Home
»
DeFi
»
How to Stake Avalanche (AVAX) in Australia

How to Stake Avalanche (AVAX) in Australia

Adrian Graham
Fact Checked
September 27, 2022

Key Takeaways: Avalanche is one of the fastest-growing Layer 1 networks with over $10B in value locked across DeFi and GameFi. As a Proof-of-Stake network, AVAX investors can stake their coins and validate transactions on the platform to earn a yield. If you want to invest in AVAX and stake it to earn up to 7% in passive income, you have found the right guide.

The best way to to stake Avalanche in Australia is through CoinSpot. CoinSpot is Australia's largest cryptocurrency investing platform with over 2.5 million users, which is 10% of the entire Australian population. It has the largest selection of cryptocurrencies out of any Aussie exchange with over 370 tokens. Additionally, users can stake over 30 tokens on CoinSpot.

Table of Contents

Best Exchange for Australian Investors

Platform Highlights

  • Fast and Instant AUD Deposits.
  • Lowest trading fees in Australia at 0.1%.
  • Largest Cryptocurrency exchange in Australia.

What is Avalanche (AVAX)?

Avalanche is a smart contract platform that enables unprecedented speed, security, and scalability. Avalanche is the first decentralised platform that can process more than one million transactions per second. It's energy efficient as it uses a Proof of Stake consensus mechanism that is more energy efficient than traditional Proof of Work consensus mechanisms.

Additionally, the Avalanche network has a native utility token, AVAX, which is used to fuel transactions and power the network. AVAX can also be staked by users to earn rewards for securing the network. We recommend staking your AVAX tokens through CoinSpot as it offers the highest yields (returns) and is the best platform for Australian investors.

Avalanche Platform.
Avalanche Platform.

How to Stake Avalanche in Australia

The most secure and affordable way to stake AVAX in Australia is through a trusted centralised cryptocurrency exchange like CoinSpot. On CoinSpot, investors can deposit Australian dollars via multiple methods including BPAY, POLi, PayID, Osko, Credit/Debit Card, Bank Transfer and Cash. Follow the below guide to start staking AVAX in Australia.

  1. Sign Up: Create an account on CoinSpot and complete the verification process.
  2. Deposit AUD: Choose a method and send Australian dollars to CoinSpot.
  3. Find AVAX: Go to the 'Buy/Sell' tab, find 'Avalanche' and select 'Buy Avalanche'.
  4. Buy Avalanche: Input the amount of AUD you want to invest and click 'Buy AVAX'.
  5. Stake AVAX: Open the 'Wallets' tab, go to 'Avalanche Wallet', click 'Earn', enter the amount you want to stake and tap 'Confirm Earn Amount'.
How to Stake Avalanche (AVAX) in Australia.
How to Stake Avalanche (AVAX) in Australia.

Best Avalanche Staking Yields in DeFi

If you're looking for more competitive yields, you can move your Avalanche (AVAX) from a centralised exchange to a Web3 wallet like MetaMask. This will allow you to stake your AVAX on DeFi platforms like Trader Joe, AAVE, Curve Finance and other popular yield farming platforms.

The best AVAX staking reward for Australians comfortable using DeFi is on a protocol called Trader Joe. Their borrowing and lending platform is currently offering incentivised staking rewards of up to 11.5%. The reward is paid out in real-time in AVAX tokens. Trader joe only offers double sided AVAX staking options, meaning you need to supply two assets to stake AVAX.

Avalanche Staking Pools on Trader Joe.
Avalanche Staking Pools on Trader Joe.

Is AVAX Staking in DeFi safe?

Staking AVAX tokens on decentralised exchange is inherently risky because the applications are run on smart contracts. These smart contracts are prone to bugs, exploits and other hacks that put customer funds at risk. This is why we recommend centralised platforms like CoinSpot who offer only 1.5% less in annual yield, however provide a regulated environment to stake digital assets like AVAX.

Share

Adrian Graham

Co-Founder & former banker turned Full-Time DeFi analyst and researcher. Left traditional finance to pursue my interest in digital assets and decentralized finance.

Twitter
View Posts