Shiba Inu (SHIB) token holders can now earn passive income through a new staking program launched by SBI VC Trade, the cryptocurrency arm of Japan’s SBI Group. This program caters to investors seeking to generate returns on their SHIB holdings while maintaining a long-term position in the popular meme coin.
Limited-Time Opportunity for Earning Rewards
The application window for the SHIB staking program opened on July 18th, 2024, and will close on August 1st, 2024. This provides a limited window for SHIB holders to participate. Following the application closure, a 28-day lending period will commence, concluding on August 29th, 2024. During this period, participants will earn a competitive annual return rate of 1.3% (including tax) on their deposited SHIB tokens.
Benefits for Long-Term Investors
This program is designed specifically for investors who plan to hold their SHIB tokens for an extended period. It offers a valuable mechanism to earn additional returns while their holdings are inactive. Essentially, users can leverage their idle SHIB by lending them on the SBI VC Trade platform and earning interest during the designated lending period.
Streamlined Process Compared to Previous Offering
It’s important to note that compared to a similar program offered by SBI VC Trade in April with a 2% return rate, this program boasts a slightly lower return but a more streamlined application process. This could be a significant benefit for investors who value ease of use.
SHIB Among Multiple Staking Options
SBI VC Trade’s staking service extends beyond SHIB. The platform currently offers staking opportunities for a total of 23 cryptocurrencies listed on their exchange. This latest program includes SHIB alongside established players like XRP, Chainlink (LINK), Litecoin (LTC), Bitcoin (BTC), and Bitcoin Cash (BCH).
Comparison of Returns Across Different Cryptocurrencies
The application window for lending BTC and BCH closes on July 25th, with the lending period running from July 25th until August 22nd. Notably, BCH offers the highest annual return rate of 5% for this specific lending period.
For those seeking to earn passive income with XRP, LTC, LINK, or SHIB, the application window closes on August 1st. Among these options, SHIB boasts the highest annual return of 1.3%, followed by LTC and LINK at 0.5%, with XRP offering a return of 0.1%.
Simple Participation Process
Participating in the SHIB staking program is designed to be straightforward. Users who wish to participate need only to deposit their SHIB tokens on the SBI VC Trade platform during the designated application window. No further actions or responsibilities are required throughout the lending period.
This new staking program by SBI VC Trade presents a compelling opportunity for SHIB holders, particularly long-term investors, to earn passive income on their holdings. With a competitive return rate and a streamlined application process, this program could be a valuable addition to any SHIB investor’s strategy.