Introduction
Hello everyone to another post of Vendata's journey of the crypto world! Today, I will be investigating a big part of the crypto world: staking services. I have heard a lot about them with many different options available, and even more options in each! With the help of the internet, I will be going through some of the major staking services I have heard of, describing their processes and my thoughts and opinions surrounding each of them. It is an interesting research subject, each with so many details, so I am thinking of going into detail about each of the following staking services if possible. Also, just a heads up that most of the services mentioned do not just specialise in staking but have other features as well, meaning that you can do staking and other actions on the same service.
PancakeSwap
PancakeSwap is a decentralised exchange for swapping between certain cryptocurrencies (BEP-20). However, it contains a staking feature, which I believe is essential for the exchanging feature of PancakeSwap. The reason for this is because PancakeSwap would need people to give in their cryptocurrency to provide to others so they can make exchanges. When someone would make an exchange, they pay a fee alongside the exchange which is shared amongst the people who shared their cryptocurrency in that trading pair, who I presume would be called stakeholders. From what I have heard, this is how staking works, but I am not certain, so do not take my word for it. You can leave a comment down below to help both me and the readers identify if I am right/wrong, which would be of great help.
Anyway, let's return to PancakeSwap. I am sure many of you have already heard PancakeSwap. It is a great crypto service, rising over the recent months both in popularity and price with its associated coin PancakeSwap (CAKE) - an obvious cryptocurrency name, but just in case you have not heard about it. With the staking of PancakeSwap, it seems promising, both in rewards and reliability. There are a vast variety of cryptocurrencies to choose from, most of which are the underdogs of the crypto market, well below the top 100 from my knowledge. Almost all of these staking options have over 100% APR, meaning from my perspective they have good rewards. Some of the cryptocurrencies you can stake with are Nerve Finance (NRV), Dego Finance (DEGO) and Beefy Finance (BIFI).
Binance Launchpad
Being a supportive Binance user, Binance's staking project seems appealing to me, coming in the different presentations. One of the most appealing of all the staking projects in Binance is its "Launchpad" staking. Here selected cryptocurrencies about to join the crypto market are listed before the listing occurs, all of which seem interesting to me. The current Launchpad staking project is for a usual cryptocurrency called My Neighbor Alice (ALICE). This cryptocurrency is used for the game "My Neighbor Alice,' a game similar to Animal Crossing, which brings a variety of benefits. The rewards for the staking of ALICE looked similar to PancakeSwap, but there seemed greater reliability about it, especially coming from the crypto giant Binance.
In a few days the staking period for ALICE would come to an end, a new project arising. The new project is for the about-to-list cryptocurrency Tokocrypto (TKO), which is based upon Indonesia's leading crypto exchanger Tokocrypto. It is beginning at a cheap price of 0.10 USD, and I am thinking of trading some of my funds into it when the coin becomes listed, but time will tell.
Harvest Finance
Harvest Finance is another crypto staking service that looks promising, possibly using it later down the track if needed. Unlike the other crypto services above, Harvest Finance is solely purposed for farming cryptocurrency, which I also take as staking. Most of the best options available from my knowledge on Harvest Finance are pairs with stablecoins involved (e.g. USDT, USDC & DAI). The rewards are just as good as before, some even higher and more appealing. For example, one of the best options with Harvest Finance is a pair between the cryptocurrencies ROPE20 and ETH, giving an APR of the time of this article 693.07% APR! However, I believe there is an issue with beginning with Harvest Finance due to gas fees from the Ethereum blockchain, which is very expensive. This is not only an issue in Harvest Finance but in many other crypto services. I have heard that the Ethereum development team is creating plans to alleviate the problem of gas fees, which I hope is soon fixed!
Conclusion
That is the end of this article! I hope you found the information on crypto staking services helpful and interesting, which I enjoyed researching and presenting. I will likely begin to use one of these services sometime later, and so I can always refer to this article if I need any guidance on which crypto staking service to pick!
And here is my first investigation of the crypto staking world, my searching torchlight only striking upon the first discoveries, a whole bunch remaining hidden in the shadows.
Excellent information