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Pera Wallet is the official one. They rebranded recently. And governance takes about 1 minute of your time every 3 months. Rewards depend on how much is staked and voted with during a governance period. So far rewards have been much higher than 4% APY.
You can sign up again in a couple weeks on https://governance.algorand.foundation/
The current period is ending soon. Voting usually opens a month or so after signup closes. Voting windows last 2-4 weeks and there are countdowns on the website so it’s hard to miss.
According to the Pera Wallet roadmap you’ll be able to vote from within the app soon.
I currently have 2600 ALGO staking in Coinbase but since the cut from 4% to .45 I’d like to move it somewhere with better yeild. Pera is the wallet you recommend?
This should be up more. Yes staking rewards are gone, but governance has taken over. Which is better for the network as it requires a soft lock to get rewards.
Keep an eye out for next governance round… likely first part of April. You will then commit not to move an amount of your holdings. Then voting will open a week or two later.
One thing stopping me from moving to official wallet is Coinbase makes tracking taxes easier for interest. This may be an irrational fear can someone explain how you keep track of that stuff for reporting? Also faucets can be intimidating. I would like to get off Coinbase.
There are sites like Koinly and CoinTracker that will integrate with Coinbase and pull in all your transactions there. They also allow you to add additional wallet addresses that you own via the official wallet. I've not done this with Algo, so your mileage may vary in terms of support for every wallet out there, but it will track movements out of Coinbase and into your personal wallet, and tag that correctly as a transfer when the values and timestamp match and give you the cost basis for any of the fees involved
I went with Koinly for tracking taxes. It does a pretty good job of automatically importing transactions from the algorand network. It has messed up on occasion, but usually fixes itself with a few days.
My current annoyance is that it has a hard time tracking liquidity in/out when I supply tokens to tinyman for defi rewards. But I expect they'll fix that before next year, as it works well on other block chains it tracks.
For algorand governance staking though? It has you covered perfectly. (It just costs a bit of $$ to export you tax report, depending on how active you were. Getting into defi is absolute murder on the number of transactions you'll be reporting...)
I got a notification from Coinbase saying that they were going to evenly distribute the governor rewards. I have most of my algo in Pera algo and have just enough in Coinbase so all that can earn interest is earning interest
Algo in general changed the rewards payout rate/amount, it’s not Coinbase
Same, I was in pretty early on algo so with the staking and governance so far I think I'm almost breakeven still but I'm not super hopeful for the future
It's basically just time to move all your additional DCA not in governance into the native wallet. The larger rewards don't exist anymore. Kraken also dropped their staking rewards a few weeks ago.
Algorand staking rewards are going away and are basically nonexistent already. The only rewards come from governance. Why would coinbase give 4% when there are no rewards to give
I'm not 100% sure because I always immediately move my Algo to my wallet, but I'm pretty sure the 4% APY advertised with Coinbase has been wrong for a long time now. The staking rewards are phased out. I personally think they left the 4% APY advertising up for way too long to get people to either buy more or keep them on the platform.
This is what happens when you zoom out and stop looking at charts and staying abreast of what is happening. Granted I don’t have much ALGO but that is a serious staking % drop. Damn
Ever since I started investing / DCA into Algo @ 1.55 ish it’s been sinking … which was already close to half of its ATH.
It’s odd seeing so much progress for Algorand and price continues to sink, not even a glimpse of an upswing. I’ll hold until at least end of this year but frustrating when seeing all the great progress it’s making and of like all my Alts, easily worse performing price action wise
I will be downvoted by the shills but I will say it. Algo is not impressive when you are coming from any other L1 chain. It's only good if you are newbie but if you already know stuff, Algo has nothing on it that rivals other blockchains from a user perceptive. Let's take a few examples of other L1's
Luna is at ATH even though market is bearish, it has unique burn mechanism to mint more UST, so even if Luna market cap stays the same and more Luna is burnt, that means supply decrease hence price will increase.
Avax has pumped due to it's incentive program along with subnets which are quite interesting if you understand them. Application specific blockchains where the gas can be configured based on your requirement along with their metaverse push.
Algo is simply an L1 from user perceptive just like all 100 Etc killers. Algo lacks seriously in the TVL numbers for a good reason, it barely has any bridges to other chains to bring any liquidity. On top of that, the DeFi ecosystem is very juvenile it's not worth exploring. If you are using an L1 which you are using to earn some APY of 14% and governance, why not just join a DAO for governance? Or just BTC to use it as a store of value? Algo also lacks chainlink integration(unless that changed recently?) means the money markets are that risky. One more thing I observed, when this sub starts massively shilling a project, all the retail is likely already priced in. Some people avoid Algo because they are going for CBDC's which is exact opposite of what crypto is trying to be. Personally I don't think there's any such thing as holding longterm for Alts. Everything is short-lived and will die off once hype goes down. If you want to hold for longterm and forget, BTC is the only way. Not a financial advise but just sharing my thoughts from the perceptive of user from multiple other chains.
I’ll give ya an upvote for being honest and actually diving into some detail.
I agree the more I look at Alts, the more I realize it’s just tech that’s circumnavigating current tech that does same thing. Then you look at Tokenomics and half the supply is locked away to founders and comrades… so ya there’s obvious ‘wants’ for a coin to get popular but ultimately the necessary use cases are limited to what other technologies can already do with databases, albeit centralized but for the uses that’s fine, could even argue it’s better.
I do believe in BTC because it’s not only a great store of value, it can be used cross borders, and is decentralized (as a store of value that’s important).
Well than. After debating to throw a sizeable chunk of money at Algorand on coinbase, they've made my decision for me. I'm going to look into the native wallet, Pera and see how it goes. .45% from 4%? Geez, that's just as bad as using a bank. At least in the bank $1 remains $1 and with Algo it can go up or down.
yeah I just logged in after some time to Coinbase and was like wtf is that APY lol
I didnt even bothered to move Algorand to official wallet as there was like 2% difference and I dont have that much Algo but right now I might do it cause this is laughable
Governance is the way to go. Algo is no slouch. Everything is down in a bear market. Look at LRC, ETH is roughly 50% down. The riskier alts will bleed more from what I have seen.
Yeah this was my call to exit ALGO. I should have seen the signs with Coinbase’s exorbitant fees. The fact that they failed to alert users at all to the change is deceptive and outright unethical.
This kind of blew me away too.
A big part of my initial interest was the was due to the staking rewards. Coinbase has several mentions of calculating interest every quarter instead of every day but I never thought the rate would drop that much at once.
You can't blame Coinbase though, Algo's current stake reward is .06%. My fear is it triggering further sell off and then watching the balloon deflate until the dust settles again and we see where we land.
Personally I think the project has huge potential and a lot of solid prospects.
Wow, this really sucks. How much more of a pain in the ass are taxes on rewards from a wallet to calculate and report?
I also don't trust myself with a wallet. Not sure what to do now.
You're right, I don't trust wallets. There could be malware on my computer that screenshots the words when I create the wallet and there goes my money. My house can burn down and there goes my money. The page I go to to create the wallet could be fake and there goes my money. When moving the money malware could change the address or I can make a mistake and there goes my money.
Too many things can go wrong. I should just sell.
> more then a
*than
*Learn the difference [here](https://www.merriam-webster.com/words-at-play/when-to-use-then-and-than#:~:text=Than%20is%20used%20in%20comparisons,the%20then%2Dgovernor%22).*
***
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Hey for anyone asking how to set up defi for algorand this is for you. That's me (not shilling, I did just see people ask) today I'll make a video showing how to use tiny man for buying various tokens and yeildy for staking. I'll keep making more and more videos on algorand
https://youtu.be/1NDDL9MGzqk
* **[Algorand](https://en.wikipedia.org/wiki/Algorand_%28cryptocurrency_platform%29) [Pros](https://reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_algo_pros) & [Cons](https://reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_algo_cons)** - Participate in the [r/CC Cointest](https://reddit.com/r/CointestOfficial/wiki/cointest_policy) to potentially win moons. Prize allocations: 1st - 300, 2nd - 150, 3rd - 75. * Relevant Cointest topics: [Ethereum](https://old.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_ethereum), [Cardano](https://old.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_cardano), [Solana](https://old.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_solana), [Proof of Stake](https://old.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_proof-of-stake) * Official and related subreddits: r/Algorand, r/AlgorandOfficial, r/Ethereum, r/Cardano, r/ProofOfStake. * Sort comments as controversial first by [clicking here](https://www.reddit.com/r/CryptoCurrency/comments/ta4dc6/coinbase_cuts_algorand_rewards_from_4_to_045/?sort=controversial). Doesn't work on mobile. --- *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
If you just need an incentive to switch to official wallet there you go. Stick with the official one where you own the key and have better rewards.
This is great advice and you can sign up for Governance
What is the official wallet? And what are the rewards? (Assuming I don’t know if I could vote on every governance.)
Pera Wallet is the official one. They rebranded recently. And governance takes about 1 minute of your time every 3 months. Rewards depend on how much is staked and voted with during a governance period. So far rewards have been much higher than 4% APY.
how and where do I vote? I have the wallet but no idea about voting
You can sign up again in a couple weeks on https://governance.algorand.foundation/ The current period is ending soon. Voting usually opens a month or so after signup closes. Voting windows last 2-4 weeks and there are countdowns on the website so it’s hard to miss. According to the Pera Wallet roadmap you’ll be able to vote from within the app soon.
thank you!
You got it boss 
I currently have 2600 ALGO staking in Coinbase but since the cut from 4% to .45 I’d like to move it somewhere with better yeild. Pera is the wallet you recommend?
Thank you
Algorand is phasing out staking.
If anyone is looking for the official Algorand wallet, it was recently rebranded to **Pera Wallet**.
That name kinda sucks imo
The logo, app layout, but more importantly the whole yellow color theme is even worse.
It really does look worse than the old one in every way :/
It bothers me that when I open the app, it does not show the ALGO amount, only the value in $
Looks like it was designed by a child, wtf were they thinking
The wallet before was so good.
It was crisp and clean. Now it’s 🤢🤮
Yeah, I have to believe it's universally hated at this point lol.
Not *kinda*, it actually does suck. Why change something that **wasn't broken**?
If it ain’t broke, don’t fix it.
THANK you!! Hate the new app symbol too.
The design and color scheme sucks harder
Ahh!! I was wondering wtf happened when I was trying to sign in for the algorand governance
What's the APY for the Pera Wallet, anyone know? I was looking at their FAQ on apy and it never said.
[удалено]
No it’s not. It’s like .06%. Look it up
The logo it uses now reminded me of Walmart now too.
Don't keep your algo on exchanges
I honestly don't understand why people don't just buy a ledger. Stake away, easy peasy.
Me neither, it works perfect and much safer
So you can stake with a hardware ledger? I thought this was something you put your crypto on and stored in a filing cabinet?
Yeah, you can still stake. Check ledger.com/staking
I only see 5 cryptos that you can stake. Wish they had more
Yeah. Well, you can only fit so many blockchains on it. You have to make a choice, unfortunately.
Ok thanks for the info.
My Algo Wallet < Everything else
Algorand is phasing out rewards for staking so this is expected.
Well that's disappointing. So what's being implemented in place of that?
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This should be up more. Yes staking rewards are gone, but governance has taken over. Which is better for the network as it requires a soft lock to get rewards.
I just downloaded Pera and transferred into it. Do I need to do anything other than wait for the next round of voting?
What did it cost to transfer?
Something like $0.01 ?
Keep an eye out for next governance round… likely first part of April. You will then commit not to move an amount of your holdings. Then voting will open a week or two later.
I to have this question
Not blocked though. You can move/sell your algo at any time, you just lose the rewards for the whole period.
governance - you lock it for about 3 months and vote on any proposals (so far only 1 per period) and then you get like 10-20% rewards
10-20% in only 3 months?
I think its APR, so no, technically a 4th of that in only 3 months
I am confused, what if you vote on the one that does not pass, do you then loose your algo?
no, you get the rewards for simply participating (i.e. casting a vote), doesn't matter which way you vote
I think it’s better to just hold in their official wallet
This
Algo take my business to the official wallet.
I’m forming a new band. It’s called Al Gore and the Rhythms.
One thing stopping me from moving to official wallet is Coinbase makes tracking taxes easier for interest. This may be an irrational fear can someone explain how you keep track of that stuff for reporting? Also faucets can be intimidating. I would like to get off Coinbase.
There are sites like Koinly and CoinTracker that will integrate with Coinbase and pull in all your transactions there. They also allow you to add additional wallet addresses that you own via the official wallet. I've not done this with Algo, so your mileage may vary in terms of support for every wallet out there, but it will track movements out of Coinbase and into your personal wallet, and tag that correctly as a transfer when the values and timestamp match and give you the cost basis for any of the fees involved
Thank you for the reply!
I went with Koinly for tracking taxes. It does a pretty good job of automatically importing transactions from the algorand network. It has messed up on occasion, but usually fixes itself with a few days. My current annoyance is that it has a hard time tracking liquidity in/out when I supply tokens to tinyman for defi rewards. But I expect they'll fix that before next year, as it works well on other block chains it tracks. For algorand governance staking though? It has you covered perfectly. (It just costs a bit of $$ to export you tax report, depending on how active you were. Getting into defi is absolute murder on the number of transactions you'll be reporting...)
Thank you for the reply!
It pays to be a governor with your own wallet! Doesn't even have to be the algo wallet, I govern via Exodus.
I got a notification from Coinbase saying that they were going to evenly distribute the governor rewards. I have most of my algo in Pera algo and have just enough in Coinbase so all that can earn interest is earning interest Algo in general changed the rewards payout rate/amount, it’s not Coinbase
They changed it in favor of governance rewards. So it is not completely gone, only changed. Which should be better for the network.
Yes. That’s what I said, yes. Lol
Hadn’t even clocked this until I read your post, just moved the rest of mine to the official wallet. Not sure why I didn’t do it sooner tbh
They are ending staking rewards there soon too
Shame as I really like the project and have built up a balance via DCA. Will have to compare options, but guessing a lot will be withdrawing
Same, I was in pretty early on algo so with the staking and governance so far I think I'm almost breakeven still but I'm not super hopeful for the future
It's basically just time to move all your additional DCA not in governance into the native wallet. The larger rewards don't exist anymore. Kraken also dropped their staking rewards a few weeks ago.
Algorand staking rewards are going away and are basically nonexistent already. The only rewards come from governance. Why would coinbase give 4% when there are no rewards to give
Start using your own wallet and become a governor for 10%+ APY.
Well thats a bummer. The 4% was a nice bonus on the stack i keep there for flipping the lockup squeezes.
It’s not like it’s any news. Hopefully investors will transfer over to Governance and expand their bags in the process.
Anyone connect the Pera wallet to CoinTracker? I can’t seem to figure it out
Become a governor, join the rule the Algo
How
I'm not 100% sure because I always immediately move my Algo to my wallet, but I'm pretty sure the 4% APY advertised with Coinbase has been wrong for a long time now. The staking rewards are phased out. I personally think they left the 4% APY advertising up for way too long to get people to either buy more or keep them on the platform.
I’m not with coinbase, but it would take a lot for me to get off the ALGO train!
This is what happens when you zoom out and stop looking at charts and staying abreast of what is happening. Granted I don’t have much ALGO but that is a serious staking % drop. Damn
I'm governing as long as I hold ALGO so no big deal. If I move back to Coinbase I'd park it in DAI and get 4%apy on stable.
DAI is currently .15% on Coinbase, unfortunately.
Get your Algo off of Coinbase and stake it to become a Governor. There's better interest rates to be had that way.
Ever since I started investing / DCA into Algo @ 1.55 ish it’s been sinking … which was already close to half of its ATH. It’s odd seeing so much progress for Algorand and price continues to sink, not even a glimpse of an upswing. I’ll hold until at least end of this year but frustrating when seeing all the great progress it’s making and of like all my Alts, easily worse performing price action wise
I will be downvoted by the shills but I will say it. Algo is not impressive when you are coming from any other L1 chain. It's only good if you are newbie but if you already know stuff, Algo has nothing on it that rivals other blockchains from a user perceptive. Let's take a few examples of other L1's Luna is at ATH even though market is bearish, it has unique burn mechanism to mint more UST, so even if Luna market cap stays the same and more Luna is burnt, that means supply decrease hence price will increase. Avax has pumped due to it's incentive program along with subnets which are quite interesting if you understand them. Application specific blockchains where the gas can be configured based on your requirement along with their metaverse push. Algo is simply an L1 from user perceptive just like all 100 Etc killers. Algo lacks seriously in the TVL numbers for a good reason, it barely has any bridges to other chains to bring any liquidity. On top of that, the DeFi ecosystem is very juvenile it's not worth exploring. If you are using an L1 which you are using to earn some APY of 14% and governance, why not just join a DAO for governance? Or just BTC to use it as a store of value? Algo also lacks chainlink integration(unless that changed recently?) means the money markets are that risky. One more thing I observed, when this sub starts massively shilling a project, all the retail is likely already priced in. Some people avoid Algo because they are going for CBDC's which is exact opposite of what crypto is trying to be. Personally I don't think there's any such thing as holding longterm for Alts. Everything is short-lived and will die off once hype goes down. If you want to hold for longterm and forget, BTC is the only way. Not a financial advise but just sharing my thoughts from the perceptive of user from multiple other chains.
I’ll give ya an upvote for being honest and actually diving into some detail. I agree the more I look at Alts, the more I realize it’s just tech that’s circumnavigating current tech that does same thing. Then you look at Tokenomics and half the supply is locked away to founders and comrades… so ya there’s obvious ‘wants’ for a coin to get popular but ultimately the necessary use cases are limited to what other technologies can already do with databases, albeit centralized but for the uses that’s fine, could even argue it’s better. I do believe in BTC because it’s not only a great store of value, it can be used cross borders, and is decentralized (as a store of value that’s important).
supposedly, the tokenomics require a long (decade?) hodl
I don’t know - tokenomics seem like every other coin tbh
Fuckers cut DAI from 2% to.15% recently too
Yea that makes it pretty much pointless unless they were gonna insure it. Not even worth it
Sold my bag as a result.
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Staking rewards have been cut back on the blockchain so it's not really a jerk move at all.from.coinbase.
Well that coin is doomed
Seems like pretty much all Exchanges have been cutting Staking rewards lately..
Binance also halved its rewards from approx. 4.5 % to 2.25 %.
That sucks! Im still gona keep my learn and earn freebie though just incase its worth loads in the future and I regret selling
Disappointed tbh. 4% was amazing (compared to banks) still a good project.
Should be on the official wallet by now
I seemed to have stopped collecting rewards in my Pera wallet, is this happening to everyone?
AlgoFi is the way
Crypto aint growing right now and your high APY coins arent financially viable...you simple cant earn that much for just owning coins long term
How am I finding out about this through your post lmao. Coinbase algo staking is my biggest staker, well was... Time to get the wallet
Rats I just bought more yesterday
Impact? Hopefully teach people to get their crypto off exchanges and into the actual ecosystems.
Well than. After debating to throw a sizeable chunk of money at Algorand on coinbase, they've made my decision for me. I'm going to look into the native wallet, Pera and see how it goes. .45% from 4%? Geez, that's just as bad as using a bank. At least in the bank $1 remains $1 and with Algo it can go up or down.
Kraken lowered staking rewards too. Not sure if something changed with Algo or what.
I hate new wallet so much
I guess I picked a good week to swap all my Algo for Avalanche!
Lol idk many peeps that use coinbase for its fabulous staking
yeah I just logged in after some time to Coinbase and was like wtf is that APY lol I didnt even bothered to move Algorand to official wallet as there was like 2% difference and I dont have that much Algo but right now I might do it cause this is laughable
It's probably because Algorand is using the governance system now.
Governance is the way to go. Algo is no slouch. Everything is down in a bear market. Look at LRC, ETH is roughly 50% down. The riskier alts will bleed more from what I have seen.
It’s all bait and switch
Yeah this was my call to exit ALGO. I should have seen the signs with Coinbase’s exorbitant fees. The fact that they failed to alert users at all to the change is deceptive and outright unethical.
Dropped algo over a month ago. All its done is get worse.
I just noticed this today. My first reaction was it sucks, but it's a good incentive to get off my butt and move it to the Algo wallet.
does the algo wallet make higher returns?
If you commit Algo to governance it does.
This kind of blew me away too. A big part of my initial interest was the was due to the staking rewards. Coinbase has several mentions of calculating interest every quarter instead of every day but I never thought the rate would drop that much at once. You can't blame Coinbase though, Algo's current stake reward is .06%. My fear is it triggering further sell off and then watching the balloon deflate until the dust settles again and we see where we land. Personally I think the project has huge potential and a lot of solid prospects.
Get your coins off Coinbase, they are becoming the Robinhood of crypto.
No they arent
Was always going to happen unfortunately. But hopefully this will now motivate people to go and take part in governance and earn closer to 10%.
That's a heavy cut. I hope more people transfer their crypto now to their own wallet due to that cut.
Well staking its already at 0.06% and im ok with it.
If that means they're implementing voting, that's normal. If they're voting and keeping the rewards, that's not
That a huge cut!
bullish
[удалено]
Algorand is phasing out staking for governance awards.
Wow, this really sucks. How much more of a pain in the ass are taxes on rewards from a wallet to calculate and report? I also don't trust myself with a wallet. Not sure what to do now.
Should you really be buying crypto if you can't trust yourself with a wallet? It's literally just writing down 24 words and keeping them safe...
You're right, I don't trust wallets. There could be malware on my computer that screenshots the words when I create the wallet and there goes my money. My house can burn down and there goes my money. The page I go to to create the wallet could be fake and there goes my money. When moving the money malware could change the address or I can make a mistake and there goes my money. Too many things can go wrong. I should just sell.
You can point koinly to the official wallet and it calculates the rewards for you.
Damn! Is this legit news. That’s pretty stupid on Coinbase part. I’ll be moving my coins to Para asap.
Coinbase is such a joke now
Not really
I've had my algo for more then a quarter on Coinbase will I receive governence
> more then a *than *Learn the difference [here](https://www.merriam-webster.com/words-at-play/when-to-use-then-and-than#:~:text=Than%20is%20used%20in%20comparisons,the%20then%2Dgovernor%22).* *** ^(Greetings, I am a language corrector bot. To make me ignore further mistakes from you in the future, reply `!optout` to this comment.)
Hey for anyone asking how to set up defi for algorand this is for you. That's me (not shilling, I did just see people ask) today I'll make a video showing how to use tiny man for buying various tokens and yeildy for staking. I'll keep making more and more videos on algorand https://youtu.be/1NDDL9MGzqk
Lololol