How to stake and earn Klaytn (KLAY) in Australia

Earn up to 8.12% APY on your KLAY. Compare rates on Klaytn or learn how to stake KLAY using a wallet.

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KLAY is the native token of the Klaytn platform and can be earned in several ways: through lending, staking and yield farming.

Lending your KLAY

The easiest way to earn yield on your KLAY in Australia is through an exchange or digital asset lending platform such as Binance Cryptocurrency Exchange and Gate.io Cryptocurrency Exchange.

The highest return currently available on KLAY from the products we compared is 8.12% through Binance Cryptocurrency Exchange with a lock-up period of 60 days.

Use the table to compare rates on KLAY and use our calculator to forecast how much you could earn.

Staking your KLAY

Alternatively, you can stake KLAY on the Klaytn platform in return for DeFi staking rewards. This method requires using a web 3.0 wallet on a blockchain like klay-token which is why we have put together a visual step-by-step explainer to help guide you through the process.

You can use our table to compare rates on KLAY or skip to the staking section for a step-by-step guide on how to stake your tokens on the Klaytn platform with a wallet.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

How to earn Klaytn: Step-by-step guide to lending

The instructions below are for earning yield on Klaytn using a cryptocurrency exchange for lending:

  1. Use the table to compare rates from various providers.
  2. Choose a provider to deposit your cryptocurrency with, then safely navigate to their website using the "Earn now" button in the table.
  3. Sign-up for an account using an email address and make sure to have some form of photo ID ready to complete the verification process.
  4. Look for the "wallet" or "deposit" tab on the provider's website, then transfer your funds from your existing exchange or wallet to the deposit address shown and make sure to double-check the address is correct before sending. If you do not own any KLAY yet, then you can purchase it on the same exchange you plan to earn it on or view our list of local exchanges that sell it.
  5. Once deposited, move your funds into the yield-earning account. If you are using a specialised digital asset lending platform like Celsius, Nexo or BlockFi you can usually skip this step, as your assets will typically start earning yield right away. Remember to check back regularly to monitor your portfolio, collect rewards and ensure everything is working as intended.
  6. Most services will let you access your rewards without needing to withdraw your initial deposit. Keep in mind that some services require your deposit to remain locked for a certain period of time, while others are flexible and allow you to withdraw anytime (although be on the lookout for early withdrawal fees).
  7. Remember that while earning yield on cryptocurrencies can be easy and attractive, your deposits are not insured the same way cash deposits are with a bank. Deposits are used in a variety of ways, all of which carry varying levels of risk. Some services offer insurance policies, while some might not offer any insurance at all. Make sure to research the provider thoroughly before making a decision.

How to stake Klaytn

Safe storage

You can improve the security of your staked KLAY by using a hardware wallet to store your private keys offline – check out our guide to learn how.

Risks of lending and staking Klaytn

Risks involved with lending Klaytn include:
  • Lack of regulation. Just because you're earning yield on your KLAY like you would with a bank account, that doesn't mean you have the same protections. Cryptocurrency exchanges and lenders are largely unregulated and consumer protection laws in your country are unlikely to apply. As such, if something happens to your deposits you are unlikely to have many options for legal recourse. Fortunately, some lenders such as Nexo offer insurance on deposits to help bridge this gap.
  • Lack of insurance. While earning yield on cryptocurrencies can be easy and attractive, your deposits are not insured the same way cash deposits are with a bank. Deposits are used in a variety of ways, all of which carry varying levels of risk. Some services offer insurance policies, while some might not offer any insurance at all. Make sure to research the provider thoroughly before making a decision.
  • DeFi and smart contract risk. This guide only compares CeFi platforms, but if you choose to use a DeFi platform for lending KLAY, then you are taking on the additional risk associated with that platform. DeFi lending uses software called smart contracts which automates the process and pairs lenders with borrowers. These smart contracts can be exploited and user funds stolen. Look for a protocol with a long history of security, such as Compound or Aave.
  • Scams. Be wary of platforms that offer rates several times higher than the competition. While legitimate services may do this as a promotion or way to attract users, some may be scams waiting to steal user funds.
Risks involved with staking Klaytn include:
  • Slashing. When you stake cryptocurrency through an exchange or wallet, you are usually doing it as a delegator. This means you are giving permission for someone else to act (vote on blocks) on behalf of your assets. If the node operator makes a mistake or intentionally does the wrong thing, then they may suffer a slashing penalty. A slashing penalty may result in the loss of funds which may be shared amongst all of the delegators, yourself included.
  • Lock-up period. Some platforms will require you to lock-up your funds for a set period of time before you can access them again. This could be several weeks, months or years. Doing so will prevent you from selling until the lock-up period is over. Some cryptocurrencies or staking services will let you unstake early for a fee.
  • Using an exchange. A feature of staking is voting. By staking your coins or tokens, you usually get a say on what happens on the network. If you use an exchange for staking, then you are assigning your voting rights to the exchange operators who may not act in your best interests.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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