Investors have found new ways to generate additional income from their crypto investments, and crypto staking is one of them. It allows investors to lock their assets and earn free crypto through passive income and governance rights. Experts shared the top 5 staking altcoin projects to watch in 2023.
The first altcoin project Polkadot (DOT)
Emerging in 2020, Polkadot is trying to connect various Blockchains. It also improves the level of interoperability between blockchains. The altcoin is firmly providing new support to transactions. So, similar to any benefit-oriented project that emphasizes helping mainstream operations, this token is well worth adding to the list. One of the top reasons to choose DOT is the high annual returns the network offers.
Platform delegates earn an average of 14.02% APR. Also, those running validator nodes get an APR of 14.83%. It is possible to use DOT mainly for two purposes. First, holders have the ability to stake in the network to increase network security. The second is used for the governance mechanism.
Pancake Swap (CAKE) is also on the list
PancakeSwap is a popular and fun staking platform. The project allows users to stake any CAKE token they have accumulated. It is possible to earn CAKE or other tokens by staking with CAKE. Compared to platforms like Ethereum, transaction fees are pretty low like BNB Chain.
After earning rewards on PancakeSwap, you can claim them or reinvest in the platform. The annual percentage return (APY) for CAKE staking goes up to 29% as of December 5, 2022.
They don’t forget the popular meme coin Shiba Inu (SHIB)
The developers designed SHIB inspired by the original meme coin, Dogecoin. While it’s a joke coin, many investors find it worth incorporating SHIB into their portfolios. It is now creating a much broader utility token for SHIB with its ShibaSwap exchange. Because it is possible for holders to stake their token and use it for yield.
Altcoin is unique. Because while working on Ethereum, the initial supply of SHIB was minted when it was released. This means you cannot mine crypto. On ShibaSwap, holders have the opportunity to stake their Shiba coins, representing their original SHIB holdings. Meanwhile, staking rewards are BONE tokens and 0.03% of exchange trading fees for ETH on the exchange. It is possible to earn up to 3% APY from SHIB staking.
Solana (SOL) also managed to enter the altcoin list
The developers designed the Solana Blockchain with scalability and efficiency in mind. Solana provides this with low fees and fast transactions. SOL is one of the best staking altcoin projects due to the speed of transactions and the low cost of completing them. The project claims to complete most operations in a matter of seconds. However, you cannot manage your own node while staking on the Solana network. However, there are over 640 validators to stake.
When you transfer your share to validators at Solana, you can participate in the rewards they receive. You can earn up to 10.7% APY when you stake your tokens with Solana. The altcoin performed spectacularly last year, reaching an all-time high of $260. With this, cryptocoin.comAs you’ve followed on , the collapse of FTX had a serious impact on Solana. During this period, SOL dropped as low as $11. Currently, it is trading at $13.6 level.
Latest altcoin project Polygon (MATIC)
Polygon is an open-source, permissionless Blockchain built on the Ethereum network to deliver high-scale solutions. MATIC is Polygon’s native token used to perform transactions. It is also possible to stake to secure the platform. With a total supply of 10 billion tokens, 12% of MATIC has been allocated to fund staking rewards on the Polygon network. Polygon uses the Proof-of-Stake (PoS) consensus mechanism. So it has a sustainable and environmentally friendly network that does not need large amounts of computing power.
Meanwhile, by staking MATIC, it is possible for anyone to become a validator of the network. The rate of rewards naturally depends on the staker’s stake. Polygon has over 100 validators protecting the network globally. Currently, a total of $2.36 billion is staked on its network. Meanwhile, it has handed out around half a billion worth of bounties from the staking pool. This makes it an ideal altcoin for 2023. Estimated APR from Staking Polygon is 13.90% for a 90 day period. In addition, it is possible to earn up to 25.65% as APY with MATIC staking.
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