"You have to remember to study it first before staking anything."
Staking is locking up crypto assets for a certain period of time to help maintain blockchain operations and as a reward, customers will generate more digital assets. Therefore, here are the five best coins for staking in 2023.
MinePlex (PLEX)
A blockchain-based decentralized service ecosystem that announced a phased transition to the Tendermint Core architecture and the launch of XMine (MPX) and CrossFi (XFI) tokens.
Through the MinePlex 2.0 blockchain that uses the DPoS consensus protocol, MPX holders can stake their tokens.
MPX is a non-volatile token that represents the computing power of the MinePlex blockchain and is required to generate XFI, which is a volatile utility token that provides access to the services and products of the PLEX ecosystem.
Ethereum (ETH)
Create a validator node by depositing ETH into the smart contract of the digital asset and share the staking reward proportionally among the group members.
Those who staked 32 ETH in the digital asset's smart contract will not be able to withdraw their coins until the Shanghai upgrade expected in 2023.
Polkadot (DOT)
By participating in the DOT-nominated proof-of-stake (PoS) consensus method, users can earn staking rewards.
ETH liquidity pools are available for users who lack DOT to start staking without any obstacles.
Algorand (ALGO)
It supports smart contracts, decentralized applications and the production of digital assets, but it also fosters an ever-growing ecosystem of DeFi, non-fungible tokens (NFT) and Web3 services, alongside various traditional economic solutions.
Validators are selected based on the amount of coins staked, higher staking accounts will have a greater chance of participating in the block creation process.
Staking rewards will be automatically sent to ALGO holders' wallets after each new block is created and offers a return of 6% per year.
Using a unique staking model, the node holder must store only one ALGO in the address wallet to earn participation rewards.
Binance Coin (BNB)
A decentralized blockchain network that aims to enable developers to create decentralized applications (DApps) as part of the transition to Web3.
Its main goal is to create various projects such as metaverse, DeFi, GameFi, SocialFi, Web3 and NFT.
The rate of return on tokens that users stake depends on many factors, including the duration of their token staking, the chosen platform and others.
