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Where & How To Stake Elrond

Hedge With Crypto aims to publish information that is factual and accurate as of the date of publication. For specific information about a cryptocurrency exchange or trading platform please visit that provider’s website. This information is general in nature and is for education purposes only. Hedge With Crypto does not provide financial advice nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own enquiries.

Elrond is a Defi cryptocurrency that can be staked in three ways. The first is by becoming a validator on the Elrond network and staking directly through the Elrond wallet. The easiest way is to become an Elrond delegate on popular cryptocurrency staking platforms. These exchanges offer great Annual Percentage Returns for staking Elrond. The third method of staking Elrond is through special software wallets that connect the investor to the Elrond chain.

Here is our list of the best exchanges and wallets to stake EGLD:

  1. Binance (Overall, the best platform to stake Elrond)
  2. Crypto.com (Good for staking Elrond using a mobile application)
  3. Elrond Wallet (Best way to stake EGLD for active investors)

For a full tutorial on how to stake Elrond, click here to skip ahead.

Where to Stake Elrond (EGLD): 2023 Reviews

This section reviews the best platforms to stake Elrond tokens. We have assessed these cryptocurrency platforms based on their security features, their interest rates, and ease of use for novice and veteran crypto investors.

1. Binance

Binance is the world's biggest cryptocurrency exchange and is the best platform to stake Elrond. Investors can join Binance's Simple Earn program and earn an APR from 0.50% to 16.9% on Elrond. However, investors must lock their assets for as long as 120 days to earn the highest interest rate. Investors can apply for fixed staking – locking the asset for a while – or flexible staking – withdrawing the asset at any time.

EGLD staking product on Binance

The minimum requirement for staking Elrond on Binance is 0.02 EGLD, and the website does not specify a maximum limit. Under this program returns the staked tokens to the user's wallet after the staking period. Investors can choose among four types of staking programs for Elrond.

  1. 120 days staking: 16.90% APR
  2. 60 days staking: 7.90% APR
  3. 30 days staking: 6.10% APR
  4. Flexible staking: 0.50% APR

Binance is a leading cryptocurrency exchange offering the highest interest rates to those who want to stake Elrond through a trading platform. Additionally, Binance charges no fees to stake Elrond or any other cryptocurrency asset under the Simple Earn program. Investors must only hold the tokens on their Binance wallets, and they will accrue interest daily.

The downside of this platform is its user-friendliness. Binance was originally designed for institutional investors and has made no effort to streamline the user interface for traditional users. That said, those interested can use Binance's tutorials to understand the platform's workings before staking their assets.

Staking Elrond on Binance

Another downside of the platform is the low rewards for flexible staking Elrond. Those who want double-digit returns have to lock their Elrond holdings for the longest period of time—120 days—which makes them unable to react to rapidly shifting markets.

Overall, Binance is a good platform to stake Elrond tokens. While the platform is not beginner-friendly, investors don't need to do more than hold their assets in their Binance wallets to stake Elrond. However, the low rewards for flexible staking are negative for those who don't want to lose access to their assets while staking. Additionally, US-based users can't access this platform directly and must resort to the inferior Binance.US, which does not offer Elrond staking. To learn more about staking on Binance, read our full Binance review.

2. Crypto.com

Beginner-level traders who want to do minimum but earn lucrative gains on their Elrond assets can use Crypto.com. It is a mobile-first cryptocurrency exchange that offers multiple Elrond staking opportunities. It has many cryptocurrency services, including a VISA crypto debit card, trading view, NFT marketplace, and Crypto Earn.

The Crypto Earn program allows users to earn up to 7% APY for staking Elrond (EGLD). Like Binance's Simple Earn program, Crypto.com has a soft-staking approach to staking Elrond. Users must hold several crypto assets in their Crypto.com Exchange wallet and earn APY. Users can stake their Elrond tokens on Crypto.com Exchange using the following:

  1. 0.5% APY with less than 100,000 CRO staked
  2. 1% APY with more than 100,000 CRO staked
EGLD staking returns on Crypto.com exchange

To get the maximum APY, users must stake the appropriate amount of CRO tokens – the native crypto of Crypto.com. To get the maximum Annual Percentage Yield, Investors must stake at least 100,000 CRO tokens on Crypto.com Exchange. For a tutorial on how to stake CRO tokens, read this article.

It is a complex breakdown of crypto assets for a reward that might deter some novice investors and prefer other Elrond staking options in this article. However, using the platform is simple, and the same complexity isn't reflected in the cryptocurrency exchange. It is simple, inclusive, and offers one of the best mobile applications for staking crypto.

Compared to Binance, the staking rewards for EGLD are low. Furthermore, the additional requirement for staking CRO tokens might put an additional burden on the investors. However, Crypto.com has a simple-to-use interface that appeals to beginner-level investors. Users only need to stake a minimum of 26 EGLD to earn staking rewards. That said, it is recommended to only stake EGLD on Crypto.com if there is a significant number of CRO tokens in the wallet, but the rewards are still lower than Binance. For more information, read our Crypto.com review.

3. Elrond Wallet

Elrond is a crypto wallet specifically designed to hold Elrond tokens. As part of the Elrond network, the Elrond wallet is secure and a great fit for those who want to actively invest in the Elrond Network as validators and delegators. In addition to interacting with the Elrond staking network to stake the EGLD tokens, users can also use this wallet to interact with the platform's decentralized applications.

Staking through the Elrond wallet has many benefits. By directly competing with Internet banking systems, Elrond Wallet focuses on true ownership for the user. The user has full control over their account, money, and activities and asks for 100x lower fees. That said, regarding security, Elrond Wallet issues a fair warning to users. It explicitly states that while it can't access users' funds, it can't reset or recover the passwords or reverse, cancel, or refund the transactions.

Overall, the Elrond wallet is suitable for those who want to engage with the Elrond network's ecosystem, become validators, and earn a higher APY. Another factor that active stakeholders might find Elrond more profitable is that the lock-up period lasts only 10 days. As a delegator, rewards go as high as 9.43% APY, and as a validator, the staking reward is up to 10.56% APY.

How To Stake EGLD on the Elrond Wallet

To stake EGLD as a validator or delegator on the Elrond Wallet, follow these steps:

  1. Create an Elrond Wallet. The first step is to create a crypto wallet by going to the official website and clicking the “Create wallet” button. Investors must first create an account on Elrond to do so. The account creation process is simple and involves entering details and verifying passwords.
  2. Save the seed phrase. Elrond's website explicitly states that it doesn't save the password. Therefore, investors must consider copying and backing up the seed phrase somewhere secure before proceeding. The seed phrase consists of 24 words that allow users to access the wallet if they have lost their passwords.
  3. Create a password for the wallet. The next step is to create a password for the wallet. We recommend using strong passwords because Elrond is a decentralized wallet susceptible to security issues. The process will add the Keystore phase to the user's device.
  4. Add funds to the wallet. The user must copy the Elrond Wallet address they can access by clicking on the Copy button to the right of the address. They can then use a crypto exchange to add EGLD tokens to the wallet.
  5. Use the delegation manager. Users must then choose between delegation managers or validators. To stake using the delegation manager, they must go to the Delegation Manager Panel and click on the wallet. The user must then delegate at least 1EGLD to delegate the tokens and click on continue.
  6. Select a validator to stake EGLD. To stake Elrond to a particular validator, the user must open the wallet and select “Stake”. It will direct them to a list of validators. They can assess the history of the validators and their up-times before choosing. Once they do, they can click on “Stake now” to assign the amount of crypto and stake it.

How To Stake EGLD Using A Crypto Exchange

Most crypto enthusiasts who only want to passively earn from Elrond would find cryptocurrency exchange a better option. It is simple, beginner friendly, and doesn't require a lot of legwork from the investor's side.

  1. Find a suitable staking platform. Compare and select a cryptocurrency exchange that offers Elrond staking.
  2. Purchase or deposit EGLD tokens. Users must buy the crypto from the respective platforms and transfer it to their Crypto.com or Binance wallet.
  3. Choose a staking plan. Find Elrond from the staking list and select between a flexible or fixed term.
  4. Enter the number of tokens and begin staking. Decide and enter in the number of Elrond tokens to be staked, taking note of the minimum and maximum EGLD tokens for each platform. Confirm and click on ‘stake now' to begin staking Elrond network.

This How Much Can You Earn Staking Elrond

Crypto investors can earn up to 16.9% APR on Binance if they lock up their Elrond holdings for 120 days. Those using Crypto.com can earn up to 7% APY. However, active Elrond stakers who want to use the official Elrond Wallet Can earn up to 10.56 APY by running a validator node or 9.43% APY by delegating EGLD on the platform.

The staking rewards for EGLD on the Elrond network are subject to the validator activity. The delegators can earn great rewards if the validator has great uptime and offers value to the Elrond networks. In contast, the staking rewards for Elrond on a cryptocurrency exchange depend on the following factors;

  1. The number of tokens staked.
  2. The length of the locking period.
  3. And in Crypto.com's case, the number of CRO tokens staked.

Is Elrond Good For Staking?

Elrond is one of the leading DeFi cryptocurrencies in the world and ranks at #40 on Coinmarketcap. Elrond is a good staking coin for its high APY returns when staking on a platform such as Binance or Crypto.com. Other benefits of staking Elrond are:

  • Relatively safe. Staking Elrond on the platform is a relatively safe process. Furthermore, the wallet it provides is non-custodial, meaning the investors can have full control of their assets.
  • Delegation contracts are audited. All the delegation smart contracts on the Elrond network are audited by industry experts and are deemed 100% secure. Additionally, investors can redeem their holdings anytime without losses if the platform stops providing staking services.
  • Delegated EGLD can't be lost. Elrond provides non-custodial EGLD staking. It means if an investor has delegated EGLD and there is some network issue, the delegated EGLD will remain safe.
  • 10-day locking period. Those who stake their Elrond holdings through the Elrond Wallet on the network become eligible to un-stake their assets and redeem their gains after ten days.

Advantage of Staking EGLD

Elrond's latest coin, EGLD, is one of the best-staked cryptocurrencies in the world, with a live market capitalization of $1.3 billion at the time of writing. Here are the advantages of staking Elrond:

  1. Simple staking. Elrond is one of the few active staking networks that have made it easy for users to become validators and earn rewards. In the case of a delegator, all that needs to be done is sending the funds to a smart contract and locking them.
  2. Security. Elrond is a secure staking network, ensuring that users' holdings remain safe. The network has taken additional measures to ensure that a user's delegated EGLD doesn't get lost if something wrong happens to the network.
  3. High profitability. Becoming a validator is highly profitable on the Elrond network. At the time of writing, the APY is upwards of 21%.
  4. Deflationary crypto. Elrond is a deflationary cryptocurrency that would lead to reduced Elrond supply and a price increase. It can have a positive impact on returns.

Downsides of Staking EGLD

The downsides of staking EGLD include the following:

  • EGLD rewards can decline. The APY rates on the Elrond network and the cryptocurrency exchange are not stable. They are prone to change due to market conditions. A good example is Binance, in which the Elrond rewards have been reduced throughout 2022.
  • Locked staking takes away asset control. Once the user has applied for locked staking, they will lose control of their assets and will not be able to react to the positive changes in the market.
  • Hacking attacks. Cryptocurrency exchanges and wallets are susceptible to hacking. In June 2022, the Elrond L1 network was hacked, and $1.65 million was stolen.

Be Aware of the Risks

Elrond is a cryptocurrency and thus carries the same risks as any crypto asset. Common risks that face staking includes slashed rewards, malicious attacks, lack of validators, and illiquidity.

  • Slash rewards. If the market is particularly volatile, cryptocurrency exchanges can reduce the rewards. It is especially common during a bear run.
  • Malicious attacks. While the official network has been deemed safe by the experts, Elrond has been a victim of hacking attacks in the past.
  • Can't choose validators on exchanges. Staking Elrond through crypto trading platforms doesn't involve validators. It leads to people missing out on making higher gains for their crypto holdings.
  • Illiquidity. During long bear markets, the locked assets can lose value. Elrond, for instance, is accumulating near its all-time lows, which has led many to lose assets.

Frequently Asked Questions

What are the requirements for staking Elrond?

Investors must have at least 1 EGLD to stake as a delegator and 2500 as a validator.

How long is Elrond's staking period?

Elrond locked staking period on Binance ranges from 30 days to 120 days. But for those taking on the Elrond network, the lock-up period is only ten days.

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