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A DeFi staking platform enables crypto holders to earn passive income using their funds. These protocols work on blockchain technology and smart contracts. They mainly use Web3.0 gateways to connect to different blockchains.
DeFi staking is beneficial for both crypto owners and staking platform operators. While the first ones earn interests and rewards, a DeFi platform gets liquidity and operational fees putting the staked assets on work.
Staking is available only with crypto assets that use the Proof-of-Stake or Delegated Proof of Stake model to implement payments and add new transactions to the blockchain. Among these networks are Ethereum, Tron, Tezos, Cosmos, and others.
Network participants add their tokens to the crypto protocol. The network chooses validators from the participants to confirm blocks of transactions. When a new block is created, new crypto coins are minted and shared as staking rewards to the block's validator, usually from the staked tokens.
Cryptocurrency staking is possible through various networks like crypto exchanges. It allows crypto holders to put their tokens to work. To connect to crypto platforms a user will need to connect their crypto wallet.
The main benefit of staking is that it provides crypto holders the opportunity to earn rewards easily. Another one is that through staking users can support a particular blockchain or cryptocurrency. The cryptocurrencies using a PoS mechanism, rely on crypto owners staking their cryptocurrencies to confirm transactions and maintain the blockchain's security and efficiency. Not requiring any technical equipment and knowledge, staking is user-friendly.
There are three main types of Defi staking platforms: stablecoin-based, synthetic token-based, and DeFi aggregators. Stablecoin-based platforms enable crypto holders to provide their assets such as BTC and borrow stablecoins. These networks usually have their stablecoins. There are particular platforms that create synthetic assets. Synthetics can represent anything, fiat money, commodities, and cryptos. DeFi staking platforms for aggregators don't allow lending and borrowing of cryptocurrencies. Instead, they enable pooling funds and distributing them to platforms with higher interests.