The staking scene has become very competitive lately, and Cardano has emerged as one of the better platforms with more options available. But which ones are best for staking?
Cardano is one of the most popular cryptocurrencies for staking, despite heavy losses for ADA token prices. Additionally, staking rewards are currently 5.27%, according to Staking Rewards. This is way more than is available at any high street bank.
Furthermore, Cardano has a whopping 68% of the total supply staked is a testament to the popularity of staking ADA. The project is currently ranked fourth in terms of staked value with $18.3 billion locked up at the time of writing.
Best Cardano Staking Options
There are a number of staking options for Cardano. Additionally, most centralized exchanges will offer ADA staking for a cut of the rewards.
Ardana is a collateral-backed stablecoin platform that issues the Cardano stablecoin DUSD. It has an exchange where users can swap tokens and a DanaSwap pool offering yields on deposited assets. The Ardana Stake Pool Alliance (ASPA) is a coalition between mission-driven staking pools and the Ardana stablecoin ecosystem. It is one of the more popular Cardano staking platforms.
This decentralized exchange was the first non-custodial DEX launched on the Cardano ecosystem. Moreover, it offers DeFi lending and borrowing, which means staking rewards for ADA tokens. Users can deposit collateral into smart contracts which enables them to earn industry competitive returns.
For a centralized option, you can’t beat Binance. The exchange has a number of different options for staking Cardano. ADA holders can lock their tokens up for 30, 60, or 90 days and earn yields higher than those provided by staking directly. Binance also has a SAFU, which is a fund to cover any losses due to cyberattacks.
ADA Price Outlook
Despite the popularity of staking Cardano, its native token price has slumped recently. Cardano is currently the ninth-largest cryptocurrency with a market cap of $25.5 billion.
ADA prices are down 0.5% on the day at the time of writing. As a result, the token price has fallen to $0.797, according to CoinGecko. ADA has now fallen by 75% from its September 2 all-time high of $3.09.
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