Coinbase Wallet users now have the option of liquid staking on the Ankr Staking platform.
One of the most sought-after enhancements for Ankr Staking was the ability to use a Coinbase Wallet.
When requested, customers must link Ankr Staking to the Coinbase Wallet add-on for their web browser. They can accomplish this on mobile using the dApp browser included into the Coinbase Wallet app. The dashboard feature of Ankr Staking, as well as the DeFi tab of Coinbase Wallet, allow users to conveniently monitor their staked funds.
Ankr and it’s game changing features, especially for small blockchains
The emergence of liquid staking protocols like Ankr has been a game-changer for the decentralized finance (DeFi) sector and is at the forefront of the cryptocurrency staking economy.
- Liquid staking enables users use their tokens in DeFi and also stake them.
- Users don’t give up the controls of their funds, as it is all happening in non-custodial manner
- PoS Networks (especially the smaller ones) benefit from liquid staking with increased liquidity and enhanced network security
The ability to use your coins while they are staked is perhaps the most significant benefit of liquid staking. Because your crypto assets remains liquid, you unlock the opportunity to earn yield through other DeFi lending strategies on top of that. These strategies range everywhere from liquidity mining & yield farming to lending your assets to protocols and vaults.
All things considered, liquid staking is a low risk, medium reward DeFi investing strategy. Unlike complex yield-earning strategies, liquid staking is beginner-friendly and doesn’t require any technical knowledge or entail risk of impermanent loss. You can start with however much you’re willing to invest and start receiving rewards immediately.
The rewards you’ll receive will most often be in the 4-10% range. Nothing astronomic, but it is a reliable way and low risk approach to receiving additional rewards on your crypto assets through participating in the security of the network.
Coinbase wallet and its popularity
Coinbase wallet is alongside MetaMask and Trust wallet, surely the most popular web and mobile wallet with focus on DeFi.
The Coinbase Wallet mobile app includes a dApp browser, making it simple to access popular blockchain applications and the corresponding DeFi protocols. Users can easily send, receive, and bridge assets all inside the UI, which is helpful when deciding between networks like Polygon and Ethereum.
There are nine unique tokens you may stake on the Ankr platform right now. Ethereum (ETH), Polygon (MATIC), Binance Coin (BNB), Fantom (FTM), and Avalanche (AVAX) tokens are supported for liquid staking, while Ankr (ANKR) and Gnosis (mGNO) tokens may be used for delegated staking.
If a user has their Coinbase Wallet connected to the Ankr Staking platform, any newly awarded liquid staking tokens will be sent there immediately. Every day, the holders of these tokens gain staking rewards according to the rise in their token balance. Staking tokens that become liquid in a staker’s wallet can be transferred to DeFi platforms and used there to make additional revenues possible.
