Staking on centralized exchanges and staking in decentralized finance are two distinct methods of participating in blockchain networks and earning rewards.
While both involve holding onto and “staking” assets, the way they operate and the benefits they offer are different.
Staking on centralized exchanges is a convenient way for users to earn rewards, but it comes with the trade-off of relying on a centralized entity. Join the community where you can transform the future. Cointelegraph Innovation Circle brings blockchain technology leaders together to connect, collaborate and publish.In the crypto world, there is a growing divide concerning security and risk between centralized and self-custody solutions.
One of the many significant benefits of self-custody lies in the security it provides. When you rely on a third party, such as an exchange or custodian, to hold your digital assets, you are entrusting them to secure the assets properly. However, even the most reputable institutions are notto hacking and other security breaches. By keeping your assets in your own custody, you are taking a proactive approach in protecting them from potential vulnerabilities.
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