Staking is a way to earn money with cryptocurrencies without doing much. You just hold onto the coins and get rewarded. But not all cryptocurrencies are good for staking. BeInCrypto checked out the market and made a list of the top coins to stake in 2024.
What is cryptocurrency staking?
Staking means locking up some of your cryptocurrencies to help run a network. It's like lending your coins to the network so it can work properly. People see staking as a way to make money without doing anything.
How to make money with staking cryptocurrencies
There are two main ways to stake cryptocurrencies. First, you can set up a node, which is like a computer that helps process transactions on the network. This way is good if you know a lot about cryptocurrencies and how they work. But it can be hard and you need a lot of coins to start.
The second way is called delegation. This means you let someone else do the hard work for you, and you get a share of the rewards. You can also join a staking pool, where lots of people put their coins together to stake.
There are many services that offer staking. Some are special staking platforms, like Lido. Others are crypto exchanges, like OKX.
Best Cryptocurrencies for Staking:
Here are the top 9 coins for staking, according to BeInCrypto:
1. Ethereum (ETH)
You can earn about 3.6% per year by staking Ethereum in 2024. Even though you might make more with other coins, Ethereum is a safe bet because it's popular and has low inflation.
2. Solana (SOL)
By staking Solana, you can make around 7% per year. But Solana's inflation is higher than Ethereum's, so it's riskier.
3. Cardano (ADA)
Staking Cardano can get you about 3.5% per year. ADA's inflation is lower than Ethereum's but higher than Solana's.
4. Sui (SUI)
Staking Sui can earn you between 0.79% and 6.78% per year, with an average of 4%. But Sui has high inflation, so it's not as safe.
5. Aptos (APT)
You can make about 6% per year by staking Aptos. But Aptos has higher inflation than Sui, so it's riskier.
6. Celestia (TIA)
Staking Celestia can get you 14% per year, but the inflation is almost 50%, so it's very risky.
7. Avalanche (AVAX)
Avalanche tokens can get you about 6% per year, with low inflation.
8. Tron (TRX)
Staking Tron can earn you about 3% per year, with low inflation.
9. Polkadot (DOT)
By staking Polkadot, you can make around 14% per year. Polkadot has low inflation and good profitability.
These are just some of the coins you can stake. Remember, staking can be risky, so do your research before you invest.