Liquid staking is a simple and better way of staking cryptocurrencies.

Lido, SSV Network, and Ankr Protocol are the best liquid staking tokens.

Liquid staking has become a popular way of earning returns in the cryptocurrency industry. Unlike conventional staking, it is seen as a better way of making passive income since it allows users to withdraw their cash at any time. After depositing funds, a user receives a certificate, which they can redeem for cash. Here are some of the best liquid staking tokens to buy in January 2023.

Lido is the biggest liquid staking protocol in the world. It is a platform that makes it possible for people to stake popular cryptocurrencies like Ethereum, Solana, Polkadot, and Kusama. According to DeFi Llama, Lido has now overtaken Maker to become the biggest DeFi protocol in the world with over $6.1 billion in assets. You can read more about this in this article. Most of these tokens in the ecosystem are Ethereum followed by Solana and Polkadot.

Lido has gone through numerous challenges in the past. The biggest one is the collapse of Terra in May 2022. This was a major setback since it was the second-biggest part of its ecosystem. Most recently, it suffered as Solana lost billions in value after the collapse of FTX. Still, LDO price has done well this year as it has jumped by more than 37% from its lowest point in 2022.

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SSV Network is another liquid staking token to consider. Unlike Lido, SSV provides infrastructure that developers use to build their ETH staking dApps. Precisely, it provides a decentralized validator infrastructure that blockchain developers use. In fact, Lido is one of the top apps in its ecosystem. It uses SSV’s distributed validator technology that enables multiple node operators, which reduces single points of failure. 

SSV price has also done well this year. It rose to a high of $12, which was the highest level since December 15. It has jumped by more than 80% from the lowest level in November.

Ankr Protocol is another blockchain infrastructure project that provides numerous solutions, including liquid staking. It has a total value locked (TVL) of more than $147 million. Most of its assets are in Binance Coin and Ethereum. Other coins are Avalanche, Polkadot, and Fantom. 

Ankr also provides other solutions like RPC services, advanced gaming SDKs, and AppChains. AppChain makes it possible for users to launch their own blockchains in a simple step. Ankr price has diverged from other liquid staking tokens like SSV and Lido. It has plunged to $0.01, which was the lowest level on record. The coin will likely bounce back as liquid staking tokens rebound.

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Coinbase is a global cryptocurrency exchange. Its platform is well designed for beginner investors and it offers a wide range of coins, as it has over 100 to choose from. Coinbase has high level security built into the platform, a range of diverse features to use and it offers its users options for storing their crypto, such as being able to store coins on the Coinbase exchange.

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The post Best liquid staking tokens for January 2023 appeared first on CoinJournal.

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