‘Staking’ is a term that one often hears these days when discussing cryptocurrencies. But what exactly is ‘staking’? Staking is a way of earning rewards like interest for holding certain cryptocurrencies for a fixed period of time. Increasingly, cryptocurrencies are using this method as a part of the proof-of-stake approach because it is much less costly in terms of energy. ‘Proof of work’ is carried out by means of dedicated machines which use a lot of electricity. Here are three coins that we think offer the best staking opportunities in 2022, Aave (AAVE), Solana (SOL) and Chronoly.io which is in presale round 2 and is 400% up in the last few weeks.
Aave (AAVE) is constantly being improved
Aave is an Ethereum-based DeFi money market protocol. Users can earn interest by lending assets and borrow assets with a fixed or variable interest rate. Uncollateralized loans (Flash Loans) and “rate flipping,” which allows users to choose between stable and variable interest rates to achieve the best rate when borrowing, are two significant aspects of Aave.
The Aave Protocol is constantly being audited and improved by Aave. The funds are kept on the Ethereum blockchain in a non-custodial smart contract. Your wallet is under your control. By code, everything is regulated and auditable. Aave Protocol has been audited by Trail of Bits and Open Zeppelin to ensure top-notch security. A bug bounty program is also in place, where members of the community can report any flaws or vulnerabilities and get a payment of up to $25,000.
Solana (SOL) earns more for users that most banks
An owner of Solana coins (SOL) can ‘delegate’ them to a validator to earn incentives, much like you can ‘delegate’ your home fiat currency to a bank to earn interest. Solana is a Proof of Stake (PoS) cryptocurrency, thus users delegate stake to its validation network to maintain it healthy. The stake each validator has proved that they can be trusted to vote on transactions and certify their legitimacy. As it’s a critical network function, participants are rewarded based on their stake amount. Rewards are based on Solana’s inflation rate, which reduces as network transactions increase.
Currently, these payouts equal about 8% APY on staked coins, of which each validator may take a tiny charge (typically 0-10 percent). By staking your coins instead of keeping them in a wallet, you may earn 7.2% to 8% annually, which is much more than most banks’ cash interest rates.
Chronoly (CRNO) offers more than just staking
Cryptocurrencies and NFTs are being used by Chronoly.io to make investing in luxury watches more accessible and rewarding. Investors can choose from a variety of watch brands such as Rolex, Audemars Piguet, Patek Philippe, and others to invest in. Investors can buy NFT versions of these watches on its marketplace. Every watch sold on the Chronoly.io platform is accompanied by a real watch that is kept in the company’s secure vaults.
The NFT is then divided into fractions, making owning a watch and reaping potential gains easier and more inexpensive for investors. Investors own shares of a physical watch, almost like stocks, but instead of a company. Chronoly has created its token (CRNO) so that platform users can earn even more prizes. Chronoly CRNO token holders can generate passive income by staking the token. The token can be staked for a period of time ranging from seven days to twelve months. However, the longer the coin is staked, the higher the rewards.
More information about Chronoly.io presale: