Introduction
Staking Algorand can be a great option for those who want to hold ALGO but earn yield in a safe way while contributing to the network. The steps can be a little daunting, especially the first time you do them. That’s why we’ve put this guide together for you.
Step-by-Step Guide
1. Obtain Algorand (ALGO) Tokens
In order to stake Algorand, you need to have it. To obtain Algorand, you'll need to purchase it. You can choose from these popular exchanges.
See all 27 pricesPlatform Coin Price Nexo Algorand (ALGO) 0.35 PrimeXBT Algorand (ALGO) 0.35 M2 Algorand (ALGO) 0.35 Uphold Algorand (ALGO) 0.35 OKX Algorand (ALGO) 0.35 Binance Algorand (ALGO) 0.35 2. Choose a Algorand Wallet
Once you have ALGO, you’ll need to choose a Algorand wallet to store your tokens. Here are some good options.
See all 6 staking rewardsPlatform Coin Staking rewards Bitmart Algorand (ALGO) Up to 0.5 APY Binance Algorand (ALGO) Up to 1.5 APY Ledger Algorand (ALGO) Up to 10.02 APY 3. Delegate Your ALGO
We recommend using a staking pool when staking ALGO. It’s simpler and faster to get up-and-running. A staking pool is a group of validators who combine their ALGO, which gives them a higher chance of validating transactions and earning rewards. You can do this through your wallet’s interface.
4. Start Validating
You’ll need to wait for your deposit to be confirmed by your wallet. Once it’s confirmed, you’ll automatically validate transactions on the Algorand network. You’ll be rewarded with ALGO for these validations.
What to be Aware of
There are transaction and staking pool fees you need to consider. There can also be a waiting period before you start earning rewards. The staking pool will need to generate blocks, and this can take some time.
Latest Movements
Algorand (ALGO) is currently priced at $1.5 with a 24-hour trading volume of $179.17M. The market cap of Algorand stands at $2.94B, with $8.33B ALGO in circulation. For those looking to buy or trade Algorand, Bitmart offers avenues to do so securely and efficiently}
- Market cap
- $2.94B
- 24h volume
- $179.17M
- Circulating supply
- $8.33B
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