Jul 21, 2021

High APY crypto staking options in a weak market

While the wider crypto market has been in a bit of a slump lately, staking has remained an opportunity to potentially create profits. Here are a few recent interesting staking opportunities.

A few months ago we penned two posts about interesting high Annual Percentage Yield (APY) crypto staking options. While finding such opportunities in a floundering market is more challenging, even now options with competitive interest rates can be found.

However you need to remember the staking crypto projects listed here are rather new. This means they are risky and it is always necessary to do your own research. Also when the whole market is weak, even the most fundamentally sound investments can slump along with it. It is crucial to always weigh such risks against possible gains.

1️⃣ Thorstarter

UPDATE: Thorchain has been recently hacked twice. During the second hack the perpetrator left a message explaining he could have stolen far more tokens if he wanted to. Such security vulnerabilities significantly increase the risk associated with any projects on the network.

Thorstarter is launchpad on the aptly named Thorchain. It has been launched three weeks ago. It enables staking of its native XRUNE token here. The current Annual Percentage Yield (APY) is 245%, but bear in mind it will gradually drop within the coming months. To stake you need to install the XDEFI wallet, buy XRUNE on Thorswap and stake it here. You can also get high APY if you provide RUNE-XRUNE and ETH-XRUNE liquidity on Thorswap. For this you again need to get the XDEFI wallet, buy transfer to it the necessary coins and provide liquidity on Thorswap. You will get the high APY automatically after that for a certain period. You can check your current LP balance and profit here.

2️⃣ Polylastic

Polylastic was one of the strongest tokens launched in May, at one point trading at x234 compared to the launch price. While POLX has slipped since, the project enables owners to stake both POLX tokens and the POLX-BNB luquidity pool tokens. While the single token staking APY is nothing to write home about, the liquidity pool staking currently offers a 190% APY. The staking in its current form will run for 44 more days. In the near future a tax on all POLX transactions will be implemented, the proceeds from which will be partly burned, partly redistributed to stakers. You can buy POLX on Pancakeswap. Till the network tax is introduced, you can periodically harvest and reinvest your profits to increase the APY.

3️⃣ Quam

This is a project we already mentioned in our earlier high staking APY post. Since then Quam has had some setbacks, but it has sustained a high staking APY for QUAM-BNB and QUAM-BUSD liquidity pool tokens - currently 275-325%. However there is a catch. The staking proceeds are coming from the token pool which originally was set aside for the Quam team. While it was generous of the team to use it for staking rewards, it also means there is currently no sustainable method to generate staking rewards. If the project does not achieve significant progress till the reward pool runs out, the token value might slump further.

4️⃣ Collateral Pay

We have mentioned Collateral Pay in one of our earlier posts about high APYs. The project has now launched new staking pools, offering 1000% APY for 30 days. To stake you need to buy the native COLL or governance COLLG tokens. The Collateral staking pools are usually limited in size and fill up quickly.