Top 10 Highest APY Crypto Staking Options in 2024
Crypto staking allows users to earn rewards for their crypto holdings at a relatively stable yearly rate. For many crypto users, staking is a popular way to earn returns without having to sell their long-term positions. Finding the highest APY crypto is not simply due to the sheer number of tokens on the market. In 2024 alone, thousands of new cryptos have been launched, and many of them claim to be the best crypto to stake.
This article delves into the world of high APY crypto staking, uncovering projects and platforms that offer the most attractive returns for your investment. We'll discuss factors influencing APY, tips for choosing high-yield staking options, and the risks to consider before diving in. But first, we’ll explain the technical details of staking and then cover how to stake directly with your Atomic Wallet.
Basics of Staking Explained
Staking in cryptocurrency refers to the process of holding funds in a crypto wallet to support the operations of a blockchain network. Investors lock up their cryptocurrencies in a staking wallet, thereby contributing to the network's security and operations. This process aids in maintaining the integrity of the blockchain network.
Staking platforms, also known as Staking Pools, simplify this process for users. They provide a user-friendly interface and handle the technical aspects of staking on behalf of users. This allows individuals to stake their cryptocurrencies without the need for constant network connectivity or other technical prerequisites.
It's important to remember that the rewards from staking can vary significantly across different cryptocurrencies. These rewards depend on several factors, such as the total amount of staked coins, the staking duration, and the network conditions. Staking platforms offer different APY rates, which vary based on the platform and the specific cryptocurrency being staked.
Staking Highest APY Crypto with Atomic Wallet
Centralized staking platforms offer users the ability to stake their cryptocurrencies and earn yields. These platforms handle the staking process on behalf of the users, allowing them to earn rewards without direct involvement with the blockchain. Two of the leading platforms in this space are OKX and Binance. In addition, platforms like KuCoin and Coinbase also provide reliable staking services.
Staking on Atomic Wallet: A Step-by-Step Guide
Atomic Wallet offers a user-friendly platform for staking various cryptocurrencies, including Solana (SOL). While the specific APY for SOL can fluctuate and may differ at the time of reading this guide (the 7% mentioned is an example), the general process for staking across most cryptocurrencies on Atomic Wallet remains similar. Here's a step-by-step breakdown of how to stake SOL using Atomic Wallet:
Locate the Staking Tab: Open your Atomic Wallet app and navigate to the "Staking" tab.
Find Solana (SOL): Within the staking section, locate Solana (SOL)
Check the Current APY: Atomic Wallet displays the current APY for staking SOL. Remember, this APY can fluctuate over time.
Choose Your Stake Amount: Decide how much SOL you'd like to stake. Consider your investment goals and risk tolerance when making this decision.
Stake Your SOL: Once you've chosen your stake amount, confirm the transaction. Atomic Wallet will typically select a validator for you automatically. There's a small network fee associated with staking and unstaking.
Monitor Your Rewards: Atomic Wallet allows you to conveniently monitor your staking rewards directly within the app. Rewards are typically generated and distributed on an epoch basis (approximately every few days) and automatically compounded into your staked SOL amount, maximizing potential earnings.
Unstaking Your SOL: If you decide to unstake your SOL tokens and the rewards they've generated, the process is straightforward. Navigate back to the Solana staking section, locate "Unstake," and follow the instructions. There's typically an unstaking period (around a few days) before you regain full control of your SOL.
10 Highest APY Crypto To Stake in 2024
Now that you know how to stake the highest APY cryptocurrencies, choose the best crypto based on your portfolio and risk tolerance. The following ten cryptos can all be staked directly through the Atomic Wallet interface through validators that have generally proven to be reliable. Naturally, it's important to remember to do your own research and to fully understand that there are always risks when it comes to staking, such as potential slashing due to malicious validator behavior, lock-up periods and the possiblty that the underlying asset will depreciate.
1. Cosmos (ATOM) - 22%* Staking APY
Cosmos is a network of interconnected blockchains designed to scale and communicate with each other. It aims to solve the limitations of individual blockchains by creating a decentralized ecosystem where different blockchains can exchange assets and data seamlessly.
The native token of the Cosmos Hub, the central blockchain in the Cosmos network, is ATOM. By staking ATOM, you contribute to the network's security and earn rewards in return. ATOM staking currently offers an estimated APY of around 22%, though it's important to remember that staking yields can fluctuate.
2. Osmosis (OSMO) - 22%* Yearly yield
Osmosis (OSMO) is a decentralized exchange (DEX) that operates as the central hub of the Cosmos ecosystem. It functions as an automated market maker (AMM), enabling users to swap tokens across numerous interconnected blockchains within the Cosmos network. OSMO, the native token of Osmosis, plays a crucial role in governance, liquidity provision, and staking.
Staking OSMO allows users to participate in securing the network and earn rewards in return. The current estimated annual percentage yield (APY) for staking OSMO on Atomic Wallet is around 22%.
3. Kava - 19%* Staking APY
Kava is a decentralized finance (DeFi) platform built on the Cosmos blockchain that aims to provide various financial services, including lending, borrowing, and earning interest on digital assets. It offers a cross-chain infrastructure that enables users to interact with different cryptocurrencies.
To stake Kava (KAVA), users can delegate their tokens to validators on the Kava network, who secure the network and validate transactions. By staking KAVA, users can earn staking rewards of around 19% APY.
4. Injective (INJ) - 17%* Staking APY
Injective is a decentralized exchange platform specifically designed for trading derivatives and synthetic assets. It leverages a unique layer-2 scaling solution to enable fast and low-cost transactions, even during times of high network congestion.
The native token of Injective, INJ, is used for governance and various utility functions within the ecosystem. By staking INJ, you can participate in the network's security and earn rewards in return. Staking INJ currently offers an estimated APY of around 17%, although it's important to remember that staking yields can fluctuate based on network conditions.
5. Near (NEAR) - 11%* Staking APY
NEAR is a blockchain platform designed to enable the development and execution of decentralized applications (dApps). It focuses on scalability, usability, and cost-efficiency to provide a seamless user experience.
To stake NEAR tokens, users can delegate their tokens to validators on the NEAR network who participate in securing the network and validating transactions. By staking NEAR, users can earn around 11% staking APY through the Atomic Wallet platform.
6. Band Protocol (BAND) - 11%* Staking APY
Band Protocol is a decentralized oracle platform designed to connect real-world data and APIs to smart contracts on various blockchains. This enables smart contracts to access and utilize information that exists outside the blockchain, such as price feeds, weather data, or sports results. By providing this bridge between on-chain and off-chain data, Band Protocol plays a crucial role in enabling a wide range of decentralized applications (dApps) that require real-world data inputs. The estimated staking APY for BAND on Atomic Wallet is around 11% as of writing.
7. ICON (ICX) - 11%* Staking APY
ICON (ICX) is a blockchain platform that focuses on interoperability, aiming to connect various independent blockchain networks. As the native cryptocurrency of the Icon network, ICX allows users to participate in staking.
Staking ICON involves delegating your tokens to a representative node through a supported wallet or staking platform. By staking ICX through Atomic Wallet, users can earn an estimated 11% APY.
8. Fetch.AI (FET) - 11%* Staking APY
Fetch.ai (FET) is a decentralized platform for building and deploying artificial intelligence (AI) and machine learning (ML) solutions. It aims to create a decentralized digital economy where autonomous agents can perform tasks and services on behalf of users. The FET token powers this ecosystem and is used for transaction fees, accessing AI services, and staking to secure the network.
Staking FET allows you to participate in network validation and earn rewards. By delegating your tokens to a validator, you contribute to the security and operation of the Fetch.ai network. Currently, the estimated APY for staking FET is around 11%.
9. Zilliqa (ZIL) - 10.6%* Staking APY
Zilliqa is a blockchain platform that aims to provide scalability and security for decentralized applications (dApps) and enterprise solutions. It utilizes sharding technology to achieve high throughput and transaction speed.
To stake Zilliqa (ZIL), users can delegate their tokens to one of the network's staking providers, who validate transactions and secure the blockchain. Staking rewards for ZIL with Atomic Wallet are around 10.6% as of writing.
10. Solana (SOL) - 7%* Staking APY
Solana (SOL), a blockchain known for its speed and scalability, has captured the attention of investors and developers alike. Its native token, SOL, fuels the network and can be staked to support its Proof-of-Stake (PoS) consensus mechanism. Staking SOL involves delegating your tokens to a validator, who plays a role in verifying transactions and securing the network.
In return for their participation, stakers earn rewards in the form of additional SOL tokens. The estimated annual percentage yield (APY) for staking SOL is currently around 7% with Atomic Wallet.
Understanding APY in Crypto Staking
One of the key metrics for assessing the profitability of staking cryptocurrencies is the Annual Percentage Yield (APY). It is crucial for investors to understand this term and its implications in order to make informed decisions.
What is APY in Staking?
APY in crypto stands for Annual Percentage Yield, a financial concept that has been adapted to the world of digital assets. It refers to the interest or yield that investors can earn by staking or holding their crypto assets in certain protocols or platforms, considering the compound interest. It is typically associated with decentralized finance (DeFi) platforms, which use smart contracts to automate financial transactions and provide various financial services like lending, borrowing, and yield farming.
APY works similarly to traditional finance, taking into account compound interest which grows with the investment, allowing investors to earn interest on their initial deposit and subsequent interest earned on that interest. This measure is beneficial for comparing potential returns across different investments with various compounding periods.
Importance of APY in Staking
APY is vital for investors to understand the expected return on their investment over a year, considering the compounding interest. By utilizing APY and APR (Annual Percentage Rate) together, investors can gain a more accurate picture of their investment value.
While APR calculates the percentage amount paid in interest and fees over a year, APY considers compound interest. Taking both into account provides investors with a more accurate view of the value of their investment, as APY does not account for fees that need to be subtracted for an accurate return on investment.
In the realm of crypto staking, where investors are looking for the highest APY crypto staking options, understanding these metrics can be the difference between a profitable investment and one that falls short.
Calculating APY in Crypto
When calculating APY in crypto, the frequency of compounding periods is crucial. The formula to calculate APY is APY = (1 + APR/n)ⁿ − 1, where "n" represents the number of compounding periods each year.
However, investors should consider that the crypto market is much more volatile than traditional markets, and factors such as inflation rates and supply and demand dynamics of cryptocurrencies need to be considered when calculating APY.
In conclusion, APY is a critical measure for investors in the crypto staking world. By understanding how it works and how to calculate it, investors can better assess potential investments and make decisions that align with their financial goals.
Maximizing Staking Rewards
When looking for the best staking crypto options, it's essential to understand the factors that impact staking rewards, recognize associated risks, and consider the APY offered by various platforms.
Factors Affecting Staking Rewards
The rewards from staking can vary significantly across different cryptocurrencies. They are influenced by factors such as the total amount of staked coins, staking duration, and network conditions. Staking platforms offer different APY rates, which alter depending on the platform and the cryptocurrency being staked.
Staking platforms, also known as Staking Pools, simplify the staking process by providing a user-friendly interface and managing the technical aspects of staking on behalf of users. They allow users to stake their cryptocurrencies without maintaining constant network connectivity or meeting other technical requirements. Therefore, the choice of a staking platform also greatly impacts the staking rewards.
Risks and Considerations
While staking is a compelling way to earn passive income in crypto, it's important to conduct thorough research and consider your financial situation before committing to a staking platform. Staking involves risks such as price fluctuations, liquidity concerns, and potential security threats. Therefore, it's advised to diversify your assets, only stake what you can afford to lose, and ensure the platform you choose is secure and reputable.
Final Thoughts on Finding The Best Crypto To Stake
Crypto staking allows traders and investors to earn APY rewards with fairly minimal risk. However, there's still the danger of a validator being lashed or the underlying asset losing its value. Atomic Wallet allows users to directly stake their crypto with popular coins such as SOL, ATOMC, FET, and INJ, all offering high staking APY between 7-20%. If you do decide to stake some of your stash, then remember to do plenty of your own research before and never risk funds that you can’t afford to lose.
Disclaimer: The information provided in this blog is for informational purposes only and does not constitute financial advice. Cryptocurrency markets are highly volatile; always conduct thorough research and invest at your own risk.
