sure to save somewhere safe your seed phrase before sending funds to it.
In my opinion staking is a good way of hodling your coins while having a nice income from them. I like having the opportunity of moving or using them whenever i like to. No lockup at all.
What about you? Are you enjoying staking coins? Do you like other projects more than the ones i mentioned?
Thanks for your attention!
