Home Cryptocurrency Best Place To Stake Shiba Inu In 2022

Best Place To Stake Shiba Inu In 2022

by edward

Created in 2020, Shiba Inu is a cryptocurrency meme token. An anonymous founder launched it under the pseudonym Ryoshi. The token is based on the Doge meme, which displays the Shiba Inu dog, similar to Dogecoin. Some even refer to it as the “Dogecoin killer.”

After its creation, Shiba Inu had an initial supply of 1 quadrillion tokens. In May 2021, the token’s founder sent half of the supply to Vitalik Buterin, co-founder of Ethereum. Buterin donated 10% of the tokens he received and destroyed the rest, reducing Shiba Inu’s supply to 559 trillion tokens.

In July 2021, Shiba Inu launched its decentralized exchange, ShibaSwap. By November, it had partnered with David Folk, former vice-president of technology at Activison, to develop a crypto gaming project. Shiba Inu’s price has grown steadily between 2021 and now, despite the heavy dip it took in late 2021 that cut its value by over 75%.


Best Staking Exchanges In 2022 – Summarized List

  1. BlockFi – Visit Site
  2. Uphold – Visit Site
  3. Nexo – Visit Site
  4. Binance US – Visit Site
  5. Crypto.com – Visit Site

Benefits of Staking Shiba Inu

Staking involves committing your tokens to support a blockchain while it verifies transactions. It is used in the Proof-of-stake consensus mechanism, and you earn a little reward every time you stake your coins. Staking Shiba Inu is a good way to earn passive income without adding too much risk to your portfolio.

Shiba Inu is a community-based cryptocurrency project available to everyone. Its community, called the “ShibArmy,” is in charge of its token and development. Another reason to stake Shiba Inu is that it makes you part of a community actively invested in building something. Staking Shiba Inu can be a smart investment move for long-term investors. When you stake, you can earn up to 3% to 5% Annual Percentage Rate (APR). For context, staking 1460000 Shib for one year will yield an additional 73800 coins. When you consider the fact that experts predict Shiba Inu’s price will rise in the next few years, investors have nothing to lose by staking it.

Although Shiba Inu is similar to Dogecoin, it has several attributes that Dogecoin does not possess. For example, Shiba Inu is built on the Ethereum blockchain. So it can run smart contracts and work on decentralized applications. Dogecoin, on the other hand, does not have this feature.


Top 5 Exchanges To Stake In 2022

1. BlockFi


BlockFi is a crypto-lending platform that was launched in 2019. Before it was launched, BlockFi founder Zac Prince raised over $60 million in funding. Since it started operating, it has received funding from several big companies, including Morgan Creek Capital and Consensys Ventures.

One advantage of BlockFi is that it is an integrated exchange platform that makes it easy for you to manage your crypto assets. Also, you earn compound interest as a lender, and you can choose which cryptocurrency you would like to earn your interest in. users have earned over 8% interest on the crypto assets they have on BlockFi. It is a relatively safe platform for staking because Gemini, one of the most trusted and regulated exchanges, is BlockFi’s custodian of crypt funds. So your holdings are not likely to lose their value overnight.

Nonetheless, BlockFi charges a flat fee for each withdrawal unless you make only one monthly withdrawal. Constantly being charged for making simple transactions can be frustrating. Also, BlockFi offers lower rates than many other crypto platforms on the market, and it supports fewer cryptocurrencies. You can get started on BlockFi here.

Pros

  • Ideal for beginners
  • 24/7 customer support
  • Crypto assets are secured by Gemini Trust Company

Cons

  • The user interface might confuse beginners


2. Uphold


Founded in 2014, Uphold is a cloud-based crypto trading platform that functions as a virtual wallet for up to 27 fiat currencies and over 90 cryptocurrencies. With Uphold’s anything-to-anything model, users can efficiently conduct cross-asset trading. It demands lower minimum deposits from new users and offers commission-free trading on all assets. In addition, users can trade with debit cards. They can also earn crypto as cashback.

As flexible as Uphold is, it allows users to invest in only a few assets. It also has high spreads on lower volume assets, making them a poor choice for many users. Also, some of its sections are less organized than others. Users may find it difficult to navigate the disorganized sections. You can get started on Uphold here.

Pros

  • Easy to use
  • Reliable
  • Protects against the uptime-related slashing risk
  • Monitors your staked assets 24/7 to prevent downtime-related slashing

Cons

  • Some users have complained about hidden fees.
  • Limited customer service


3. Nexo


Nexo is a centralized lending platform for crypto holders. The most attractive thing about Nexo is that users can unlock the value of the crypto assets without selling their tokens. It also offers users crypto-backed loans and crypto interest accounts.

With Nexo, users have multiple earning opportunities. They can earn profit just from depositing Stablecoins or other crypto assets. With Nexo, users have little to fear in the area of security transparency, unlike many platforms that don’t provide enough information on their security practices. It also has different features for crypto holders to invest, borrow, trade, and earn interest on their holdings. On the other hand, Nexo has some features or products that are not open to users from some regions, which is a huge minus for the platform. Also, unless you are investing in its native token, NEXO, there are minimal benefits that come with the platform. You can get started on Nexo here.

Pros

  • High-level security features
  • Easy-to-use mobile app for Android and iOS
  • Assets are insured
  • 24/7 customer support via live chat, email, and online messaging

Cons

  • Lesser educational features for its users
  • It’s not available in some countries


3. Binance US


Binance US is one of the most popular and secure cryptocurrency exchange platforms. Launched in 2017, it quickly became the largest exchange platform in terms of trading volume, a position it has maintained to date. Binance offers different staking options, including locked staking, DeFi staking, and ETH 2.0 staking. Binance mainly offers risk-free staking. Users also have the best opportunity to earn high profits.

One problem with staking one Binance is that in some instances, like DeFi staking, there are high-interest rates and risk levels. Also, the lock period when you stake your coins can sometimes be months, meaning that your coins may lose value during that window, and you won’t be able to do anything about it. There are also limited opportunities to stake your coins, and it can take long before you get a chance to stake and earn. You can get started on Binance US here.

Pros

  • Easy to use
  • Reliable
  • Protects against the uptime-related slashing risk
  • Monitors your staked assets 24/7 to prevent downtime-related slashing

Cons

  • Some users have complained about hidden fees.
  • Limited customer service


5. Crypto.com


Crypto.com is most widely known for being an affordable, all-encompassing cryptocurrency exchange platform. It allows users to stake its token, Crono (CRO), and the more Cronos they stake, the more benefits they get from the platform. But users can also stake, save, trade, store, and spend other cryptocurrencies on the platform.

Crypto.com is an excellent choice because it charges very low fees compared to its competitors. The platform has a strong security system and allows users to convert their assets from one token to another easily. With Crypto.com, you can earn interest on your crypto deposits, make payments, and access a visa card with cash back rewards. However, Crypto.com coins are not available to users in some regions. So automatically, some people do not have access to the platform or its benefits. It has minimal educational resources to help users understand some basics, and it has poor customer service. You can get started on Crypto.com here.

Pros

  • Easy to use
  • Competitive fees or discounts
  • Good staking rewards

Cons

  • Its crypto staking rules are stringent
  • Some users have complained about its weak customer support


Added Benefits To Staking Crypto

Staking crypto allows you to put your coins to work without selling them or putting them at serious risk. It is an excellent source of passive income, sort of the same as putting your money in a high-yield savings account. But in this case, the profit is potentially higher because the amount of money you make depends on how many times your stake is used when verifying a transaction.

Staking is also a great way to build your investment and reach your investment goals. For the long-term investor, the profits from staking can augment your other crypto investments so that even when the market is bearish like it has been for the past few months, you are still making profits.


Final Thoughts

Different cryptocurrency platforms offer investors options for buying, selling, and trading their cryptocurrencies. The platforms backed by blockchain that uses the proof-of-stake mechanism are the platforms where you can stake your Shiba Inu holdings. However, you must conduct your research before staking your coin on any exchange platform, so you can fully understand how it works.


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