Liquid Staking Options: Unlocking the Potential of Your Crypto

Due to technological advances and the development of new economic ecosystems, advanced platforms were created where cryptocurrencies were present. What functionalities does this new system have? The presence of liquid staking options, which helps us obtain profit and voting rights, allows us to do something very easy: save.

Likewise, the staking of cryptocurrencies refers to the verification of transactions and the support of the network thanks to a maintenance of the currency. You can receive rewards and earn extra ​​when the value of the currency increases.

How does staking work?

As we mentioned before, the staking that is worked with PoS, facilitates the management to maintain the cryptocurrencies and receive the rewards.

1. Synthetix: Get passive income with derivates assets

Essentially it is a protocol that supports synthetic or derivative assets. They support a number of different types of assets and different categories. But ultimately, Synthetix’s goal is to provide liquidity to the market.

There are a variety of different locations for these assets, as they are traded in different ways. However, there are also different ways that the end user or third parties can use these assets. The entire protocol is incentive-based, as is much of DeFi.

The boom of DeFi protocols has not stopped, and there are more and more interesting proposals on the market to explore. One of them is KIRA Network, a layer 1 protocol that allows interconnecting chains such as Bitcoin, Polkadot, Cosmos and Ethereum, so that users can make use of any type of asset: From fiat to crypto, through NFTs, metals, among others.

Kira Network uses the Liquid Staking solution, cataloged by experts as Staking 2.0, a technology that allows you to dispose of wagered assets, while obtaining passive income.

The novelty of its Liquid Staking proposal is that while they obtain income by betting their tokens or assets, their liquidity is not blocked in their wallets and users can continue trading or participating in DeFi projects while obtaining income.

The platform is envisioned as one of the few options to allow investors to earn equity income on an ongoing basis and also retain the ability to trade the original assets at any time.

The ‘NFT Farming’ platform proposed by the popular Marguerite deCourcelle, better known as coin artist, CEO of Blockade Games, has been one of the novelties as far as traditional ‘Staking’ is concerned.

In this opportunity, each artistic work is minted as an NFT and located in a vault for its respective cultivation or trade. Each NFT is decomposed into a finite supply of ERC-20 tokens that can be transferable as divisible parts of the original piece, called fragments.

Thus, each owner of a fragment of that NFT proportional to the percentage that he maintains in the balance of the token used within the platform, allows him to obtain passive income for each trade of that NFT.

Final Thoughts

Whether staking using an official wallet or on a platform, staking your coins is a fabulous opportunity to increase your income and passively earn with your assets.

However, it is worth bearing in mind that staking is not without risk. Locking funds in a smart contract is prone to errors, so it is always important to DYOR and to use high-quality wallets, such as Trust Wallet.