The Basic Attention Token (BAT) is a decentralised, open-source ERC-20 token, based on the Ethereum blockchain, developed by the Brave web browser as a form of cryptocurrency to reward its users for enabling and viewing Brave ads.
What is Staking?
Staking is a way to earn additional crypto assets by using them to help facilitate a proof-of-stake system, usually to verify transactions.
So can you stake BAT and earn interest?
No, you cannot stake BAT as it is not using a Proof of Stake (PoS) consensus algorithm to verify its transaction. Instead, BAT is a Proof of Work (PoW) consensus algorithm that requires all three parties: users, publishers and advertisers to make up the Brave ecosystem. However, you can still earn interest on your idle BAT through crypto lending services.
This is not staking. This is loaning your crypto assets out but with the aim to earn interest on your deposit returns. Your crypto deposit is used to lend the borrowers who need to fund their trading needs.
How to Stake Brave (BAT) rewards to EARN Interest
You can deposit your BAT tokens on these platforms to earn BAT interest.
1. Gemini Earn
Gemini is a cryptocurrency exchange that is also a Brave-appointed exchange that you can choose to verify your Brave Rewards wallet with, other than Uphold. One of its features is Gemini Earn, where you can earn crypto interest as you deposit your long-term crypto assets with them. Currently, it offers a 1.75% APY on the Basic Attention Token (BAT).
Besides BAT, you can also earn using a wide range of other cryptocurrencies like Gemini dollar, Dai, Bitcoin Cash, Terra and many more.
2. Binance Flexible Savings
Binance is the biggest cryptocurrency exchange in terms of the daily trading volume. One of its features is the Binance Flexible Savings. Users can lend their idle crypto to Binance Margin and start earning interest. At the time of this writing, you can expect a 0.44% APY on BAT using Flexible Savings.
Aave is an open-source and non-custodial liquidity protocol for earning interest on deposits and borrowing assets. As a result, you can expect an average of 0.11% APY on BAT lending.
4. Crypto.com Earn
Crypto.com allows users to buy and sell cryptos on their mobile apps quickly. They also have one of the first metal VISA cards used worldwide.
One of their feature products is Earn. You deposit and lend your crypto with the platform for a pre-defined period, e.g. 1 month, 3 months, etc., and you get to earn an interest in it. So, for example, you can make about 3.0% APY on BAT deposits.
5. Compound Finance
Compound Finance is a dApp or decentralized application built on a blockchain. It is a marketplace where lenders and borrowers can come together. It supports a range of crypto assets, and you can check their latest supply APY and borrow APY rates on their website. The current rate for lending BAT is at about 0.25% APY.