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DE ByBit allows users to stake their crypto assets for an attractive return on their investment. Where users can earn an annualized percentage yield – APY on different assets staked in their staking pools. In this article you’ll read exactly how to do this and what the staking options are. To get a short intro watch the video below.
Table of Contents
What is staking on ByBit?
Staking your crypto means deploying your capital in order to receive an extra return on it. You used to be able (and still can) do this on the blockchains themselves, but nowadays many exchanges also offer you the possibility to earn an extra return on your coins by adding them in their staking pools.
ByBit, which is very popular among traders, offers you an extra return on many different cryptocurrencies through their program ‘ByBit Earn’. Today we will only look at the ‘ByBit Savings’ piece, which is part of ByBit Earn.
How to stake on ByBit?
Staking on ByBit is extremely simple. First of all, you need to log in or create an account if you have none. It’s useful to have already bought the cryptocurrencies you want to stake. When you have, you can follow the next steps:
At the top of your screen, you’ll see ‘Earn‘, hover your mouse over this.
A submenu will now open, where you will see ‘ByBit Savings‘. Click on it.
Then when you scroll down to the bottom, you will see “All Products“.
Here you will see all the coins that are available for staking. In this list, look for the coin you want to stake, for example Bitcoin.
When there are several options, as with Bitcoin, click on ‘Select‘. The options will now open up. When you have found the option you want, click on ‘Stake Now‘.
After selecting the coin you wish to stake, the platform will direct you to the confirmation page.
Where you will see your estimated APY.
Ultimately, you get the final confirmation. After you have checked if everything is correct , click on “Stake Now” again.
Congratulations! You are now staking your chosen coin. From now on, you will receive an additional return on your crypto
Which coins can you stake on ByBit?
Through ByBit Earn, there are several ways to earn an extra return on your crypto. For now, we will only look at the ‘ByBit Savings’ program, as it is the most similar to ByBit staking pools.
How much can you earn by staking?
The return you can earn at ByBit Savings varies from coin to coin. The highest return to earn is 999%, where the lowest return available is ‘only’ 1.34%. In the list below you can see the available returns for the different coins.
Crypto Asset | Interest (p.a.) |
Shiba Inu (SHIB) | 0,94% |
Fantom (FTM) | 1,34% |
Bitcoin (BTC) | 2,00% |
Binance USD (BUSD) | 2,20% |
Axie Infinity (AXS) | 2,20% |
Solana (SOL) | 2,20% |
Cardano (ADA) | 2,33% |
Ethereum (ETH) | 2,50% |
BitDAO (BIT) | 2,50% |
Cosmos (ATOM) | 2,78% |
Harmony (ONE) | 2,92% |
Crypto Asset | Interest (p.a.) |
Dai (DAI) | 3,00% |
Polygon (MATIC) | 4,13% |
Tether (USDT) | 4,25% |
Near Protocol (NEAR) | 4,40% |
Avalanche (AVAX) | 5,20% |
USD Coin (USDC) | 5,50% |
Polkadot (DOT) | 5,50% |
Kasta (KASTA) | 6,5% |
Throne (THN) | 999,00% |
Bella Protocol (BEL) | 999,00% |
When do you receive staking rewards?
When you stake at ByBit Earn, you automatically receive the rewards in your own wallet every 24 hours. You could then choose to stake these again. If you choose not to do this, your rewards will arrive in your wallet.
Can you stake Bitcoin and Ethereum on ByBit?
Yes, as you can see from the list above, both Bitcoin – BTC and Ethereum – ETH are available for staking/earning on ByBit. Both are available for flexible stake, meaning you can start and stop at any time. On Bitcoin you can earn a return of 2.00% per year, where the return on Ethereum is 2.50% per year.
How are the staking rates calculated on ByBit?
ByBit does not disclose anything about how they calculate their staking rates. Often you will see that larger coins have a lower rate than smaller coins.
What are the risks of staking on ByBit?
Unfortunately, staking doesn’t equal totally free money. In fact, there are some risks involved with locking up your cryptocurrencies. The main risk is that your locked crypto makes it a lot less flexible to manage your portfolio. If prices crash, such as the death-spiral ofTerra – LUNA, and prices suddenly drop to 0, you may not be able to sell your investment on time and will probably lose everything.
Of course, this is an extreme example, but it has happened to a lot of people. Although you will still receive your staking return, you will end up with a net negative. In other words, you will lose money. To counter these risks you have to research the cryptocurrency that you’re wanting to stake. Such as stablecoins or big and popular cryptocurrencies.
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