Post
Topic
Board Altcoin Discussion
Re: Staking advice needed
by
Abiky
on 04/04/2023, 16:47:32 UTC
Stablecoin staking isn't as profitable as it used to be, especially when it's centralized. I remember starting with 10% APY on Binance, and it's now lower than 3-4% on a good day. Decentralized staking offers somewhat better options, but you shouldn't expect any miracles with the most reputable ones, USDT, USDC, and BUSD. You'll have to use one of them in combination with another, usually an algorithmic stablecoin such as TUSD, if I'm not mistaken. And there's still risk involved; we all saw what happened with UST, one of the largest stablecoins by market cap.

Stablecoins are doomed to failure. That's because they depend on the traditional banking system to survive. You can see how the collapse of major banks in the US, resulted in USDC and DAI losing their peg in an instant. With algorithmic stablecoins, it's even worse. They could fall if the crypto market goes all the way down in an instant.

You're better off staking ordinary PoS coins that give you higher returns in the long run. Don't focus on current market prices, since the "bearish" environment leaves you with less money in your pocket. Focus on long-term gains to see actual results on your investment. When this is all over, you could become the next crypto millionaire if you bought the dip. Who knows if PoS coins are bound to get better in the future? Just my thoughts Grin