Where To Stake Mina: 5 Best MINA Staking Reward Platforms
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Mina token (MINA) is the Mina Protocol's native cryptocurrency. The token powers the Mina ecosystem, facilitating transactions and fees among network users. Like other proof-of-stake (PoS) tokens, MINA can be staked on popular exchanges for periodic rewards. This article explains where to stake Mina tokens and which platforms have the best rewards.
Best Places to Stake Mina in 2023
Below is a brief overview of the best platforms for staking MINA tokens.
- Binance - Overall Best Mina Staking Rewards Platform
- Kraken - MINA Staking Platform with up to 20% APY
- OKX - Reputable Exchange with Simple Staking Features
- Uphold - Top MINA Staking Platform for US Residents
- Auro Wallet - Best MINA Staking Wallet
Where To Stake Mina Tokens: 2023 Reviews
1. Binance - Overall Best Mina Staking Rewards Platform
Binance is inarguably the world's most popular staking exchange for crypto assets. Seasoned investors can leverage Binance to earn passive income through its various earning features. These include decentralized finance (DeFi) lending and borrowing, yield farming, and more. However, the most common way investors earn crypto rewards on Binance is through crypto staking.
On Binance, users can stake MINA and 60+ other cryptocurrencies in the platform's DeFi staking pool. Binance launched MINA staking in 2022. Investors can either transfer their coins to the exchange or buy MINA on Binance and stake it to receive rewards.
However, the only available MINA staking option on Binance is via Locked Staking. This means traders must lock in their tokens for fixed periods ranging from 30 days to 90 days. Annual staking interests range from 8.95% to 12.29% - depending on the staking period. The minimum staking amount is 0.05 MINA regardless of the staking period. The maximum staking limit ranges from 60 MINA to 15,000 MINA. More information is provided below:
| Lockup Period | Maximum Staking Amount | APY | Minimum Staking Amount |
|---|---|---|---|
| 30 Days | 15,000 MINA | 8.95% | 0.05 MINA |
| 60 Days | 600 MINA | 11.39% | 0.05 MINA |
| 90 Days | 60 MINA | 12.29% | 0.05 MINA |
There are no fees for staking on Binance. The APY offered by the exchange is also competitive, making it a top choice for all kinds of investors. However, savvy investors can stake MINA on competitor exchanges like Kraken for 20% APY. It's important to note that staking on Binance is offered on a first-come, first-served basis. This means the staking window may be closed at any time. Moreover, Binance is not available in the United States and Binance.US does not have Mina staking at the time of writing.
Read our full review on Binance.
2. Kraken - MINA Staking Platform with up to 20% APY
Kraken is another reputable staking exchange that supports the on-chain staking of 16 cryptocurrencies, including Mina (MINA). Non-holders can also buy MINA directly from the exchange and transfer their coins to the staking pool. The coin is tradeable against EUR, USD, GBP, and BTC on Kraken and Kraken Pro.
There is no minimum on-chain staking period. Instead, users’ rewards are pro-rated in line with how long they stake. In other words, investors will still be rewarded if they stake for only a few minutes. Moreso, there are no fees for staking and unstaking on Kraken.
The staking rates on Kraken at the time of writing are between 12% to 20% APY. This is relatively higher compared to what Binance offers. It's also one of the highest interest rates offered on Kraken staking. However, Kraken has its disadvantages such as its 15% staking commission and not being allowed in the US. The exchange suspended its staking services in the US following a settlement with the SEC last month.
Read our full Kraken review.
3. OKX - Simple Platform To Stake Mina
OKX is third on the list of best platforms for staking MINA. The Seychelles-based cryptocurrency exchange is one of the largest in the world in terms of trading volume. One of the standout features of OKX is its ease of use and its various Earn features where investors can generate passive income via staking. MINA is one of the latest additions to the OKX staking pool which is free. Moreover, users can lock up and withdraw the MINA staked without worrying about gas fees or other charges.
Regarding the staking tenor, the exchange offers flexible and fixed staking periods. However, unlike other platforms, the fixed periods range from 30 days to 120 days. Meanwhile, staking rewards range from 4.92% APY to 14.42% APY - depending on the staking period. A breakdown of the staking periods and interests is done below:
| OKX Staking Term | Estimated APY |
|---|---|
| Flexible | 4.92% |
| 30 Days | 8.64% |
| 60 Days | 10.57% |
| 90 Days | 11.53% |
| 120 Days | 14.42% |
The interest rate offered by OKX is lower than Kraken's but slightly higher than Binance’s. However, a disadvantage of staking MINA with OKX is a lack of fiat or altcoin pairings. It can only be bought with USDT or USDC on OKX.
Read our full OKX review.
4. Uphold - Top MINA Staking Platform for US Residents
Uphold is a New York-based cryptocurrency exchange offering crypto services to residents of the country and 150 others. The crypto trading platform is one of the most popular in the US. However, it’s one of the lowest in terms of market cap and trading volume. The platform allows users to buy MINA directly. They can either store it in their wallets, trade it in the crypto market, or lock it for additional staking rewards.
Uphold's earn program is limited to crypto staking only. Other DeFi earning possibilities, like yield farming, and lending/borrowing, are not available. Regardless, staking MINA and other cryptocurrencies on Uphold is straightforward. Investors can stake MINA for fixed periods to earn about 13% APY. The rate offered by Uphold is quite low compared to some of the other exchanges in this comparison list. Moreover, the rewards depend on customers’ preferences and staking periods, which Uphold states start from 30 days.
Uphold charges a commission between 3% to 34%, depending on the staked asset and network condition. This makes Uphold an expensive choice for those who want to find a low-cost crypto platform to stake Mina. In addition, Uphold's staking feature is only available on its mobile app – that is, MINA can't be staked on the desktop version.
Read our full OKX review.
5. Auro Wallet - Best Wallet For Mina Staking
Auro Wallet isn't an exchange like the other MINA staking platforms reviewed in this guide. Instead, it's a DeFi staking and interest-earning wallet built for Mina Protocol. Auro Wallet is an open-source crypto wallet that allows users to easily send, receive, store, and stake MINA tokens. It also allows them to access their transaction records on the network. In other words, the wallet was created to support Mina. It generates multiple addresses and backup mnemonic phrases known by only wallet owners for security.
To stake MINA on Auro Wallet, the wallet's browser extension or iOS App will need to be installed. The downside is that the wallet doesn't support direct crypto purchases. This means investors will need to purchase the tokens elsewhere and transfer them to the Auro Wallet for holding (and staking) which will be problematic for casual crypto investors that hold Mina.
A benefit of using the Auro Wallet is the versatility to choose between flexible and locked staking options. The rates for locked and flexible staking are 24% APY and 12% APY respectively. However, Mina states that these are the standard percentages, and they may vary slightly from epoch to epoch. Staking with Auro does incur a one-time fee of 1 MINA after creating a wallet.
In short, Auro wallet is best suited for serious Mina investors that don't want to hold their tokens on a centralized exchange. The overall process to stake MINA tokens is a little complicated for beginners.
What is Mina?
Mina (MINA) is a cryptocurrency token that powers the Mina protocol. The platform is a blockchain network that describes itself as the world's lightest blockchain because of its low transaction size and one of the fastest transaction speeds.
With the constant scalability, security, and decentralization issues plaguing proof-of-work blockchains, Mina Protocol creates a blockchain controlled by the network participants. The protocol combines Zero Knowledge Succinct Non-interactive Argument of Knowledge (zk-SNARKs) with the proof-of-stake consensus mechanism. Hence, combined technology minimizes the computing power required by nodes to validate transactions.
Can You Stake Mina?
Mina is a PoS token that can be staked on supporting exchanges and wallets. Some of the best places to stake Mina include Binance, Kraken, OKX, and Uphold. The staking reward range from 4.92% to 20% depending on where the tokens are staking, the amount delegated, and the duration.
In addition, Mina can also be staking using its own proprietary staking wallet called Aura Wallet. The interest-earning DeFi wallet allows users to send, receive, store, and stake MINA for periodic interests. However, the APY for this staking model is determined by block producer nodes.
How to Stake Mina
This Mina staking tutorial will use our top-rated platform, Binance. The overall staking process via Binance Earn is straightforward and has competitive reward rates.
Step 1. Log in to Binance
Log in to the Binance account on the website or mobile app. To do this, click "Log In" at the top corner of the screen. Enter the login credentials and verification codes sent to the registered email and phone number. Then click "Submit" to continue.
Step 2. Buy Mina Tokens
Binance doesn't offer a direct fiat-to-crypto conversion for MINA. This means users will need to convert a stablecoin like USDT or BUSD into MINA tokens via the "Binance Convert" feature, or P2P platform. Enter the amount of USD or other fiat currency to spend in the "Spend" box Choose MINA in the "Receive" box. Enter the payment details and follow the prompt to complete the transaction.
Step 3. Stake MINA
To add MINA to the Binance staking pool, click "Earn" at the top of the screen. Select "DeFi Staking" from the dropdown menu. Find the MINA ticker and click "Stake Now". Choose the preferred staking period. Enter the quantity of MINA to be staked in the dialogue box, and complete the transaction.
It's important to note that Binance staking is on a first-come, first-serve basis. That means the exchange reserves the right to end the staking of any coin (including MINA) when the limit is reached.
Frequently Asked Questions
Staking a MINA token requires registering on a supported crypto exchange like Binance or Kraken and locking up MINA holdings in the staking pool. Alternatively, investors can stake MINA tokens using the Mina Protocol's Auro Wallet.
Coinbase currently doesn't support MINA for its staking program. However, investors can buy MINA on the crypto exchange.
Investors with MINA tokens can hold their assets in the Auro Wallet. The wallet is Mina Protocol's DeFi earning wallet for sending, receiving, storing, and staking MINA.
Conclusion
Mina (MINA)is a relatively new cryptocurrency that powers Mina Protocol. The token is within the top 15 of most staked coins and increasing in popularity that can be staked on various centralized exchanges for rewards. In short, Binance is our overall best place to stake MINA tokens. The exchange offers up to 12.29% APY without staking fees. However, other alternative platforms to stake MINA include OKX, Kraken, Uphold, and the Auro Wallet.
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