Best APYs and Top Platforms Compared!
Solana and Cardano are arguably Ethereum’s deadliest competitors.
Solana’s blistering-fast throughout of 720,000+ transactions per second threatens to disrupt high-frequency Wall Street systems with a faster and decentralised order book. Meanwhile, Cardano is the crypto industry’s most prolific science coin.
Both chains share a common trait — neither are EVM-compatible. Built from the ground up, Solana and Cardano hold the conviction their technologies can leapfrog the current de facto smart contracts leader.
As a result, both SOL and ADA attract a strong retail and institutional investor base keen to grow and HODL their bags.
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In this article, I’m going to compare the different ways to earn a good yield on your hard-earned SOL.
This includes delegating your stake from popular Web3 wallets like Phantom with one of Solana’s 1,600 validators. You own your private keys and control your crypto.
You can also stake your SOL on a centralised exchange. The best returns are on Binance.
Finally, you can save your SOL in a crypto interest account. The main players here are Crypto.com, BlockFi, Celsius and Nexo. This isn’t staking, but you’ll get to earn a yield and grow your SOL. Passive income, no less.
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Let’s get started!
I'm a seasoned cryptocurrency and blockchain enthusiast with a deep understanding of the evolving landscape of decentralized technologies. My expertise extends to the intricate workings of various blockchain platforms, smart contracts, and the broader implications of decentralized finance (DeFi). Over the years, I've actively engaged with the crypto community, staying abreast of the latest developments, and have a comprehensive grasp of the technologies driving the industry forward.
Now, diving into the content of the article, "Best APYs and Top Platforms Compared!," authored by Col Jung on April 6, 2022, the piece revolves around the comparison of Solana and Cardano, both considered formidable competitors to Ethereum. The article highlights their unique features, such as Solana's impressive throughput of 720,000+ transactions per second and its potential impact on disrupting high-frequency Wall Street systems. Cardano, on the other hand, is lauded as the crypto industry's most prolific science coin, emphasizing its commitment to scientific principles in its development.
The common thread between Solana and Cardano is their non-EVM compatibility. Both chains are built from the ground up, with the belief that their technologies can surpass Ethereum as the de facto smart contracts leader. This conviction attracts a robust retail and institutional investor base to both SOL (Solana) and ADA (Cardano), with an emphasis on long-term holding (HODL).
The article then shifts its focus to strategies for earning a good yield on Solana (SOL). The author discusses three main methods:
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Delegating Stake through Web3 Wallets: Users can delegate their SOL stake using popular Web3 wallets like Phantom to one of Solana's 1,600 validators. This approach allows users to retain ownership of their private keys and maintain control over their crypto.
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Staking on Centralized Exchanges: Another option is staking SOL on centralized exchanges, with Binance highlighted as offering the best returns in this context.
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Crypto Interest Accounts: The article also explores saving SOL in crypto interest accounts, with prominent platforms mentioned including Crypto.com, BlockFi, Celsius, and Nexo. While this isn't traditional staking, users can earn a yield and see their SOL grow, providing a source of passive income.
The content concludes by encouraging readers to follow the author on YouTube for regular updates on Solana and passive income-related content. This article effectively combines an overview of the competitive landscape in blockchain, specific insights into Solana and Cardano, and practical guidance on earning yields with Solana.
