Staking ALGO: Comparing Wallets Yield

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Avatar for portalgeographia
3 years ago

Hello everyone who follows the blog!

In today's post I will start a comparison so that I will update weekly the progress so that you can follow the best possibilities when investing in assets that are Participation Proof, or in the case of Algorand (ALGO), Pure Participation Proof (PPoS). Below I will briefly explain what the Pure PoS consensus mechanism is.

At Algorand, power is in the hands of users with participation, and each user receives an amount of rewards proportional to their participation for each block committed to the chain, so we encourage users to join the Algorand platform and accelerate our journey towards decentralization.

The asset simply being in the portfolio you already earn income for each completed block, mainly using the official portfolio, Algorand Wallet, I cannot state precisely in other cases. But that's usually how it also works in multi asset portfolios without custody, as I'll cite some examples also below.

Algorand Wallet (Play Store - Android) - https://play.google.com/store/apps/details?id=com.algorand.android&hl=pt_BR&gl=US (available in English, Chinese, German, Korean, Portuguese, Spanish and Turkish)

Algorand Wallet (App Store - iPhone) - https://apps.apple.com/us/app/algorand-wallet/id1459898525 (available in English, Chinese, German, Korean, Portuguese, Spanish and Turkish)

Also called My Something, solutions developed also by the ambassadors (Devassadors).

My Something Web Wallet: https://wallet.myalgo.com/ (available in English/Spanish)

Algorand also has AlgoSigner, which would be a browser extension that performs the same function as the well-known Metamask, but in the Algorand network. In the future it will have more jobs as adoption increases.

AlgoSigner Browser Extension (Chrome Store) - https://chrome.google.com/webstore/detail/algosigner/kmmolakhbgdlpkjkcjkebenjheonagdm

You can see the rewards of the ALGO stake in the Algo Explorer calculator below. Currently the rewards are around 7.38% annually (compound interest) without freezing the assets with total immediate liquidity. Enter the amount you want to invest in the rewards calculator and see how much it will yield: https://algoexplorer.io/rewards-calculator

This is the current income of the ALGO stake, and exactly what is contained in my Algorand Wallet (official version), and with this next week, exactly 7 days from now we will see if the income is in accordance with the reward calculator.

Write down then, in 7 days (next Tuesday), must have added exactly 0.01357 ALGO in your wallet.

Well, so far we have seen the possibility of income foreseen in Algorand's official portfolio, called Algorand Wallet, as I mentioned.

Now next we will see the expected returns in multiactive portfolios without third party custody, so we will see three options:

  • Atomic Wallet;

  • Coinomi Wallet;

  • Exodus Wallet;

  • Trust Wallet.

Atomic Wallet

Through Atomic Wallet you can manage over 300 assets and tokens, including ALGO and you can also stake several assets. According to the website data the annual return of the ALGO stake through your portfolio is less than the official version, being around 5.6% annual.

I made a deposit of 10 ALGO in Atomic Wallet so we can follow the evolution of the income of the assets through Atomic Wallet.

Coinomi Wallet

I did the same test through Coinomi Wallet, deposited 10 ALGO, and found some information of the annual income of ALGO in Coinomi Wallet, which seem to be closer to the real income of ALGO. It was possible to take screenshoot of Desktop App, check it:

Exodus Wallet

Exodus Wallet seems to be a interesting wallet and it also support several crypto apps and internal exchanges. Let's check the APY below:

Trust Wallet

Finally, it is also possible to receive income through the well-known Trust Wallet. Just like Atomic Wallet the rewards seem not to be as advantageous as Algorand Wallet and Coinomi Wallet See here:

For now this is personal, wait for the next updates in 1 week. In the future I will also be able to make these comparisons with other stake assets and also with other portfolios.

Cheers!

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$ 0.10 from @renangeo
Avatar for portalgeographia
3 years ago

Comments

Thank you so much for doing this, i was very curious about which wallet does the true amount of interest that algo is worth. Please give an update when you can, I would love to see the results!

$ 0.00
3 years ago

Sure. I'll update you soon.

The problem was that I was managing the Algorand Wallet and I had to spent to add a new stablecoin asset to receive USDT and USDC from KuCoin.

But I have already some info:

Reward from 7 days - 10 ALGO invested

Atomic Wallet -> 10,01379 Coinomi Wallet -> 10,0158 Trust Wallet ->10,01455

Now I'm watching the AlgorandWallet (oficial). Just hold on!

$ 0.00
3 years ago