SBI VC Trade, the cryptocurrency division of Japan’s SBI Group, has launched a new staking program for Shiba Inu (SHIB) token holders. This initiative allows investors to earn passive income by lending their SHIB tokens.
Staking Program Overview
The application period for the SHIB staking program opened on July 18, 2024, and will close on August 1, 2024. After this, the lending period will begin, lasting for 28 days and concluding on August 29, 2024. During this lending period, participants can earn a competitive annual return rate of 1.3% on their deposited Shiba Inu tokens, including tax.
Benefits of Staking SHIB
This program specifically targets investors who intend to hold their SHIB tokens long-term. By participating, users can generate additional returns while their holdings remain inactive. Essentially, the program allows users to leverage their idle SHIB by lending them on the platform and earning interest throughout the lending period.
Although this return rate is slightly lower than the previous 2% offered in April, it features a more streamlined application process. Thus, participants can enjoy a straightforward experience while earning passive income.
Comparison with Other Staking Opportunities
SBI VC Trade’s staking service is not limited to SHIB. The platform currently offers staking opportunities for 23 different cryptocurrencies. This latest program includes popular tokens such as XRP, Chainlink (LINK), Litecoin (LTC), Bitcoin (BTC), and Bitcoin Cash (BCH).
The application window for lending BTC and BCH closes on July 25, 2024, with the lending period running from July 25 until August 22, 2024. Notably, BCH offers the highest annual return rate of 5% during this specific lending period.
For those interested in earning passive income with XRP, LTC, LINK, or SHIB, the application window closes on August 1. Among these, SHIB boasts the highest annual return of 1.3%, while LTC and LINK offer 0.5%, and XRP provides a mere 0.1%.
How to Participate
Participating in the SHIB staking program is simple. Users need to deposit their Shiba Inu tokens on the SBI VC Trade platform during the application window. No further actions are required during the lending period, making it an accessible option for investors seeking passive income.
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