This page will take you through the process of staking MINA tokens. Mina Protocol is a small blockchain of about 22kb that can maintain its size despite the amount of data that’s being sent through it. Mina Protocol can be run on almost any computer, and its native MINA token can be used to pay for transaction fees and more. When staking MINA, you’ll be able to earn interest on your holdings and get rewards in additional MINA tokens.
It's easy to get confused or lost looking for the right staking platforms with the best benefits. This page will take you through Mina staking and the process of using and searching for the best staking platforms for Mina Protocol, along with how you can secure your crypto assets and keep them safe if you decide to use decentralised staking platforms.
Staking involves delegating crypto assets to a skating pool that allows stakers to earn interest on their assets. Staking can help maintain a blockchain’s infrastructure or provide trading liquidity on exchanges.To redeem staking rewards, stakers will first need to unstake their initial deposit after the allocated staking timeframe or whenever they would like to if their staking contract is flexible. The guide below will take you through the process of staking MINA and earning rewards.
Create a trading account with one of our partnered cryptocurrency exchanges or brokerages. Setting up an account only takes a few minutes. You’ll need to provide personal I.D. and some contact information to complete the set-up. After creating an account, make a monetary deposit into your trading portfolio, then exchange your deposit for some MINA.
If you’d like to stake MINA on a trading platform, simply head over to your chosen platform’s staking services and search for MINA. You can delegate a certain amount of MINA for staking. Some trading platforms require you to keep your asset locked into a staking contract for a few days, so be sure to check if your contract is flexible or not.
You’ll need to unstake your MINA to get your initial deposit and rewards. Unstaking can be done at any time in a flexible staking pool. Some staking pools require you to stake for a certain amount of time before you can unstake and retrieve your staking rewards. After unstaking, you’re free to do what you like with your rewards. If you’d like to compound your gains, restaking your rewards and the initial deposit is a common strategy amongst traders.
You can stake MINA on most crypto exchanges. There are a variety of crypto wallets, such as Clorio and Auro, that allow users to store and stake their MINA tokens through the wallet’s interface. Both wallets have received direct attention from Mina Protocol. If you’re ready to stake on a crypto exchange or brokerage, you can choose from one of our recommended staking platforms below to get started.
When choosing a staking platform, it’s always important to consider the staking rewards on offer, the staking platform’s security and representation. If there are any staking limits on the number of coins, you can delegate. Staking rewards are detailed as a percentage. Each staking platform will set its own staking reward rate depending on how many people are using the service and other influencers that vary from coin to coin. Security and reputation go a long way for staking platforms. Decentralised staking platforms are prone to hacks and exploits, so it’s always good to get a gist of what the general crypto community feels about a certain staking platform before delegating your coins to it. Centralised staking platforms are safer than decentralised ones, but their rates can be lower, and there are more requirements to accept before users can delegate their tokens to them. Most centralised staking platforms also have limits on how many coins can be staked at once. After the threshold is filled, centralised staking pools will close for a certain period until a new round of staking is available. It’s good to be on the lookout for new staking opportunities because popular staking pools will fill up quickly if you’re not fast enough, and you’ll be left waiting for a new staking pool to open.
When it comes to choosing a staking platform, you should consider all the above and use due diligence if you decide to use DeFi (decentralised finance) staking platforms.
Find out more about the best and safest platforms are to stake on.
Staking rewards often fluctuate quickly and are never the same across multiple staking platforms. It's best to use a reliable staking platform that offers a charitable interest rate. Below are some of our partnered trading platforms that offer reliable rates.
If you’re looking to hold onto your MINA tokens for the long term, staking your holdings will be beneficial. Staking is one of the best ways to earn on your investments without actively trading them. Staking your tokens will also contribute to the Mina protocol ecosystem.
When a new block is created on the network, the staker who helped produce that new block is rewarded in MINA tokens. This is known as a block reward. Mina Protocol aims for a yield of up to 24% from block rewards.
How long you choose to MINA staking will depend on what you’re hoping to get out of your initial deposit. Staking for longer than a month will yield higher staking rewards than someone staking for a week. You should be realistic with your staking aims and not delegate funds that you may need sooner rather than later.
Staking MINA is generally safe and can be done on either a crypto exchange or a decentralised application (dApp). If you’re staking on a dApp, always research the platform itself and find out if a reputable DeFi auditing company has audited it.
Auro Wallet and Clorio are popular staking wallets for MINA. Both wallets can be downloaded from their respective websites. Auro Wallet can be downloaded as a browser extension or mobile application. Clorio can also be downloaded as a browser extension. Both wallets are open source and directly supported by Mina Protocol.
This will depend on what you aim to get out of your investment. If you’re interested in Mina Protocol’s technology and goals, then investing and taking part in the Mina Protocol community may be a good idea. If you’re interested but unsure about long term potential, then you might want to hold MINA for a short period and sell on any price increases.