Staking has become an important aspect of the crypto space because all proof-of-stake (PoS) networks depend on them.
Stakers or validators help to validate transactions and ensure that the network is secured. In return, they are rewarded with ETH which serves as an incentive to keep providing the service.
Staking ETH used to be very strict, with every validator having to stake at least 32 ETH, but now, there are other options. You can stake much less ETH without running a node and still earn rewards, and there are platforms that set the conditions for this.
This guide highlights some of the best platforms you can use for staking. They all have varying conditions such as the interest rates, amount of ETH you can stake, etc. the one you choose to use depends on your goals.
Coinbase is the beginners’ exchange, because of its simple user interface that nearly anyone can use without problems. It is also one of the best platforms for staking ETH in 2024. You can choose to run a validator node with 32 ETH, or stake any amount of ETH without running a node.
Rewards are paid in the form of more ETH, but users outside of the U.S are not allowed to stake on the platform. There are hundreds of other crypto assets you can stake on Coinbase if you wish to.
You should note though, that Coinbase is notorious for charging high fees. For staking ETH, the platform charges a whopping 25% commission on your staking rewards, so consider this before going on with the process.
Binance is the mother exchange in the crypto space, holding the largest trading volume of any exchange.
It is also a popular platform for staking ETH, and for good reason. Unlike other centralized exchanges, Binance runs a flexible lock up program that lets you unstake your ETH whenever you want.
You can choose to stake as a validator with a full node which requires 32 ETH to do, or stake with a pool with at least 0.1ETH. There are no staking fees on Binance, but tokenizes BETH as the sole proof of your staked Ethereum in a 1:1 ratio (so 1 BETH = 1 ETH).
Binance supports over 500 crypto assets, so you may choose to stake other crypto assets as you wish.
Lido is a liquid staking platform built on Ethereum. It allows users to stake ETH without running a node or a minimum staking amount. What’s remarkable about this kind of platform is that it allows you to keep using your staked ETH in the form of wrapped tokens.
You can earn up to 3.7% annually on your staked ETH, but Lido charges a 10% fee on your rewards. The platform has distinguished itself as the leading liquid staking protocol on Ethereum, and also runs a decentralized autonomous organization, or DAO.
Kraken touts itself as the most secure centralized crypto exchange in the world. Established in 2011, it has never experienced a security breach, which places it in its own class.
It is one of the best platforms to stake ETH because it offers up to 25% reward on your staked tokens. You may choose to run a validator node which requires at least 32 ETH, or stake as little as 0.0001 ETHwith a staking pool.
There’s however a 15% administrative fee charged, even though the platform doesn’t charge any commissions.
RocketPool is another popular ETH staking protocol. The platform allows the staking of ETH through a validator node or via a staking pool.
Running a validator node requires just 16ETH, unlike centralized exchanges which need 32. The ETH will be locked throughout the staking period, which is a major downside.
There’s no minimum requirement for staking with the pool, and you can earn 4.03% APR doing it, while those who run nodes can earn up to 6.36% APR.