Post
Topic
Board Altcoin Discussion
Re: Is Staking Coins a Good Idea?
by
aemma
on 25/08/2021, 23:13:17 UTC
Staking a coin doesn't give apy, it is the platform you are staking on that gives the apy and this is why most people prefers some staking platforms over others. Also, nowadays, staking can be done easily and within a stipulated time set aside by the staking platform, and most today do not last for 6 months or 1 year unless it is the token of the staking platform you are earning, that is, in a platform like pancakeswap, you can stake your CAKE token  to also earn CAKE for as long as you want, but for other tokens, you stake CAKE and unstake anytime or stake and leave it till the end of the pool then you unstake.
Staking is a good idea owing to the fact it offers or provides a means to earn passive income, while still holding your tokens for long term. However, owing to the lucrative nature of it, to enjoy staking you need to stake a good amount of the staking platform token, therefore the higher you stake, the more you earn.