Gotta stake them all

By cryotosensei | CryptoSensei | 22 Nov 2022

Some time ago, I wrote about staking my $10 worth of $ATOM in my Keplr wallet. That $10 has since dwindled to $7.21, but it nonetheless encapsulates my financial goal for next year: to earn passive income from staking.

For this goal to be realised, I must first know which coins I can stake as well as how to stake them. I came across this useful guide (https://www.stakingrewards.com/) which shed some light on my predicament. So, here are some coins I hope to get hold of, by hook or by crook.

1)Cardano (ADA)

I can stake ADA from my Ledger, so I get to keep my coins while securing the network at the same time. Talk about killing two birds with one stone. For detailed instructions, view https://support.ledger.com/hc/en-us/articles/360020095874-Cardano-ADA-?docs=true
I can also download Yoroi wallet and delegate my ADA to a staking pool.
Among the plethora of options, I should choose a low fee pool with consistent rewards and keep a lookout for new Initial Stake Pool Offerings (ISPOs). Take for instance the Ray Network ISPO which gave out ADA and X-RAY rewards.
To take advantage of these ISPO token drops, I need to wait out for about 20 days to receive my staking rewards after my first delegation. After that, I can switch to different pools for better rewards.
There is no bonding/unbonding periods, so I can use my digital assets whenever I need to. This is the beauty of non custodial staking.
Staking currently yields about 4% APR. However, I need to take note that the inflation rate of ADA is typically about 2-3%. (https://datastudio.google.com/reporting/3136c55b-635e-4f46-8e4b-b8ab54f2d460/page/azvBC)
Rewards go straight to my wallet every five days, and there is no need to claim them.
The launch of a new stablecoin called Djed on the Cardano mainnet in January 2023 may drive up demand and price action for ADA.

2)Tezos (XTZ)

It’s similar to ADA as I can delegate it in my wallet and not be bound by any locking period.
It’s said to be a L1 blockchain that upgrades frequently.
The staking options are plentiful, ranging from exchanges to coorporative bakers with their own software wallets like Exodus.

3)Stacks (STX)