What is Cardano
Cardano (ADA) is a decentralised, open-source blockchain project created in 2017 by Charles Hoskinson and Jeremy Wood. Cardano focuses on scalability, security, and sustainability through its unique platform architecture. It is the first blockchain to be built using an evidence-based approach that incorporates interdisciplinary research from scientists and academics around the world.
ADA is the native token of the Cardano platform, and it is used to facilitate transactions on the network. It is also used as a form of reward for those who validate blocks and verify the integrity of the network. ADA can be traded on multiple exchanges and it has seen significant growth since its launch in 2017.
How to Stake Cardano in Australia
The easiest and fastest way to stake Cardano (ADA) in Australia is through CoinSpot. The CoinSpot exchange currently offers the best yields to stake Cardano compared to other staking platforms in Australia. You can get started by following the guide below.
- Create a free account and deposit or buy Cardano (ADA) on CoinSpot.
- Go to the 'Wallets' tab, find Cardano, and open the 'Earn' tab.
- Input the amount of ADA you want to stake and tap 'Confirm Earn Amount'.
Is Staking Cardano on CoinSpot Safe?
Yes - CoinSpot is the largest and safest cryptocurrency exchange in Australia boasting over 2.5 million users. Their platform is the gold standard when it comes to funds security and is a far safer option than using global exchanges like Binance or Bybit to stake ADA. For a more detailed overview of their staking services, read our CoinSpot Staking Guide.
Cardano Staking Fees
When you compare CoinSpot to SwyftX with respect to the total rewards paid out, it appears that CoinSpot has the highest staking yields in Australia. They pay out an average of 3.3% APY whereas SwyftX pays out 2% APY. This means that CoinSpot takes minimal, albeit undisclosed, fees from users staking ADA on the platform.
Cardano (ADA) is an exciting new blockchain project that has seen tremendous growth in recent months. Staking Cardano on CoinSpot is a great way to earn passive income from your ADA without having to do any complicated technical setup. Just remember, always do your own research and never invest more than you can afford to lose.