Tangem, a non-custodial hardware wallet, is quickly gaining traction among cryptocurrency enthusiasts for its staking capabilities, allowing users to earn rewards through native staking on various networks including Tron, Cosmos, Solana, Binance Smart Chain, and Polygon. With plans to expand support to networks like Cardano, Polkadot, and Avalanche, Tangem is positioning itself as a comprehensive solution for managing and growing digital assets.
Staking on Tangem operates by having users download the Tangem Wallet app, select a cryptocurrency, and specify an amount to stake. Users can delegate their tokens to a validator, with the app offering automatic recommendations for the most profitable options. While multiple cryptocurrencies can be staked simultaneously, users are limited to selecting one validator per transaction.
The wallet employs advanced security measures, meeting the EAL6+ standard, and users maintain full control over their private keys stored on physical Tangem cards. The wallet also allows for liquid staking of specific networks like Solana, alongside various Ethereum Virtual Machine (EVM) networks, enhancing flexibility for users interested in diversifying their staking portfolios.
Recently, Tangem introduced a new validator for Solana staking, providing an appealing annual percentage rate (APR) of 7.35%. In comparison, other popular wallets like Ledger and Trezor offer lower rates for Solana, making Tangem a competitive option for potential stakers. In contrast, centralized exchanges show variable APRs for Solana that may require higher fees for their services.
Despite the advantages, staking on Tangem comes with risks, particularly related to slashing if the chosen validators misbehave. However, users will have their stakes protected by Tangem’s native staking provider, StakeKit. The process of claiming rewards is also straightforward, though the timing for receiving these rewards can vary based on the chosen network. Some networks may distribute rewards within hours, while others may take several days to process staking rewards.
Tangem’s user interface simplifies the staking process, though it does not support direct participation in on-chain governance, which requires users to interact with external platforms for governance activities. Furthermore, while users can currently stake a limited number of digital assets, there are expectations for more networks to be integrated in the near future.
For those considering alternatives, the best staking wallets may appeal to users looking for broader asset support, higher yields, and more integrated decentralized finance (DeFi) options. These alternatives often leverage staking aggregators to maximize returns across various validators.
In summary, Tangem offers a secure, user-friendly solution for cryptocurrency staking, particularly appealing to those who prioritize custody of their private keys and seek competitive staking rewards. While the limitations in the number of supported assets may not suit every user, the wallet continues to expand its offerings, making it a viable option for many in the crypto space.
