Trust Wallet Staking – Review, Pros & Cons

Crypto staking has been transforming the whole system of cryptocurrency validation and earning across the entire blockchain ecosystem. Now that crypto staking is a profitable way to hold your coins and tokens, Binance’s Trust Wallet crypto wallet allows users to stake cryptocurrencies straight in the application.

In this review, we’ll discuss Trust Wallet staking, how crypto staking works, and the benefits of staking your cryptocurrencies.

How To Stake Cryptos in Trust Wallet – Quick Guide

Trust Wallet is Binance’s official decentralized crypto wallet where you can store different cryptocurrencies. It’s available as a mobile application for iOS and Android devices. In just a few minutes, you can open your very own crypto wallet on the app. 

After downloading the app and following the instructions on wallet creation, you can already access the staking features right off the bat. 

Let’s say you want to start staking Tron on Trust Wallet as an example. First, you’ll need to navigate to the “Discover” section on the platform. At the very top of the page, you’ll see a list of coins under “Staking”. Tap on “See All” to view the other coins available for staking as well as the annual percentage rate (APR) offered.

Once you find the Tron coin, you can buy the cryptocurrency with a bank card through MoonPay, a third-party payment provider on Trust Wallet. Then you successfully buy Tron on your Trust Wallet, choose the amount you want to stake as well as a validator to start earning Tron passively.

Staking On Trust Wallet

What is staking on Trust Wallet? Although you can lend and borrow cryptocurrencies on Trust Wallet, their staking feature is the first on their Discover page list. Crypto staking is a way to invest in cryptocurrencies and can be done on different applications and platforms.

One good thing with staking in Trust Wallet is that there are coins you can start staking straight from the platform itself and you also have the option of using the Trust Wallet browser to stake coins on a decentralized exchange. This means that you have plenty of ways to stake different coins and tokens with the app.

For example, staking Harmony ONE with Trust Wallet will require you to connect a platform like the Frontier wallet. It’s separate from the Trust Wallet platform but still lets you stake the token.

On their official website, a Trust Wallet staking calculator is available on the Staking page. Here, you can calculate your estimated earnings with the current APR at the time. For every coin available for staking, it’ll show your earnings every day, month, and year.

Do note that when staking on Trust Wallet, there is a minimum amount of crypto required to stake. Earning starts one day after staking and there is a lock period that varies as well. 

If you want to focus on just earning passively with your held stablecoins, Bitcoin, or Ethereum, we recommend checking AQRU. It’s an online platform and mobile application that lets you quickly earn from your crypto.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

BNB Staking Trust Wallet

Binance Coin (BNB) is the native token of the Binance Smart Chain (BSC) and uses the BEP-20 token format. If you want a quick way to know how much you’ll be earning by staking BNB, you can use the Trust Wallet BNB staking calculator on the application’s official website.

When you’re staking BNB on Trust Wallet, you’ll be able to pick the validators that you’ll be locking your coins with. Some of these validators are:

• Ankr with an APR of 5.31 percent
• InfStones with an APR of 8.17 percent
• BscScan with an APR of 8.86 percent
• Legend III with an APR of 9.31 percent

Lock time for staking BNB – Trust Wallet is a seven-day period and the minimum amount to stake is 1 BNB. Staked funds are accessible seven days after unstaking and you can unstake or redelegate coins at any time. Normal network fees also apply.

Tron Staking Trust Wallet

Tron is a blockchain project that looks to build a truly decentralized internet. It has smart contract functionality and its native token is Tronix (TRX). As we touched on earlier, all the validators for staking TRX on Trust Wallet offer an APR of 3.54 to 5.06 percent. These validators are:

• Binance
• BitGuild
• TRONLink
• TRONScan
• TRONGrid
• Poloniex

VeChain Staking Trust Wallet

Designed to optimize supply chain and other enterprise systems, VeChain is a blockchain technology that allows consumers and producers alike to verify the authenticity of their products. It also helps them see where exactly the product came from by leveraging the blockchain.

There are two distinct tokens in the VeChain network: VeChain Token (VET) and VeChainThor Energy (VTHO). VET is used as a store of value while VTHO is used as a “gas” to pay validators on the chain.

Unlike the last two examples, there isn’t a staking button for VeChain on Trust Wallet. Holding VeChain in your Trust Wallet will automatically VTHO. According to the Trust Wallet community, the VTHO generation rate is 0.000432 VTHO per VET per day (basic generation rate).

Trust Wallet Staking Rewards

One of the few things to keep in mind when staking with Trust Wallet is earning rates. You’ll want to identify the Trust Wallet staking rewards for the different cryptocurrencies that you want to earn with.

Staking rewards will vary depending on the coin or token that you choose as well as the validators that are offered. For example, Algorand staking Trust Wallet is from 4.88 to 6 percent APR. On the other hand, staking BNB on Trust Wallet would range from 5.31 to 9.31 percent APR. The ranges within coins vary depending on the validators available.

Another way to earn rewards on Trust Wallet is by providing liquidity. A great staking coin, which is also known to be the fastest token to reach a billion dollar market cap, is Lucky Block (LBLOCK). Through the Trust Wallet browser, you can buy Lucky Block on the PancakeSwap exchange and join millions of others in the worldwide lottery. Once connected to the Lucky Block app, LBLOCK holders get 10% of the daily lottery earnings divided based on the amount of tokens held.

With BNB tokens, you can even provide liquidity for the BNB/LBLOCK liquidity pool and earn a percentage of all trades proportional to your share in the pool. You can make up to 19% APR for providing liquidity for the token pair.

Cryptoassets are a highly volatile unregulated investment product. 

How Does Crypto Staking Work?

Blockchains that operate under the proof-of-stake consensus mechanism validate transactions based on the number of coins that the validator stakes. Validators need to temporarily lock their coins when validating transactions and they get them back plus rewards if they validate properly. 

In crypto staking, you temporarily offer your proof-of-stake cryptocurrencies to validators so that they can confirm transactions on the blockchain. This is a way to earn passively from your crypto since after the validation has been successful, you earn some cryptocurrency as a reward for staking.

Mining vs. Staking

Cryptocurrencies like Bitcoin and Ethereum operate on the proof-of-work consensus model. This is the process used to verify and confirm new transactions for the network in a competitive manner. 

Miners usually use expensive and specialized hardware that consumes large amounts of electricity to validate transactions on the chain. The hardware used to validate transactions is trying to solve an algorithmic function to add blocks that hold information on the blockchain. The reward for contributing resources to mine a block is via the coin of the blockchain which holds value.

On the other hand, staking does not require you to spend vast amounts of energy to validate transactions on the chain. If you want to stake online, you don’t have to buy any hardware devices. You simply need to find a platform that lets you pool the cryptocurrency that you want to stake to a validator who will be earning the staking rewards for you.

On-Chain vs Off-Chain Staking

With Trust Wallet, you have the option of choosing on-chain or off-chain staking. On-chain staking has you stake your tokens directly on its respective blockchain network. You can do this via a decentralized exchange which you can access with the Trust Wallet browser.

For example, staking CAKE on Trust Wallet can be done on the PancakeSwap exchange. As we touched on earlier, you can access PancakeSwap on the TrustWallet browser. CAKE is a BEP-20 token that runs on the BSC network, so you’ll also need some BNB in order to stake your CAKE.

Off-chain staking can be found in centralized platforms and pools the cryptocurrency you want to stake along with other users who want to stake their crypto as well. All of the crypto pooled will be used by a validator that will be the one to stake the coins on-chain.

This method of staking is more beginner-friendly since transactions are faster and this doesn’t require much technical knowledge to execute. AQRU is a centralized exchange that functions similar to an off-chain exchange wherein the pooled tokens are sent to validators who can connect directly to blockchains.

Benefits Of Staking Crypto

Earn Interest On Idle Held Crypto

The most direct benefit of staking crypto is earning passive interest on the crypto that you’re holding. For other financial instruments like stocks and commodities, you can only earn if the price of the instrument increases. Some stocks offer dividends, but not all of them do.

Environmentally Sustainable

Compared to the proof-of-work consensus mechanism that earlier cryptocurrencies use to validate transactions, the proof-of-stake protocol is much more energy-efficient. This is great news for sustainability and even scalability in the future. 

Proof-of-stake cryptocurrencies also remain secure since any malicious entity that wants to alter information in the blockchain is penalized instantly since they’ll lose the crypto that they stake.

Crypto Governance Token Staking

Certain proof-of-stake blockchains have native tokens that are also governance tokens. The utility of a governance token means that users can vote on and propose new additions to the chain. This means that the community of the blockchain can have fair participation or a voice in the future of the tokens they’re holding.

Compound Your Crypto Staking

Lastly, you can create a compounding strategy when you stake your crypto. Any rewards that you earn from the crypto that you stake can be used to stake as well. Staking $1,000 dollars worth of crypto with an APR of 12 percent would leave you with $1,433. 

This compounding strategy can even be seen in centralized platforms like AQRU which help you earn passively from your cryptocurrencies. They showcase a calculator for how much you’d earn after a specific number of months holding cryptocurrencies with an AQRU account.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

How to Stake Crypto On Trust Wallet

Let’s look at how you can sign up and start Trust Wallet staking. Here’s a short guide to get you started.

Step 1: Open An Account With Trust Wallet

First, download the application from your device’s app store. Once your download is finished, you can open the app and tap on the “create a new wallet” button to get started.

Step 2: Set Up Trust Wallet

The next step is setting up your 12-word recovery phrase. This acts as a password backup for your wallet which you cannot recover or change. Make sure that you keep your 12-word phrase safe. To complete the creation of the Trust Wallet, confirm the 12-word recovery phrase in the right order.

Step 3: Deposit Funds

Once your Trust Wallet has been created, you can deposit crypto in different ways. With MoonPay, you can buy cryptocurrencies straight from the Trust Wallet Platform via bank card. The minimum amount is $50. Choose which cryptocurrency you want to buy and tap on the “Buy” button to proceed with the MoonPay transaction.

Step 4: Stake Cryptos On Trust Wallet

Lastly, tap on the “Stake” button of your selected cryptocurrency. You will be redirected to a page that shows how much of the coin you have available, how much you have staked, the minimum amount you need to stake, and the lock period.

Tap on the “Stake” link and then the entire amount that you want to stake. You’ll be given a default validator but you can also select which validator you want to use by tapping on the validator portion. Finally, you’ll see the summary of your staking order and press the blue Stake button and you’re all done.

Is Trust Wallet the Best Crypto Staking Platform?

The Trust wallet is a fairly user-friendly decentralized wallet with multiple features such as lending, borrowing, and staking which we’ve mentioned in this review. Hundreds of coins are available and off-chain and on-chain staking solutions are available as well.

Trust Wallet’s staking APRs will vary depending on your validator and may change from time to time, so it’s important to keep track of it here and there. However, if you’re looking for another great platform that has a consistently high rate for earning from stablecoins and other cryptocurrencies, AQRU might be for you.

AQRU is a simple app that helps you to buy, invest and earn interest on your crypto assets. Earn interest on Ethereum, Bitcoin, and stablecoins too. The best aspect of the platform is that your annual interest is paid daily and tracked to the second. There are no fees when buying crypto, no lock-in periods, and you can fund your account quickly.

Click on the link below and start earning passively on your idle crypto investments with AQRU today!

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

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