Staking your cryptocurrency can secure passive rewards for your Proof of stake network. As staking cryptocurrency is gaining widespread adoption across the crypto space, you can check our list of platforms to stake Polkadot with high APR.
What is Staking
Crypto staking involves locking up your cryptocurrencies for a period of time as a way of contributing to a blockchain network. It requires that you lock up your crypto asset in order to assist with running and validating a blockchain network. As a reward for staking your crypto assets, there is a reward given back to the users. Since blockchains are decentralized, there needs to be a method of confirming the legitimacy of transactions. Hence, staked tokens are being used to ensure the validity of transactions. However, a consensus mechanism is needed to validate and confirm transactions.
We have also written an article about the best staking platforms for Algorand.
Best Exchanges to Stake Polkadot
Polkadot helps blockchain networks improve scalability, self-govern, and upgrade without the need for hard forks. It’s also very developer-friendly, and it also simplifies cross-chain interoperability and communication by bringing multiple blockchains into one network. Polkadot uses a proof-of-stake (PoS) consensus algorithm, which enables more transactions per second and requires less infrastructure compared to proof-of-work (PoW) blockchains.
The list below contains 10 best exchanges to stake Polkadot tokens and earn rewards. In this article, we give you the APY offered by different platforms for staking Polkadot, and also our verdict about the platform.
Binance first listed Polkadot on their platform on the 18th of August, 2020 ad was available for staking on the 21st of May, 2021, together with tokens like ADA, TRX, EOS, and CAKE. DOT was available for staking at a promo reward of 37.49%, and currently, you can stake your DOT token and earn up to 20.98%.
Below is a list of APRs you can earn when you stake your DOT tokens on Binance.
You can earn up to 20.98% APY when you stake your DOT token with Binance Exchange.
Binance, being the largest crypto Exchange, proves to be more profitable to stake your DOT tokens. You can subscribe to any staking product more convenient for you. The exchange is secured and the interface is intuitive.
OKX launched the staking of Polkadot on their platform on the 31st of December, 2022. You can currently earn up to 21.75% APY when you stake your DOT tokens. Users can share the on-chain revenue daily, and the revenues are distributed in DOT tokens.
Below is a list of APRs you can earn when you stake your DOT tokens on OKX.
Stake your DOT tokens and earn up to 21.75% APY!!
Alongside Binance, OKX is also one of the best staking platforms available. Accessing their staking services is quite easy, involving user-friendly navigations. You can easily subscribe to a staking product more convenient to you and earn rewards.
DOT was listed on Nexo Exchange for staking on the 21st of October, 2021 at an APR of 17% at the time. Currently, you can earn up to 15% interest when you stake Polkadot, and the offer is available at a flexible term. This means your rewards appreciate as long as your tokens remain staked, and you can freely un-stake your tokens at any given time. To enjoy maximum staking rewards with this Exchange, you should have Nexo hodlings together with your DOT tokens, as there are additional rewards for every measure of Nexo hodlings.
DOT staking rate for Nexo Exchange: 15% APY
Stake your DOT tokens and earn up to 15% interests on your hodlings.
This Exchange has a unique way of collating the interests on your hodlings. It includes; 12% when you stake for flexible terms, 13% when you stake at a fixed term, and an additional 2% when you have a measured Nexo holding. We believe this offering is quite competitive compared to what we have on our list. However, this Exchange is not accessible to investors from within the U.S.
DOT was first launched for staking on the Kucoin platform on the 22nd of January, 2022 at an APY OF 10% at the time, and rewards were disbursed on a daily basis. Users could un-stake their assets without waiting for the redemption period. Currently, you can earn up to 14.31% APR when you stake your DOT tokens plus other offers with their corresponding durations.
Stake your DOT tokens and earn up to 12.31% APY
From our list, Kucoin falls within the class of OKX and Binance, offering multiple staking options for your DOT tokens. Their interface is intuitive and the customer service is responsive. However, accessing staking services on this platform requires that you're verified and this Exchange is not accessible to investors from within the United States.
At the time of launch, Polkadot staking services on this Exchange was offering a 16% PA. At this promo price, you can stake your DOT token for as short as a 28-day period, compared to the normal annual staking period for all tokens on this platform. Currently, as with crypto.com, staking duration lasts for a year, except in situations where there's a need for un-staking.
DOT staking rate for Crypto.com Exchange: 12.5 PA%
Stake your DOT tokens and earn up to 12% APY on your hodlings.
Crypto.com offers an Annual Staking duration for all their POS tokens. Although their staking services have not been consistent over the years so we strongly advise that proper research is done before staking your token on this platform. In addition to their historic issue of a hack attack.
Kraken launched her staking services in December 2019, listing tokens like Tezos, Cosmos, and Polkadot. At launch time, you could earn up to 12% APR on your hodlings when your stake DTOT tokens. Although returns are collated on a daily basis but estimated APR, which is between 9-12% has been calculated based on an annual return.
DOT staking rate for Kraken Exchange: 9-12% PA
You can stake your DOT token and earn up to 12% APR on your holdings.
Kraken adds up to custodial platforms that offer yearly returns on your staking. However, staking duration is flexible which means you can un-stake your tokens whenever you wish. Their low fees on Kraken Pro, high rates for staking, and futures markets have positioned them in a very competitive space. However, there're some user reports on account security issues, and its user interface is not as competitive as other custodial platforms.
Staking DOT tokens on this platform is available according to individual plans ranging from monthly, bi-monthly, and annual rates. The estimated annual DOT earning rate is 10%, plus compounding interests. All you have to do is to deposit DOT to your YouHodler wallet and you’ll earn free DOT tokens every week.
DOT staking rate for Kraken Exchange: 10.00% AIR + Compounding Interests (Annual Interest Rate).
Stake your DOT token and earn up to 10% PA plus compounding interests in passive reward.
YouHodler is a legitimate platform and offers different features for cryptocurrency holders in various ways. This platform is well suited for cryptocurrency holders who would keep their tokens in long-term custody while earning from your hodlings at the same.
Bitrue offers an estimated annual rate of 7.3% when you stake your DOT tokens on this platform. Although, the interest rate generated is based on a 3-tier system according to your BTR hodlings. If the BTR in your current account is less than $500 you'll receive the lowest interest rates. If your BTR hodlings are greater than or equal to $500 and less than $10,000, then the annual interest will equal the base interest rate multiplied by 1.034. Finally, if your BTR holdings are more than $10,000, then the annual interest will equal the base interest rate multiplied by 1.2.
DOT staking rate for Bitrue Exchange: 7.3%
Stake your DOT tokens and earn up to 7.6% APY in passive earnings.
Bitrue could be a good choice for staking your cryptocurrencies because of its many staking terms available for users to subscribe to. Although Bitrue has strange customer reviews and has been hacked in the past, therefore we strongly recommend that further research is made on this Exchange before staking your tokens with the platform. While the name remains Bitrue, its staking platform is Power-Piggy.
As of 2020, staking DOT yields around 10%-15% annual returns on crypto exchanges. Users who stake and hodl DOT tokens secure voting rights on network upgrades. Each vote is proportional to the amount of DOT cryptocurrency a user has staked. In order to incentivize staking, Polkadot rewards users with newly minted DOT based on how many tokens they have staked. As of the time of this writing, the return on staking DOT tokens has drastically reduced, yielding 0.83% APY. This rate is available at a flexible staking period.
DOT staking rate for ByBit Exchange: 0.83 % APY
Stake your DOT tokens and earn up to 0.83% APY on your deposits.
From the list we've provided, the return yields for staking DOT token on this platform is quite low. But there're some considerations that should be factored in. For instance, the Exchange may not have given enough value to staking services as its more of a Deriv Exchange platform. Also, this Exchange is not available to citizens from the U.S. But their interface is quite intuitive with no record of a security breach or a hack attack.
DOT token was launched on the 24th of September, 2020, and was available at a Staking rate of 14.18 APR. Currently, you can stake your tokens on this platform and earn up to 12.57% APR. To qualify for staking activity, you must have a minimum of 1 DOT, and your staked token can be redeemed within a 28-day cycle.
DOT staking rate for Ascendex Exchange: 12.57% % APY
Stake your DOT tokens and earn up to 12.57% APY on your deposits.
One edge Ascendex has over other Exchanges is that you can carry out Margin trading for your staked assets, which can be used as margin collateral, enabling users to go long or short to hedge exposures while continuing to earn rewards. Staked assets can also be used as futures collateral enabling users to go long or short to hedge risk while earning Staking profits. But the challenge with the Exchange is its continuous upgrades and history of a security breach. This would suggest thorough research carried out on the Exchange on the part of the investor, so as to have confidence in the platform hodling your staked tokens.
From the list we've provided, OKX, Binance, and Kucoin have been more profitable to stake DOT tokens, compared to others on the list, as of the time of this writing. Exchanges like Ascendex and Nexo are at the top of our list of Exchanges with a single staking product offering. Although besides their staking offers, particular attention is to be paid to issues such as security, user interface, and customer care services. From the factors listed, Ascendex and crypto.com may require more scrutiny before you stake your tokens with the Exchange.
Generally, do note that staking rewards are directly influenced by the performance of the network and market conditions, hence, your return rates may not be as expected in extreme cases.
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