Sharded blockchain Polkadot not too long ago set tongues wagging after confirming the following batch of parachain auctions on its experimental community Kusama. However because the crypto group waits with bated breath for candidates to announce themselves, it’s value remembering that Polkadot is already alive and kicking in its personal proper.

Based by Ethereum O.G. Dr Gavin Wooden, Polkadot has lengthy been touted as a viable rival to the world’s best-known sensible contract community, a consequence of its refined infrastructure, thriving developer group, and promise of true interoperability between purposes working on separate chains.

Already a prime 10 cryptocurrency by market cap (DOT), the platform has been 5 years within the making and finally goals to assist a world community of interoperable parachains and parathreads seamlessly speaking with one another. Within the close to future, deploying on Polkadot could possibly be a no brainer for savvy builders – each from a value and efficiency perspective.

However that’s all for the longer term. Within the right here and now, the flourishing Polkadot ecosystem is such that customers can make the most of numerous alternatives whether or not their curiosity lies in buying and selling, gaming, constructing, privateness or IoT. Listed here are 3 ways to leverage the Polkadot blockchain proper now.

Stake DOT to Earn Yield

As a result of Polkadot makes use of a Nominated Proof-of-Stake (NPoS) algorithm, staking is integral to the safety of the community. In direct staking, you may both be a nominator, tasked with nominating validator candidates whom you belief that will help you earn DOT rewards, or a validator, validating proofs from collators and taking part in consensus with different validators.

Within the case of nominating instantly on Polkadot, a minimal of 80 DOT tokens is required – simply over $2,000 value at right now’s costs. Nevertheless, as a result of there’s a most of twenty-two,500 nominators, having ample DOT tokens doesn’t truly assure you a staking berth.

Organising a validator node on Polkadot is a bit more complicated because it requires important system administration expertise. What’s extra, the minimal stake wanted to be elected as an energetic validator is dynamic and varies over time. The typical returns Polkadot validators can count on are within the vary of 10%.

When you discover the thought of direct staking a bit daunting, there are different companies that let you take part. Binance, for instance, permits you to use DOT for high-yield farming of latest tokens on its Lauchpool; customers are additionally free to stake DOT in Binance Locked Staking to earn as much as 31.49%.

Kraken is one other top-tier cryptocurrency alternate that rolled out assist for Polkadot staking final yr, with yearly rewards of 12%.

Use Dot.Finance’s DeFi Suite

One other nice technique to maximize your DOT yields is to leverage DOT.Finance, a devoted DeFi aggregator for the complete Polkadot ecosystem. Relatively than merely staking DOT to earn a set share, DOT.Finance helps customers generate a greater price of return by using modern yield optimization methods throughout a swathe of DeFi dApps.

The cool factor about DOT.Finance is that its sensible contracts robotically compound your staking returns on the optimum frequency to extend APY. Within the phrases of the crew, “it’s like farming with a tractor as an alternative of pulling a yoke in your shoulders.”

And it’ll quickly get even higher: within the close to future, DOT.Finance will permit customers to carry Polkadot Index tokens, enabling them to achieve publicity to quite a lot of Polkadot-based property.

Fly to the Moon(beam)

The upcoming Moonbeam launch on Polkadot presents yet one more alternative to earn. Moonbeam, for the uninitiated, is a brand-new Ethereum-compatible sensible contract platform that simplifies the method of constructing natively interoperable decentralized purposes.

Moonbeam’s Take Flight token occasion will get underway on September 7 and goals to thank the Moonbeam group for its continued assist by shelling out 80 million Glimmer (GLMR) tokens throughout three rounds, all of which require a whitelist to take part (register right here).

Whereas the early entry spherical is particularly geared in the direction of key challenge supporters (Moonriver crowdloan contributors, PolkaPet holders, and so forth), the second is way more open: when you’re a member of the Telegram channel or Discord server, you’re just about good to go.

One nifty situation of Take Flight is the low contribution threshold, that means on a regular basis traders get the identical alternative to earn as main bag-holders. The three staggered rounds must also guarantee a large cross-section of contributors, all of whom can have a stake within the Moonbeam Community’s success.

Nicely, there you’ve gotten it: three stable choices for these seeking to leverage Polkadot earlier than a single parachain has launched. You’re welcome.

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