Best Kusama Staking Platforms in 2023
Staking cryptocurrencies have gained mainstream attention, as one of the passive means of earning cryptocurrencies. This process requires that a PoS token like Kusama is donated to a PoS network for validating and securing transactions on a blockchain. Staking Kusama tokens helps to secure and validate transactions on the Polkadot network. We have collated 8 platforms where kusama staking rewards can be measured in APR or APY.
What is Crypto staking?
Crypto Staking involves locking up cryptocurrencies for a period of time in order to obtain rewards or earn interest. These rewards can be in the form of APYs or APRs. Annual percentage yield (APY) is the reward obtained for staking cryptocurrencies while Annual percentage return is the reward obtained for donating your assets for lending. Staking crypto assets to a Proof of Stake (PoS) network, they are used to validate and confirm transactions on the Blockchain. Staking can only be done with PoS tokens like Kusama, and ETH 2.0. On the contrary, Proof of work (PoW) networks like Bitcoin only support mining activities.
Best Kusama Staking Platforms
Kusama is a scalable network of specialized blockchains built using the same codebase as Polkadot. The network is an experimental development environment for developers who want to rapidly innovate on Kusama or deploy projects on the Polkadot blockchain. KSM is the native token for the Kusama network, which is used for governance and for transaction fees. By staking Kusama, you're locking up Kusama tokens in order to secure and validate transactions on the Polkadot blockchain on which the Kusama network is run. We have selectively listed 8 platforms where KSM tokens are staked, with their individual rewards. Accompanying these lists are our verdicts for each platform.
1. Binance Kusama Staking
Kusama together with CELR was first listed for staking on the 4th of February, 2021 at an APY rate of 37.49%. Currently, due to market conditions and the behavior of the network the price has dropped to 22.39% APY. Staking is available at both flexible and fixed duration.
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Binance Kusama Staking
Stake Kusama with Binance and earn up to 22.39% APY on your hodlings.
Staking Verdict
We consider Binance a worthy platform to stake Kusama tokens, both on the basis of platform integrity and the APY offering. Navigating its staking service is intuitive, and there're no transaction fees charged on KSM tokens. Combining both fixed and flexible staking duration gives Binance Kusama staking an edge over other platforms on this list.
2. Kucoin
Kucoin offers to stake Kusama tokens in its unique kind of staking program referred to as "soft staking". With soft staking, Kusama tokens are withdrawn without any fixed duration. This type of staking still enables KSM trading and withdrawal. And in conditions where users are unwilling to follow the due process of withdrawing staked KSM tokens, these tokens can be exchanged for other tokens and withdrawn.
Staking Verdict
Staking KSM with Kucoin is almost similar to Binance, but its APY offering isn't as competitive as Binance. However, there's a transaction fee charge on staked KSM tokens. Navigating its staking services is intuitive, but there's a poor review score on trust-pilot, hence the need for an upgrade on the site.
3. Kraken Kusama Staking
The Kusama network allows for the creation of two types of blockchains; the Relay Chain and the Parachain. Staking activities are carried out on the Relay chain. Kusama is staked on this platform with an annual yield of 7-11% APY. Staking is intuitive and rewards are earned twice a week. Unstaking can be done at any time with no penalties.
Kusama staking kraken rate: 7%-11% APY
Staking Verdict
Kraken is popular for rewarding high APY rates, however, rewards for staking KSM tokens on our list is on average. We believe accessing staking services on this platform is not as intuitive as platforms like Binance, hence, improvements need to be made on the UI.
4. Bitrue
Power piggy is the platform developed by Bitrue Exchange for assessing their staking services. The platform is relatively intuitive, and rewards are credited to your Bitrue account on a daily basis. There're no lock-up periods for power piggy staking, hence, KSM tokens can be sold or traded on the Exchange at any time. Staking KSM tokens with Bitrue can yield a reward of up to 1.5% APY.
KSM staking rate for Bitrue Exchange: 1.5% APY
Staking Verdict
Staking KSM with Bitrue seems not to be as competitive as most of the platforms we've listed. Navigating their staking service isn't as intuitive as needed, as there's a separate platform for staking. Beginner investors may find staking with this platform challenging. From the reviews we've seen so far, it seems this exchange is typical for processing transactions.
5. Nexo
Nexo is basically a lending platform and rewards are earned because an investor donates his crypto assets to the platform to run its lending services. Nexo offers four tiers of investment, and these tiers are determined by the amount of crypto assets donated to the platform. These tiers are Base, Silver, Gold, and Platinum. Each tier apart from the Base tier requires that a certain percentage of Nexo tokens must constitute the total portfolio worth before rewards are earned. 1%, 5%, and 10% of Nexo tokens respectively. Users earn up to 12% APR when KSM tokens are locked up with this platform.
KSM staking rate for Bitrue Exchange: 12%
Staking Verdict
Nexo has received one of the best ratings on Trust-Pilot from our lists. The platform integrity is excellent, with a competitive APY offering. However, Staking with Nexo requires that in order to be on the advantage, users must have Nexo tokens in custody.
6. Mycointainer
Kusama was first listed for staking on this platform on the 20th of November, 2020. Mycointainer is basically a staking platform, and its services can be better assessed through its mobile applications. The reward earned for locking Kusama tokens with this platform is 11.6% APR, and this reward is not static as the price can be influenced by network behavior and market conditions.
KSM staking rate for Bitrue Exchange: 11.6%
Staking Verdict
Mycointainer is primarily a staking platform with adequate infrastructure to maintain platform integrity. Security is up-to-date with the best reviews available. The APY offering is quite on the average judging from the list we've provided.
7. Uphold
Uphold is one of the biggest staking platforms available currently with over 23 PoS tokens available for staking. It recently launched its zero-staking commission which means that there'll be no commission charged for processing staking rewards. Currently, Uphold rewards 18% APY for staking KSM tokens. Their staking services are available on both mobile and desktop devices.
KSM staking rate for Uphold Exchange: 18% APY
Staking Verdict
Judging from our list, this platform has distinguished itself on the basis of its APY offering for staking KSM tokens. Reviews are great across platforms, no history of security bridge and customer support is very responsive.
8. Bitpanda
With Bitpanda staking, transactions are validated on Proof of Stake blockchains for which rewards are dispensed. Staking Kusama with Bitpanda offers a reward of 13.51% APY, and rewards are dispensed on a weekly basis. No locks-in are required, and rewards can be staked automatically to increase yields spontaneously.
KSM staking rate for Bitpanda Exchange: 13.51% APY
Staking Verdict
Bitpanda also has great reviews on trust-pilot and their APY offering seems to be a little below average based on the list we have. Exchange integrity is optimum, with no history of any security breach.
Final Thoughts
From the list we have collated, Binance seems to be the best staking platform for Kusama tokens. Binance kusama staking does not charge any transaction fees for staking, it also provides both flexible and fixed staking duration, providing the investor with more than one staking option. Binance also offers the best APY offering from our list, and popularly, this platform tops the list as the best Exchange according to coinmarketcap.
Also, do note that rewards are not fixed over time. They're subject to change, and the rates are influenced by the network behavior and market condition. Although flexible staking offers the opportunity to withdraw assets at any time, however, APY reward for fixed staking is always higher. Investors should determine what priority is in making investment decisions.
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