Solana, Avalanche, and Other High-Yield Crypto Staking Is Now Available on Binance US
As of now, the best staking choice is offering an APY of up to 18%.
Customers of the American subsidiary of the world’s largest cryptocurrency exchange, Binance US, can now stake their crypto assets, a move that the company believes will help the company compete with Coinbase and other similar services operating in the United States.
A staking service is now available to Binance clients in the United States who possess any of seven select proof-of-work cryptocurrencies: Binance Coin (BNB), Avalanche (AVAX), Cosmos (ATOM), Livepeer (LPT), and Audius (AUR), which are all listed on Binance’s website (AUDIO). There will be additional alternatives accessible in the future, according to the company’s Twitter feed.
Many blockchain networks use proof of stake as a consensus mechanism, requiring users to lock up their money in order to confirm the next block. It is common for these individuals to receive a reward that is linked to the fees received from that block’s transactions when they validate
There are greater incentives to be obtained by verifying a block with more coins locked up by users. While many blockchains have minimal financing requirements, smaller holders must pool their cash together if they wish to receive rewards from their participation in the network. If you want to participate in staking on Ethereum 2.0, for example, you’ll need 32 ETH (about $57,000 at the time).
For those who do not have the requisite starting capital, cryptocurrency exchanges have emerged as a viable option for staking and earning rewards in a pool.
Binance US’s service, much like those of its competitors Coinbase and Gemini, allows anyone to stake, with various prices depending on the coin chosen. Decentralized video streaming network Livepeer provides 18% annualised return on investment (APY) while the firm promises 6.4% annualised returns on its native BNB coin.
To be clear: these rates are only estimations based on typical staking rewards received in recent months, according to the business.
Because there does not appear to be a lock-up period for Binance US staking, users who have staked their coins can remove them at any point in time. For “facilitating all technical stake requirements,” it does charge a fee.
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