Best platform to store cryptocurrencies & altcoins in for passive income?

[Durdenkingtyler]

Hey guys,

I have recently done some research to find out where I should store my cryptocurrencies and stablecoins (mainly ETH and USDT) for passive income.


I have found quite a few alternatives:

1. Blockfi:
5.25% APR Ethereum (reduced to 2% APR for over 100 ETH)
9.3% APR USDT

2. Celcius Network:
5.05% ETH (rewards increase a bit if you hold a certain % of your assets in CEL token)
10.5% USDT (rewards increase a bit if you hold a certain % of your assets in CEL token)

3. Yield.App -
10% ETH + 2% paid in YLD token (can increase to 10% paid in YLD if you hold tokens)
10% USDT + 2% paid in YLD token (can increase to 10% paid in YLD if you hold tokens)


4. Anchor Protocol:
20% APY on UST (their own stablecoin)


I used to store my crypto savings in BlockFi and Celcius Network, but due to the low rates compared to the competitiors I am considering switching to Yield.App/Anchor. Anyone know of any interesting alternatives?

[sunsilk]

I would still trust a hardware wallet which is Ledger that supports staking through their wallet. They've added DOT to the list and I think they'll keep adding more coins on their list as much as they can.

https://www.ledger.com/staking

[joniboini]

How did you judge that Yield.app is one of the best platforms to do that when they just launched a few months ago? Btw those rates might change when more and more people enter the pool, resulting in a lot of capital stored without being utilized.

I think staking through a platform like Ledger is probably only possible if the chain/network itself allows delegated staking or something like a proof of lease. That being said, I do think it's way better compared to sending your money to a custodial entity for staking.

[Durdenkingtyler]

How did you judge that Yield.app is one of the best platforms to do that when they just launched a few months ago? Btw those rates might change when more and more people enter the pool, resulting in a lot of capital stored without being utilized.

I think staking through a platform like Ledger is probably only possible if the chain/network itself allows delegated staking or something like a proof of lease. That being said, I do think it's way better compared to sending your money to a custodial entity for staking.

You are right, the Yield.app platform rates might change, but they plan to maintain the 20% for a longer time and it's highly likely that the rates will stay well above most competitors as up to 50% of the reward is paid in YLD tokens.

Now the YLD token might decrease in price but from my research so far it seems to have quite a lot of potential, similar to CEL which skyrocketed this year.

Yield.App and Anchor is my top alternatives so far, but I am definitely open for other suggestions.

[Oceat]

I wouldn't suggest any custodial wallets since they can control your funds in no time. If it's not their keys not their wallet you should remember that line. I rather choose any offline wallet to store my crypto currency and let it grow according to the price of the market. Don't get fooled by leaving your crypto on any custodial wallet will be okay in the long run.

A lot of people are losing their funds because they were no longer have control over their crypto when they leave it on the exchange. You should learn from the mistakes of the others it's a risk management if you happen to have more crypto in the future such as Bitcoin.

[JeromeTash]

Why would anyone risk their assets by locking them up with custodial services, yet there are several noncustodial and hardware wallet that also support staking.

What if you lock your $1M USDT on blockfi and tomorrow the site is gone? How are you going to recover that money?
What's the point of even staking USDT for only 9.3% APR, yet I can make more than that if I just bought BTC or ETH dips and sold off at price highs in this bull run?

[shinratensei_]

Not your keys and not your coins. I will try to avoid storing all of my assets in the custodial service. The possibility for the hacked cases to happen will always there.

Those coins were offering good APY but i will try to go to the pancakeswap or something else to get a very big APY rather than try to risk our asset for a small APY. that's not worth it.
Storing your money to the centralized platform is the worst thing so far.

[cabron]

Blockfi is the most trusted among them and I saw trusted streamers are promoting it. It gives way some tokens as well. Its not however good to store on a wallet that you don't have the private keys. I would rather not go into the Defi platform if you are not just sure what to do than yield farming on a not well-known platform. And like they are saying, staking is a lot safer whenever you are into passive income.

[Durdenkingtyler]

Blockfi is the most trusted among them and I saw trusted streamers are promoting it. It gives way some tokens as well. Its not however good to store on a wallet that you don't have the private keys. I would rather not go into the Defi platform if you are not just sure what to do than yield farming on a not well-known platform. And like they are saying, staking is a lot safer whenever you are into passive income.

BlockFi is definitely decent, but their rates are decreased by a lot of you hold a decent stack, so not optimal for those with bigger bags.

Which DeFi platforms do you recommend, and how much can i expect to earn?

[concept2]

I would still trust a hardware wallet which is Ledger that supports staking through their wallet. They've added DOT to the list and I think they'll keep adding more coins on their list as much as they can.

https://www.ledger.com/staking

Nice. Never thought that ledger will keep up and make an integration like this. So they only have 5 options right ? I cant find any information about other cryptocurrencies that can be stacked instead of tronx, tezos, atom, algo and Dot

If you do want to stack for a long term, using hardware wallet always the best choice because of the high security

[leea-1334]

Just one word to caution everyone. Yes, staking your money from Ledger or your own wallet seems safe,,, but these are still all smart contracts that COULD be exploited. This is not ETH or BTC blockchain alone but smart contracts. Yield and many others seem audited and safe but that is what everyone thought about MakerDAO too until it got flash exploited. Just be careful is all I am saying!

[Durdenkingtyler]

Just one word to caution everyone. Yes, staking your money from Ledger or your own wallet seems safe,,, but these are still all smart contracts that COULD be exploited. This is not ETH or BTC blockchain alone but smart contracts. Yield and many others seem audited and safe but that is what everyone thought about MakerDAO too until it got flash exploited. Just be careful is all I am saying!

You are right, there is definitely risk involved with all of these platforms, so a good play for those who wants to invest their funds in such platforms would be to diversify the funds over several different platforms.

[sunsilk]

I would still trust a hardware wallet which is Ledger that supports staking through their wallet. They've added DOT to the list and I think they'll keep adding more coins on their list as much as they can.

https://www.ledger.com/staking

Nice. Never thought that ledger will keep up and make an integration like this. So they only have 5 options right ? I cant find any information about other cryptocurrencies that can be stacked instead of tronx, tezos, atom, algo and Dot

If you do want to stack for a long term, using hardware wallet always the best choice because of the high security

Yes, those are the current altcoins that they're supporting for staking. Not bad right?

Instead of putting those altcoins into exchanges that makes you don't own them, better to have a choice of putting that on your ledger wallet and own it while you are earning with it through staking.

[stomachgrowls]

Not your keys and not your coins. I will try to avoid storing all of my assets in the custodial service. The possibility for the hacked cases to happen will always there.

Those coins were offering good APY but i will try to go to the pancakeswap or something else to get a very big APY rather than try to risk our asset for a small APY. that's not worth it.
Storing your money to the centralized platform is the worst thing so far.

This!

People should realize on what theyre dealing with and what are the platforms they've been trusting and as mentioned those coins would be kept into their hands which means you dont have the keys
but only does have the access solely on the platform for you to check out your funds but once they've become scam? Then say goodbye to your coins that you have been saving on.

There are lots of attractive APY's that you can see around which do really easily hooks up to those who arent aware.If we do try to think up clearly then we can really get those gains
with just simply holding our coins in our own wallet which we do possess the private keys of it which would really be much more better.