![]() ![]() It’s not a country- or region-specific service - instead, every few months, you can see Binance making the news, regarding some new country that it started operating in.Īnother point that’s likely super-important to anyone who’s looking for Binance staking options is the fact that Binance has a huge selection of different services available on their platform. These are among the main reasons why Binance has been as successful as it is, worldwide. In its own right, Binance has managed to not only become one of the recognizable names in the industry, but also showcase that the company cares both about security, as well as KYC compliance, exponentially. While these titles might not sound like a big deal to some, if you know anything about the crypto industry, one thing’s for sure - time spend on the market and project reputation are exceptionally important. As you can imagine, this isn’t without good reason, either!įor starters, let’s get the obvious out of the way - Binance is the largest cryptocurrency exchange on the planet, and also among the most respected crypto-related platforms, in general. So - why stake crypto on Binance? Well, multiple reasons, really! At the beginning of this Binance staking tutorial, I’ve pointed out that Binance is often considered to be one of the best staking platforms on the market. Unless stated otherwise, though, all of the features I’ll be mentioning will relate to the former platform. If you’re looking for staking, though, read on - I’ll be talking about that, too. Naturally, the first question that you might have is this - why should anyone use Binance staking, specifically? The Benefits of Binanceįor the sake of clarity, keep in mind that I’ll be talking about the international version of Binance. It does, however, charge some commission for “facilitating all technical staking requirements.So, we won’t spend too much time discussing what is staking - instead, we’ll focus on the process of doing so with Binance. Staking on Binance US appears to lack a lock-up period, meaning stakers can unstake their coins at any time. These rates, however, are subject to change, according to “estimates that are calculated based on the average staking rewards accrued over the past 90 days,” the company said. While the company promises 6.4% annualized returns on its native BNB token, for example, it offers 18% APY for staking for Livepeer-a decentralized live video streaming network. Ethereum 2.0, for example, requires a minimum of 32 ETH (worth roughly $57,000 at the moment) to participate in staking.Ĭryptocurrency exchanges have since emerged as one of the primary vehicles for users with less than the required minimum to participate in staking and earn rewards by joining a pool.īinance US’s service, much like that of its competitors Coinbase and Gemini, allows anyone to stake, with varying rates depending on the cryptocurrency chosen. However, many blockchains have minimum funding requirements, which means smaller holders need to pool their funds together if they want to earn rewards. The more coins that users lock up, the better their chances are of validating a block and thus generating more rewards. When validating, these users typically earn a reward that is tied to the transaction fees collected from that block. Proof of stake is a consensus mechanism used by many blockchain networks that require users to lock up their coins for permission to validate the next block. According to the company’s Twitter account, more options will be made available in the future. Staking services are now available to Binance US customers holding any of seven select proof-of-stake cryptocurrencies: Binance Coin (BNB), Solana (SOL), Avalanche (AVAX), Cosmos (ATOM), The Graph (GRT), Livepeer (LPT), and Audius (AUDIO). Binance US, the American affiliate of the world’s largest crypto exchange, is now offering cryptocurrency staking services to its clients-a move that the company expects will make it more competitive against other U.S.-based rivals, such as Coinbase.
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