Staking is one of the common ways to earn passively in DeFi and the crypto market. Staking simply means supporting crypto validations by locking up crypto assets in DeFi wallets. Many times staking requires a designated wallet and a fixed date and time for locking up coins. Other times, staking is simply keeping your crypto in a wallet to support the network’s integrity, known as soft staking.
This guide talks about Ripple, Tron, and Big Eyes Coin and how you can use these three cryptocurrencies. We’ll see more as we progress.
Staking Ripple, the decentralized internet money
Ripple is famous for its digital banking formula, which it introduced using its native cryptocurrency, XRP. Ripple seeks to disrupt traditional/legacy banking systems and provide easy and cheap borderless transactions through the XRP.
Staking is not directly available on Ripple because its mode of operation doesn’t use Proof of Stake (PoS) consensus. Only networks that use PoS for transaction validation can quickly adopt staking.
So, how can you stake Ripple (XRP)?
Ripple is more inclined to the banking sector, so it’s logical to view it as one, only that it’s decentralized. A few protocols/exchanges allow you to lend and borrow Ripple and earn interest rates when you do so. These platforms include Binance Earn, Nexo, Crypto.com, AAX, etc.
Simply register with these platforms and sign up for their XRP lending programs.
Staking in Tron: how to do it easily
Tron (TRX) is the cryptocurrency behind the TronDAO and Tron Network. The TronDAO manages the Tron Network and decides its future. Like every DAO governance protocol, members must lock the $TRX token in a Tron wallet.
Staking is Tron is usually soft and without signs that you’re supporting the network. Tron rewards you for buying and spending its token in a DEX. For instance, hodling and spending TRC20 tokens such as USDT (TRC20) will earn you some Tron tokens afterwards. This is known as soft staking. It is flexible and doesn’t have a lock-in period.
Tron is one of the networks that is actively advancing the frontiers of Web3 innovation. It seeks to disrupt traditional social networking and provide an avenue for a decentralized internet where people earn from social networking activities and creations.
How to stake Big Eyes Coin (BIG)
There is no specified information yet on how to stake Big Eyes Coin. However, the platform’s roadmap shows a potential DEX bridge in the future, just like the ShibaSwap. We must understand how Big Eyes Coins works and how we may qualify for future staking protocols using the token.
Big Eyes Coin will empower hodlers to mint and auction NFTs and pay for transactions within the Big Eyes ecosystem. The Big Eyes ecosystem will be fully community-driven, meaning that everyone will put their hands on deck to advance the ecosystem to suit the latest DeFi demands.
To become part of the Big Eyes community, you must actively hold the Big Eyes Coin (BIG). The good news is you can purchase the coin early enough to become early members of its community via presale.
Learn more below: Big Eyes Coin: