As we move into the second half of 2021, what are the best high-quality staking coins to invest in going forward?
Solana has risen steadily over the past few months. To become one of the top cryptocurrencies by market cap. Currently at number 13. Solana is known for two things, and that is a speedy blockchain and also a low-cost blockchain.
Transactions can be completed in just a few seconds at a fraction of the cost of something like Ethereum right now.
And Solana is a version of a proof of stake network, meaning we can stake Solana tokens. You can come to a website like Solana beach.io and see exactly what’s happening in the network live.
We can also come and look at the validators in the network. To see some of the validators that we can choose if we are delegating coins. It’s extremely hard to run your own node on the Solana network there are 642 validators.
These are people that will validate blocks in the blockchain. And be rewarded with new Solana tokens as their staking reward. On the Solana beach site, effective staking APY right now. This is a yearly figure at almost seven and a half percent.
You and I can delegate our stakes to these validators and participate in the rewards that they receive. You can come and see the validators right here.
How much stake do they have in the system regarding the coins and the percentage of the network they have, and choose your validator accordingly.
Even though on Solana beach, we can see the effective APY is 7.39% if you come to a website like stakingrewards.com, it will actually show it as slightly higher around 10 per cent. Depending on the validator that you choose, this figure could change, so be sure to choose the validator with the highest amount.
But you can work out how many extra Solana tokens you will get each year by using their simple calculator. Showing how many in us dollars you would have. And if you are delegating sole or if you are running a validator node yourself.
Solana has a rate of inflation for right now as the total possible supply isn’t circulating. So, therefore, you can see on stakingrewards.com the actual reward is actually reduced as an adjusted reward because there is an amount of inflation right now.
Even though it is technically correct that your rewards are reduced by the current inflation rate on Solana, practically, we can see that the Solana tokens have done extremely well over the past six months to a year.
If you want to use stake Solana, you can use supported wallets like exodus wallet ledger hardware wallets are supported as well atomic wallet, and trust wallet is also well-known wallets that you can use to go and stake your Solana in a decentralized way.
If you don’t want to go the decentralized route, then come to Binance.com, set up an account and buy some Solana on the exchange. You can actually stake Solana on Binance. For a 30-day period with a rate of 10, and that actually goes up the longer that you stake, do check for availability, though.
Previously known as Matic. Polygon is getting a lot of hype right now because they’ve done something that everyone wanted, and that creates low fees whilst using Ethereum based tokens. As we know, Ethereum is moving over to Ethereum 2.0.
For right now, it’s still a proof of work blockchain, and transaction fees are extremely high anywhere 3,6,10 even up to a few 100 dollars depending on how fast you want your transaction to go through and how many people are using the network. Read More…