As a recent new Hodler of Algorand, I saw mention on their website that it was possible to stake your investment.
Then after posting about Algorand yesterday, @aussieninja brought up the question. How do you stake your Algorand?
??? Staking Algorand ???
So I dove into the Brave Browser search engine later in the evening to find what I could find. "How To Stake Algorand", I asked Brave and what did Brave reply?
It brought up several articles, the first one claiming that you need to use the Atomic Wallet to stake ALGO. Thinking this sounded a bit fishy, and perhaps an affiliate offer, I dug deeper.
And what I found is that there are several ways to stake your Algorand. Since I picked up ALGO from Coinbase and my Coinbase wallet doesn't stake ALGO (yet), I had to find another way.
Wallets That Are Able To Stake ALGO
Jumping down a few articles from the top of the Brave Browser, I noticed a Top 5 Wallets To Stake ALGO title. Here's the info I was looking for! And there's the exact article link below:
https://www.coinbureau.com/analysis/algorand-wallets-algo/
It seems that the Ledger Live hardware wallet doesn't have the ability but the Nano S and Nano X do. Though the safest, hardware wallets such as the two above aren't your only options.
Like the first article I mentioned, this one also suggests the Atomic Wallet as a viable option. A newer mobile and desktop service, the Atomic Wallet comes with high marks within the crypto industry as a third party wallet provider.
There's also the web based wallet, My ALGO Wallet, that works from most any browser extension including mobile use.
Finally, it mentions the Coinomi (desktop and mobile) Wallet and the Algorand Core Wallet (mobile). The Algorand Core Wallet was developed exclusively by Algorand, Inc and can be found on most App stores.
How Much Is Staking ALGO Worth?
At the time of this writing and according to StakingRewards.com, Algorand offers a 5.81% annual reward. Check the other metrics in the image below:
That looks much better than Hodling Algorand on an exchange or in a wallet that doesn't allow any return at all.
Mission Stake ALGO Complete!
Since I staked the ALGO I had acquired last night, I'm already seeing the interest come in. It's only to the tune of a cent worth so far, but that will change with growth.
As I continue to add more ALGO, the interest will increase. And if Algorand continues to boom as a crypto asset through beneficial DeFi projects, that will also help increase the staked earnings.
Another investment and another mission completed. Mission Stake ALGO....✔️
Thanks for reading and as always....
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