How to stake a Shiba Inu on Metamask
Shiba Inu is an ERC20 meme coin on the Ethereum chain with a thriving ecosystem. The Shiba Inu was previously listed on Shiba Swap, and today, it can be found on many top-tier crypto exchanges. Knowing how to stake a Shiba Inu will protect your crypto investments during volatile times and help you earn passive income.
The Shiba Inu is known for its high volatility and is a good choice for day traders with an appetite for volatility. today’s live shiba inu price $0.00025 and 24-hour trading volume is $554,363,070. We update our SHIB to USD price in real-time. The Shiba Inu is up 1.38 percent in the last 24 hours. The current CoinMarketCap ranking is #15, with a live market cap of $13,968,292,470 USD. It has a circulating supply of 549,063,278,876,302 SHIB coins
You have several choices of wallets that support Shiba Inu coins, and the best can be shortlisted and further qualified. Make an informed decision of choosing a wallet option to store your bitcoin, ether, or cryptocurrency. Our pick is the popular MetaMask, a free, reliable Ethereum wallet available for Android, iOS, and Chrome plugins.
What is a Shiba Inu stake?
Shiba Inu staking is the process of depositing Shiba Inu tokens into a pool in exchange for interest. Different exchanges offer different interests depending on the amount staked and the duration of the bet. The payment also varies daily, weekly, monthly and yearly.
Betting on decentralized exchanges is open to everyone with access to a crypto wallet. However, taking over centralized exchanges may be limited to those in certain jurisdictions.
Staking helps provide liquidity for exchanges and supports node validators, which are an essential part of the Proof of Stake (PoS) protocol. Ethereum is on its way to move to a PoS consensus protocol.
Shiba Swap, the official Shiba decentralized exchange (DEX), has a community of over 3 million followers on Twitter.
How does Shiba Inu staking work?
To wager a Shiba Inu, you need to deposit Shiba Inu tokens in your wallet for DEX or buy Shiba Inu for a centralized exchange (CEX). In this case, we will bet the Shiba Inu on its native DEX Shiba Swap by connecting it to the MetaMask wallet.
Shiba Swap allows the staking of the Shiba Inu and its tokens, which include Bone and Leash. Staking rewards include xShib, xBone, and x Leash, which are proportional to your share of the entire pool.
Staking returns are distributed weekly. You can only redeem 33% of your staked prizes; The remaining 67% are locked for 67 days before you can withdraw.
Betting on CEX depends on the platform. Binance offers flexible staking; You can redeem at any time, and locked staking, redeeming before maturity results in loss of interest. The APY of locking for 120 days is 12.09%, while the flexible staking is 0.5%.
Metamask. But how to stake a Shiba Inu
MetaMask is a free Ethereum wallet that can easily connect to various DApps and Web3 platforms. There are two ways to deposit Shiba Inu tokens to MetaMask:
- Buy Shiba Inu from an exchange and withdraw tokens to your MetaMask wallet.
- Swap cryptocurrencies for Shiba Inu on MetaMask Wallet. Check out Shiba Swap for supported cryptocurrencies.
Users stake Shiba Inu by burying their tokens to earn Woof rewards. Shiba Swap also supports staking of its other native tokens, Leash and Bone.
So, how do you bet on Shiba Swap with MetaMask?
step 1: Go to the Shiba Swap website, click ‘Connect Wallet’ and connect to MetaMask. Sign the transaction on the pop-up to approve the connection.
Phase 2: Proceed to Step 3 if your MetaMask already has a Shiba Inu; Otherwise, select ‘Swap Tokens’ on the home page to swap your tokens for the Shiba Inu.
step 3: On the home page, click on ‘Token Sharing’.
step 4: On the new page, click on ‘Bury Shib’ and enter the amount of Shib tokens you want to wager.
Step 5: Finally, click on Approve and Sign the transaction on MetaMask Wallet.
NB: Interacting with the Ethereum protocol can lead to fees as high as $20. Always make sure you have enough eth in your wallet to cover those charges.
Other features of Shiba Swap include: providing liquidity (dig) to earn bones, trading NFTs (Shiboshi) and voting on governance, and earning that time (Doggy DAO).
shiba inu staking through a pool
Pooling helps in reducing charges on transactions and helps borrowers to take advantage of higher returns by providing more lending liquidity. Cryptocurrency exchanges that allow pooling of Shiba Inu include Crypto.com and Binance.
Binance currently offers the highest interest rate on Shiba Inu bets. However, it does not support Leash and Bone tokens. Binance offers both closed and flexible staking.
Shibs are locked for a fixed period of time, which is paid out in closed bets on a daily basis with interest set by Binance.
For flexible stakes, the user can place bets for their desired duration. Interest is at 0.5% APY, with interest paid on a daily basis. Users can pique their interest by enabling the daily auto-subscription feature.
Crypto.com allows placing bets on a flexible, one- and three-month period basis. Interest is paid weekly. The percentage of interest depends on the amount staked, the duration and the number of Cronos held. Kronos (CRO) is the crypto.com native token. for example
How Much Can I Earn With Shiba Inu Staking?
Staking Shiba Inu will give you different returns depending on the staking platform. Let’s see how locking up a Shiba Inu for a year compares on different platforms.
- The APY of Shiba Swap is 5.45%, which is independent of the total locked in and the tenure.
- Binance does not provide the provision of locking the Shiba Inu for one year. However, locking for four months gives you 12.9% APY.
- Crypto.com offers the longest lock period at three months. This will earn you 2% APY with less than 400 CRO at stake.
Is Shiba Inu betting profitable?
Is it profitable to bet on Shiba Inu? However, this will depend on the value of the Shiba Inu during the end of the staking period.
shiba inu staking vs mining
Shiba Inu is an ERC20 token and cannot be mined. However, you can mine Ethereum or other minable crypto and then swap them for Shiba Inu at Shiba Swap. The process requires high computing power.
Benefits of keeping a Shiba Inu
- Passive income with regular interest payments.
- You can easily bet a Shiba Inu on Shiba Swap anonymously without KYC compliance.
- Staking is safer for the environment than mining
- An increase in the total value locked increases the value of the circulating token.
- You also earn Shiba’s Ryoshi deflation tokens when betting on Shiba Swap.
- Staking option offers the option of compound interest for higher returns.
- This helps strengthen the community and serves as a way for community airdrops to be distributed.
Drawbacks/Risks of Betting on a Shiba Inu
- To earn big returns, you need to lock Shiba tokens for a longer period.
- Redemption of locked Shiba tokens before maturity results in loss of interest.
- You can only redeem 33% of Shiba on the Shiba Swap DEX; The balance is locked for 67 days before you can make withdrawals.
- Profitability during redemption depends on the value of the Shiba Inu. A fall in the price will result in a loss.
- Locked staking on exchanges is usually fixed to a fixed quota, which means you may miss out on high yield staking opportunities.
- High transaction fees for interacting with the Ethereum protocol.
- The security of your Shiba tokens is judged by the security of the exchange on which they are staked.
conclusion
Shiba is one of the top ranked MEM coins along with its cousin the Doge token, which has a market cap of $13B. Betting on Shiba Swap is fairly straightforward, but the high eth gas fee speeds up the process. Betting on Binance is a process, but it is worth noting their low transaction fees with high stake rewards. Crypto.com is also a good option, but you need to lock the CRO token for at least 6 months for good returns.
Betting on a Shiba Inu is profitable because its value does not crash.
