#SoftStakimg What is Soft Staking?
Soft Staking is a type of staking in cryptocurrencies that allows users to earn returns on their coins without locking or restricting them, which means you can use or withdraw them at any time.
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๐ The difference between Soft Staking and Hard Staking:
Comparison Soft Staking Hard Staking
๐ Freezing Assets are not frozen Assets are frozen for a specific period
โฑ๏ธ Flexibility Flexible โ can withdraw at any time Inflexible โ requires waiting
๐ฐ Yield Often a lower yield Higher yield often
๐ Risk Lower risk Higher risk in case of market volatility
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๐ How does Soft Staking work?
1. You deposit the cryptocurrency (like $ADA, $ATOM, or $SOL) into a wallet or platform that supports Soft Staking.
2. The platform uses the coins to support the blockchain network.
3. You receive periodic rewards without your coins being locked.
4. You can withdraw or trade them at any time.
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๐ฆ Examples of platforms offering Soft Staking:
Binance
KuCoin
Crypto.com
Coinbase (for some coins)