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My staking experience so far

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by COINS NEWS 285 Views

I learned about staking only recently, and decided to start moving my coins off exchanges into their respective wallets to take advantage of the passive income, and to see how the coins feel when moving and using them, just for fun. Here's my experience so far with ADA, ALGO, ATOM, ONT, SOL, VET and XTZ.

ADA: Yoroi Wallet, ROA: ~5%

To stake you need to go to their "Staking Center" page in the wallet and choose a pool to delegate to. Minimum of 5 ADA required. Doing so and switching staking pools costs a fee of about 0.17 ADA. Then you wait for one epoch to finish, those are about 5 days long, and then you start earning rewards each epoch, for 100 ADA you get 5 ADA per year. Your funds are not locked, so no need to unstake and you can move your coins at any time. The epochs are quite long but at least it's nicely displayed in the app, so all in all it's still quite fun to watch. The only wallet that doesn't display the value in FIAT. 1 ADA = 1 ADA, apparently.

ALGO: Algorand Wallet, APY: ~6%

Pretty simple looking app. Just a slim wallet. Funds transferred instantly. Instantly, the "Rewards" counter starts ticking up. Hilariously addictive to watch. 1 ALGO minimum. Doesn't compound automatically though. There was a good post about it recently. As with ADA, funds are not locked up at any point.

ATOM: Exodus Wallet, APY: ~9%

This one I chose because of the rather high interest rate. Needs to be staked and starts earning rewards immediately. Doesn't compound automatically either, you have to "Claim Reward", which you can do at any time, for a fee of 0.005075 ATOM. The unstaking period is a massive 21 days, but for that APY that's perfectly fine. The only crypto I got so far that requires a note to be sent with the transaction.

ONT: Exodus Wallet, APY 10-20%

Man, fucking ONT, man. Highest APY on Exodus, so without knowing anything about it I took a couple bucks from Coinbase rewards, converted them to ONT on KuCoin, then sent those over to Exodus. Great. All said and done I'm sitting on 3 ONT, worth a mighty 3 dollars at the time.

So, ONT is a network for dApps, which are fueled by their secondary token ONG. Which you need to stake your ONT. Of which I have not enough to convert to ONG. So after looking for an ONT faucet or something, I stumbled upon a Reddit post that said to contact Exodus support, so I did and was like

"Yeah I just transfered some ONT here but I don't have enough to convert to ONG, and, like, you never warned me or anything that there's a minimum limit of I think 10 ONT to trade so can you like manually exchange some of my ONT" and credit where credit is due, Exodus support was pretty on point, email response within 5 minutes that basically said "Yeah give us your full name and we're gonna send you some ONG", so for some very light KYC I got 0.2 ONG from them. Awesome.

Now, staking locks up your ONT for one "Round", and unstaking takes one "Round" as well. A round is comprised of 60000 blocks, and takes from 16 hours to 20 days. yeah. Fucking ONT, man. Does not compound automatically.

SOL: Exodus Wallet, APY ~6%

This one is fun again. Easy to transfer, staking rewards are automatically transferred to your wallet every ~2 days, which is also how long unstaking takes. Me not writing a lot about it doesn't mean it's bad, quite the opposite, this one just works. Short unstaking timeframe. Highest value increase in my portfolio even staking aside.

VET: VeChainThor Wallet, APY 1,33%

This one I bought primarily for the long haul, but might as well look at their rewards. The wallet contains a list of assets, a page with dApps, and a pretty funky looking Rewards page, which I guess increases the APY, but I don't have the 1.000.000 VET necessary to find out. Regardless, even without that you automatically earn their secondary token VTHO, albeit at an abysmal rate. Easy to use, but not necessarily my first choice for staking.

XTZ: Exodus Wallet, APY ~5-6%

This one takes a long time to get rolling, 35 days until you start earning rewards, but once those are done, you get a transaction into your wallet every three days. On the plus side, unstaking seems to be pretty much instant as your funds are not locked up at any time. As with Solana, not much to say because it just works. Also, and I feel like I'm shilling Exodus too much, their transaction sound is pretty satisfying and the timeframe between the rewards is relatively short, so this one is pretty fun to follow as well.

Any of you guys have any other coins staked? Which one do you enjoy watching like an idle game the most?

submitted by /u/Divinux
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