Shiba Inu is an ERC20 meme coin on the Ethereum chain with a thriving ecosystem. Shiba Inu was first listed on the Shiba swap, and today, it can be found on many top-tier crypto exchanges.
Shiba Inu Staking is the process of committing Shiba Inu tokens to a pool in return for interest. Different exchanges offer varying interests that depend on the staked amount and the staking period. Payouts also vary daily, weekly, monthly, and annually.
Staking on decentralized exchanges is open to everyone with access to a crypto wallet. However, taking on centralized exchanges might be limited to people in certain jurisdictions.
To stake Shiba Inu, you need to deposit Shiba Inu tokens in your wallet for Dex or buy Shiba Inu for centralized exchange (CEX). In this case, we shall be staking Shiba Inu on its native DEX Shiba swap by connecting it to the Metamask wallet.
Step 1: Visit the Shiba swap website, click ‘Connect Wallet,’ and connect to metamask. Sign the transaction on the pop-up to approve the connection. Step 2: Proceed to step 3 if you already have Shiba Inu in your Metamask; otherwise, select ‘swap tokens’ on the home page to swap your tokens for Shiba Inu.
Step 3: On the home page, click ‘Stake tokens.’ Step 4: On the new page, click ‘Bury Shib’ and enter the amount of Shib tokens you want to stake. Step 5: Finally, click approve and sign the transaction on the Metamask wallet.
Staking Shiba Inu will get you different returns depending on the staking platform. Let’s look at how locking Shiba Inu for one year compares on different platforms.
Shiba Swap has an APY of 5.45%, independent of total volume locked and period. Binance does not give a provision for locking Shiba Inu for one year. However, locking for four months earns 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 staked.