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 that you can’t technically stake. However, there are a few popular lending platforms that let you lend MANA and earn significant APY on its holding.
In this quick guide, we will look into MANA lending platforms for you to hold 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 separately.
4 Ways You can Stake MANA token
1. Celsius
Celsius is a lending and borrowing platform, which has been around for many years. It is one of the top trusted platforms for lending crypto to earn extra rewards and 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 is deposit MANA to your Celsius MANA address (ERC20). You can earn 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 by putting your existing MANA into use. Binance earn is a saving bank account product offered by the world’s most popular crypto exchange Binance.
I have talked about Binance earn program in-depth here.
The best part is that there is no lock-in period. You can always buy/sell MANA directly on Binance exchange. Between Binance and Celsius, I would any day pick Binance. Its sevices are not available in a few countries like the USA, UK, and other 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 that you can use 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 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 can lend your crypto to earn juicy interest. If you are from the USA, Gemini is your go-to platform.
On the Gemini earn page, you will also find an earning calculator that gives an idea of your potential earnings by lending crypto on Gemini earn.
Create an account on Gemini
Staking MANA
As I mentioned earlier, MANA can’t be staked. However, you can always use any of the above platforms to earn extra MANA. Of all the platforms listed above, I like Crypto.com as it 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.
