You’ve just bought some BUSD tokens and may be looking to stake them to earn more BUSD.
However, BUSD is not a Proof of Stake token, so you technically aren’t able to stake BUSD tokens to earn rewards!
Instead, there are some platforms that allow you to lend out your BUSD tokens to earn interest.
How to ‘stake’ BUSD
Here are 4 ways you can stake your BUSD tokens:
This is a summary of all of the methods,
|Platform||Minimum Deposit||Lock-In Period|
|AAX||10 – 200 BUSD||Flexible / 7 /|
14 / 30 days
and here is each method explained in-depth:
Binance is one of the largest cryptocurrency exchanges in the world, and they have an Earn program where you can earn interest on BUSD as well.
Here’s how you can earn interest on BUSD with Binance Earn:
- Go to ‘Wallets’ and then select ‘Earn’
- Select ‘Subscribe’ and search for BUSD
- Select your preferred term for lending out BUSD
- Enter the transaction details
Go to ‘Wallets’ and then select ‘Earn’
On the homepage of Binance, you’ll need to go to the ‘Wallets‘ tab and select Earn.
Select ‘Subscribe’ and search for BUSD
Binance offers a variety of savings products for different cryptocurrencies. You will need to search for BUSD.
Select your preferred term for lending out BUSD
This will allow you to view some of the savings products that Binance offers for BUSD.
Currently, Binance only offers a flexible savings plan where you can withdraw your funds at any time. However, the interest rate offered may be lower compared to other platforms.
Enter the transaction details
The last step you’ll need to do is to enter the amount of BUSD you wish to subscribe to the savings plan.
After this, the BUSD that you’ve deposited will start earning interest from the next day onwards.
Here are some of the key features when you’re earning interest from Binance:
|Minimum Deposit||0.1 BUSD|
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Celsius was founded in 2017 and is headquartered in New York. Here’s how you can start earning interest on this platform:
Go to ‘Menu → Transfer’ on Celsius
When you’re on the Celsius app, you would need to go to the Celsius menu and tap on ‘Transfer‘.
Select BUSD from the dropdown menu
When you’re on this screen, you’ll need to select BUSD as the currency that you wish to transfer into Celsius.
Copy the BUSD deposit address from the Celsius app
After you select a currency, you will be given a wallet address. Celsius will give you a warning that they only accept the ERC20 deposits of BUSD.
This is because you can send BUSD via multiple networks, such as BEP20.
You can view how Binance-Peg BUSD differs from native BUSD here.
After selecting “I Understand”, you will be able to copy the BUSD deposit address.
Your wallet address is one long string of letters and numbers. It is very important that you copy it letter by letter! If you make any mistake in the wallet address, your crypto will be lost forever!
As such, the best way will be to copy your wallet address directly.
If you are finding it hard to remember all of these long deposit addresses, you may want to consider simplifying them using Unstoppable Domains.
This allows you to send crypto to a .crypto or .wallet address, which makes it much easier to transfer cryptocurrencies between platforms!
After you’ve deposited BUSD to Celsius, you will start earning interest on it.
Here are some of the key features when you’re earning interest from Celsius:
Celsius is a flexible way to earn interest on BUSD. Moreover, withdrawals from Celsius are free, which helps you to save a lot on fees!
As such, Celsius is a great platform to consider if you have a small sum of BUSD.
Here are some of the key features when you’re earning interest from Blockfi:
AAX is a platform where you can earn a decent amount of interest on BUSD too.
However, you will need to lock up your funds if you want to earn a higher interest rate.
Here’s how you can earn interest on BUSD with AAX:
- Go to ‘Assets’
- Select the ‘Savings’ tab and select ‘Buy Savings’
- Search for BUSD
- Select the term and enter the transaction details
#1 Go to ‘Assets’
First, you’ll need to go to the Assets tab on AAX.
#2 Select the ‘Savings’ tab and select ‘Buy Savings’
After that, select the Savings tab,
#3 Search for BUSD
This will bring you to the AAX Savings page.
You will need to search for BUSD,
which will show all of the available terms.
AAX offers both fixed and flexible terms for BUSD.
#4 Select the term and enter the transaction details
After selecting the term that you wish to subscribe to, you will need to select the amount of BUSD that you wish to deposit.
Here are some of the key features when you’re earning interest from AAX:
|Minimum Deposit||10 – 200 BUSD|
|Lock-Up Period||Flexible, 7 / 14 / 30 days|
AAX has a minimum deposit, and may only be useful if you have a large amount of BUSD.
While you can’t stake BUSD, you still can lend out your funds to earn some interest.
When you are considering the best platform, the 3 main considerations you should have include:
- The minimum amount required to start earning interest
- The lockup period when subscribing to a savings plan
- The type of network that each platform supports
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