Can you earn passive income from ADA and what are the best Cardano staking platforms? This article examines what ADA is and why the Cardano network is so special. The Cardano network is often billed as an ‘Ethereum killer’, and in the last couple of weeks, it seems like the proof-of-stake (PoS) blockchain network is set to become the next big thing.
The network’s September 12 launch of smart contracts after the Alonzo upgrade has seen the protocol post remarkable highs in the August crypto market comeback.
Cardano’s mission of enabling financial inclusion for the vast number of unbanked individuals has seen it become one of the most talked-about blockchain protocols in the world of cryptocurrencies. Let’s jump right in.
1. eToro – Overall Best Ethereum Staking Platform
Social trading platform eToro is a popular online stock trading broker. However, in the last couple of months, eToro has shifted its business model towards cryptocurrencies. It now supports crypto trading alongside more conventional instruments like stocks, bonds, CFDs, ETFs, FX currency pairs, and commodities.
eToro has recently joined the crypto staking circle and now offers staking-as-a-service. Called eToro Staking, users get to generate passive income from their Cardano holdings with massive returns on investment. It runs a membership club spread across Bronze, Silver, Gold, Diamond, Platinum, and Platinum+ and yields are between 75% to 90% based on a user investment choice.
Cardano staking has a seven-day intro holding period, and payouts are calculated on the eight-day. However, your earnings are largely based on your investment. Profits are paid out monthly, and eToro takes daily snapshots of user portfolios to enable them to track their performance.
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Binance is another best Cardano staking platform for top returns given its large repository of crypto staking services. Binance has continued to lead the crypto exchange field for much of the last four years.
Its Binance Earn program became an instant success since launching in late 2020. The Bitcoin exchange has continued to add new tokens to its savings products regularly. Binance operates three core interest-earning services. These include flexible, locked savings, and DeFi staking.
Flexible is low-risk and low returns, and you can easily withdraw your funds at any time. Locked savings has a maximum lockup period of three months and promises higher payouts at the contract’s expiration.
DeFi staking, on the other hand, has the highest return on investment (ROI). The service is further split into “guaranteed” and “high yield.” Cardano can be found in DeFi staking with variable returns. The 30-day lockup period will net you 5.09% of your staking at press time, while the 60-day option will see you generate daily returns of 7.79%.
Staking your ADA tokens for 90 days will net you 8.38%, and this option is generally always filled up. Binance operates a first-come-first-serve policy which is due to the popularity of its platform.
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Kraken is a top US-based crypto exchange and the sixth-largest crypto exchange in the world. The U.S based exchange is a popular choice for crypto staking and has a rich library of DeFi staking offerings.
Currently, it supports some of the most notable cryptocurrencies, including the likes of DOT, KSM, ADA, FLOW, ETH, SOL, and several others. Kraken’s annual yield starts from 0.25% for BTC through to 12% for DOT and KSM. Staking ADA on Kraken earns the investor about 4 to 6% return.
Kraken’s crypto staking service comes with a few benefits. It includes instant rewards due to no lockup periods and bi-weekly payouts.
Rewards are deposited in your spot wallet after a token in commission is deducted for maintenance purposes. Kraken plans to add more assets to its staking services based on demand. The platform’s attractive yield makes it one of the best Cardano staking platforms for top returns.
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