Decentraland is the project behind the MANA token and it is one of the top crypto projects in the metaverse category . MANA is a proof of work token, and technically, you can’t stake MANA. However, there are a few popular lending platforms that let you lend MANA and earn significant APY on your MANA holding.
In this quick guide, we will look into all the platforms which offer to lend MANA tokens, so that you can hold them there and earn extra rewards.
Platforms Minimum Deposit Lock-in Period Celsius None Flexible Binance Earn 0.01 MANA Flexible Crypto.com 750 MANA Flexible, 1 / 3 months Gemini earn None Flexible
Now, let’s look at all these platforms one by one…
4 Ways You can Stake MANA token
Celsius is a lending and borrowing platform which has been around for years. They are one of the top trusted platforms for lending your cryptos to earn extra or even borrow fiat against your crypto holding.
You can create an account on Celsius here , and download their mobile app. You can also do the same process on their desktop version as well. All you need to do from here is; deposit MANA to your Celsius MANA address (ERC20), and from here on, Celsius would start paying out weekly rewards based on your holdings and current APY.
Create an account on Celsius
2. Binance Earn
Binance earn is another great way to earn extra MANA by putting your existing MANA into use. Binance earn is a saving bank account product which is offered by the world’s most popular crypto exchange, Binance.
I have talked about Binance earn program in-depth here :
The best part is, there is no lock-in period, and you can always buy/sell MANA directly on Binance exchange. When comparing Binance Vs. Celsius, I would any day pick Binance over Celsius. Binance is not available for a few countries like the USA, UK, and sanctioned countries.
Create an account on Binance
3. Crypto.com Earn:
Crypto.com is another popular crypto exchange that offers a suite of financial products for crypto investors and traders. One of their product is Crypto lending, and you can use it to lend your MANA and earn rewards like staking.
To stake MANA on Crypto.com, follow these steps:
Create a crypto.com account Either buy MANA or deposit MANA using deposit feature Under Finance > Earn select MANA
Click on “+” icon and search for MANA. Select the period for which you wish to lend MANA, and supply MANA to start earning rewards.
3 Month term offers 2% p.a. which is one of the best in the entire market.
Create an account on Crypto.com
4. Gemini Earn:
Gemini is a USA-based digital asset exchange , which offers an Earn account where you could lend your crypto to earn juicy interest on it. If you are from the USA, you would like Gemini.
On the Gemini earn page , you would also find an earning calculator which would give you an idea of how much you would earn by lending any crypto on Gemini earn.
Create an account on Gemini
Conclusion: Staking MANA
As I mentioned earlier, MANA can’t be staked, but you can always use any of the above platforms to earn extra MANA. Of all the platforms listed above, I like Crypto.com to be the one that offers the highest yield on MANA. If you don’t mind lock-in, you can lend it for 3 months and earn 2% per annum.