Anyone tried staking on exchanges before..

[iamcryptic]

Hey folks, I need your suggestions, altcointalkers. I have some spare USDT in my wallet, and I'm looking for ways to maximize it, maybe through staking or savings. But to be safer, I want to hear all your opinions and suggestions on the best way you think it could be maximized or monetized. I don't use DEX, so CEX would be preferable. Thank you.

[Sim_card]

Hey folks, I need your suggestions, altcointalkers. I have some spare USDT in my wallet, and I'm looking for ways to maximize it, maybe through staking or savings. But to be safer, I want to hear all your opinions and suggestions on the best way you think it could be maximized or monetized. I don't use DEX, so CEX would be preferable. Thank you.

If you don't use DEX or CEX, then where do you want to stake it on. It is only CEX that has the stake feature. You should know that staking your coins is like gambling, because anything can happen with your coins, and it is not good to leave your coins with third party. I don't know if there is any site where you can stake USDT, but it will be possible if you convert your USDT to cryptocurrency, which you must need an exchange to do that before you can stake it.

[ABCbits]

USDT isn't a cryptocurrency, but rather a token which exist on multiple cryptocurrency blockchain. So i expect those exchange actually lend your USDT to other people with certain rate and share the profit for you. It comes down whether you trust the exchange and the borrower, although i wouldn't take such risk.

[Zed0X]

[...]But to be safer, I want to hear all your opinions and suggestions on the best way you think it could be maximized or monetized. I don't use DEX, so CEX would be preferable.

The bigger the CEX, the safer for you because there's less likelihood that they will run with your money. The caveats there are the offered rates could be lower and they could withhold your withdrawals anytime.

I've also seen some decent centralized crypto casinos offer staking as well but with higher odds.

[examplens]

USDT isn't a cryptocurrency, but rather a token which exist on multiple cryptocurrency blockchain. So i expect those exchange actually lend your USDT to other people with certain rate and share the profit for you. It comes down whether you trust the exchange and the borrower, although i wouldn't take such risk.

I would also add that the staking reward is usually very small (I am not sure that it even follows the inflation rate) and does not justify the risk of holding funds with a third party.
If someone is going to hold + expect some interest, in a stable currency, then an ETF is probably a better choice.

[MUGNIA]

 for USDT, I don't think it's worth staking on CEX, it's better if you exchange it for BTC, ETH or other coins that have a normal APY, but you need to pay attention to the risks of staking, because all cryptocurrencies tend to vary greatly and fluctuate. strong pricing can impact the revenue you earn. Additionally, there are many fake projects online that may try to trick you out of your coins by redirecting you to fake websites

[Aanuoluwatofunmi]

Hey folks, I need your suggestions, altcointalkers. I have some spare USDT in my wallet, and I'm looking for ways to maximize it, maybe through staking or savings. But to be safer, I want to hear all your opinions and suggestions on the best way you think it could be maximized or monetized. I don't use DEX, so CEX would be preferable. Thank you.

Why not hold your cryptocurrency on your wallet and and that alone will be more profitable to you and you're in charge of your asset than when you're taking the risk on using any of these exchanges for staking, all you could do is in looking for a prominent cryptocurrency and choose one or two for an investment, then try to hodl for some time and you begin to realize profits as the time goes and its hitting a bull market performance.

[Gurujebs]

Hey folks, I need your suggestions, altcointalkers. I have some spare USDT in my wallet, and I'm looking for ways to maximize it, maybe through staking or savings. But to be safer, I want to hear all your opinions and suggestions on the best way you think it could be maximized or monetized. I don't use DEX, so CEX would be preferable. Thank you.

I will advice you to use a Dex because it's more safer to stake their than Centralized exchanges where anything can happen at any time. However if you insist that Cex is what you prefer the most then I will advice you to check Binance, Kucoin and OKX if they are available in your region. Please, if Binance is not allowed in your place, kindly make use of another one ASAP.

Just another advice. Why not buy a good coins and have some profits with those money than wait to have nothing at all in staking. What you are going to have from staking in a year can be gotten from what you are going to get in a month but there is risk which is the volatility unlike the stable coins that are stable and doesn't fluctuate in price that much to coins.

[gunhell16]

Hey folks, I need your suggestions, altcointalkers. I have some spare USDT in my wallet, and I'm looking for ways to maximize it, maybe through staking or savings. But to be safer, I want to hear all your opinions and suggestions on the best way you think it could be maximized or monetized. I don't use DEX, so CEX would be preferable. Thank you.

As far as I know, USDT is not a cryptocurrency, if I'm not mistaken. I have also experienced doing staking in centralized exchange and also in DEX, and in my experience with those, I didn't have any problems.

Now, if you ask me for my opinion, CX is safer if you do stakes or staking compare in DEX, although I have a DEX that is okay with me. So far, it's fine with me.

[MrSpasybo]

Hey folks, I need your suggestions, altcointalkers. I have some spare USDT in my wallet, and I'm looking for ways to maximize it, maybe through staking or savings. But to be safer, I want to hear all your opinions and suggestions on the best way you think it could be maximized or monetized. I don't use DEX, so CEX would be preferable. Thank you.

At this time, I think holding stable coins is not a good plan to generate profits. If I had USDT, I would look for the best tokens to invest and get profit in the bullrun instead of taking 10-30% APR from Earning/Staking. BTC is not bad choice!

If you do not want to invest but just want to earn profits from USDT in a stable way, you can refer to programs of large and reputable CEXs such as Binance^[1] or OKX^[2]. You can also provide USDT-USDC liquidity on major DEXs like PancakeSwap^[3].
[1] Binance Earn
[2] OKX Earn
[3] PancakeSwap USDT-USDC pool

[bitmover]

USDT isn't a cryptocurrency, but rather a token which exist on multiple cryptocurrency blockchain. So i expect those exchange actually lend your USDT to other people with certain rate and share the profit for you. It comes down whether you trust the exchange and the borrower, although i wouldn't take such risk.

You can lend to smartcontracts,  in defi.
Some of them are somewhat reliable  , but they won't pay much

For example, if you have usdt in ethereum blockchaun, you can lend it to uniswap. You will be a liquid provider.

https://app.uniswap.org/pool

[vegasus]

Hey folks, I need your suggestions, altcointalkers. I have some spare USDT in my wallet, and I'm looking for ways to maximize it, maybe through staking or savings. But to be safer, I want to hear all your opinions and suggestions on the best way you think it could be maximized or monetized. I don't use DEX, so CEX would be preferable. Thank you.

If you don't use DEX or CEX, then where do you want to stake it on. It is only CEX that has the stake feature. You should know that staking your coins is like gambling, because anything can happen with your coins, and it is not good to leave your coins with third party. I don't know if there is any site where you can stake USDT, but it will be possible if you convert your USDT to cryptocurrency, which you must need an exchange to do that before you can stake it.

I think, what he meant is that he refers more to use CEX, not DEX.
But really, staking USDT? Hmmm, this probably won't be a very big profit, especially if you only have a little USDT. I once tried to do it on Binance. However, if I saw the number of my clients and the rewards during a certain period, I canceled it. Because the number of clinics I have is not that many.

I agree more with the suggestion from you that it's better to just invest in cryptocurrency, especially Bitcoin. This will take quite a long time, perhaps because we have to patiently wait until the peak of the bullish era. We can choose BTC or top coins. Or by diversifying.

[Gideon99]

 

Hey folks, I need your suggestions, altcointalkers. I have some spare USDT in my wallet, and I'm looking for ways to maximize it, maybe through staking or savings. But to be safer, I want to hear all your opinions and suggestions on the best way you think it could be maximized or monetized. I don't use DEX, so CEX would be preferable. Thank you.

Many people today are tired of staking on exchanges. It's a process that involves lock up your crypto currency for a long period of time in order to earn more rewards.exchanges like binance, bybit and Coinbase offer  rewards program for staking certain cryptocurrencies. There are risk involved in staking von exchange like possiblity of a hack or exchange going bankrupt.

[ABCbits]

USDT isn't a cryptocurrency, but rather a token which exist on multiple cryptocurrency blockchain. So i expect those exchange actually lend your USDT to other people with certain rate and share the profit for you. It comes down whether you trust the exchange and the borrower, although i wouldn't take such risk.

You can lend to smartcontracts,  in defi.
Some of them are somewhat reliable  , but they won't pay much

For example, if you have usdt in ethereum blockchaun, you can lend it to uniswap. You will be a liquid provider.

https://app.uniswap.org/pool

It's valid option, although OP clearly prefer CEX and USDT is very popular token, which makes many people already set to provide USDT liquidity at very low fee rate.

--snip--

I find this untrue because more people still prefer to stake on CEX than DEX due to the complex nature of staking on DEX not to talk of associated risk like numerous scams and hacks.

The complex nature could be avoided when there's user-friendly application/wallet which simplify the process. As for associated risk you mention, it's exist on both CEX and DEX.

[bayu7adi]

I know, everyone has different characteristics in making money, and for me staking on an exchanger is not very profitable, especially using USDT. It locks up our money for a long time and to be honest, it is very boring because when the cryptocurrency market is bullish, we cannot enjoy the fun like other people.

What is suitable for my investment style is holding for the long term. We can see that BTC is the strongest coin currently and is a barometer for other cryptocurrencies. I can suggest you to hold BTC in a personal wallet. You won't get a certain amount of BTC for the holding, but if your goal is money, at least the exchange rate against FIAT will rise in the future.