Where to Earn High Interest on Cardano (ADA) • Benzinga

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Cardano has introduced itself to top decentralized finance (DeFi) projects like Bitcoin and Ethereum, recently becoming the 3rd-largest cryptocurrency by market cap. Cardano is a proof-of-stake blockchain platform that aims to “redistribute power from unaccountable structures to individuals.” Currently, Cardano’s value is widely speculated — its smart contract ecosystem has yet to be built out. 

Here’s a look at where to earn interest on your Cardano as well as how to go about that process.

How Does Earning Interest on Crypto Work?

Earning interest on crypto is similar to earning interest on fiat. When a user holds their crypto on an exchange it provides liquidity for the platform. Users are then rewarded with crypto in the form of an annual interest rate, known as a process called staking. By staking Cardano, users are participating in the security and governance of the Cardano blockchain network by validating smart contracts. 

Binance Overview: 7% APR on ADA

Binance is a cryptocurrency exchange that allows users to buy, sell and store their crypto. Binance also offers a variety of staking pools, which allow users to earn interest on crypto they have stored in their Binance wallet. The staking process operates on a first-come, first-served basis, with crypto interest paid out daily.

Binance offers a few different options when it comes to staking, and has the highest interest rate (with a catch). You can lock in a fixed rate of up to 7% when locked in for a fixed term of 60 days. There is also a flexible option of just 0.48% APY for traders who wish to accumulate small rewards, while still being able to trade Cardano.