Binance.US launches its own Ethereum staking service with an annual return of 6%. – Latest News

Yesterday, Binance.US announced the launch of a service staking Ethereumoffering its users an initial annual return (APY) of 6%. Indeed, these yields are more attractive than those of its closest competitors.

Focus on service staking Ethereum of Binance.US

According a statement Binance.USthe new feature will allow users to start stake out ETH with at least 0.001 ETH (~1.62 $). This is an easier amount to obtain than the 32 ETH required to become a validator Ethereum.

“While it takes 32 ETH for staking directly via the network Ethereumusers can stake on Binance.US with a competitive minimum of just 0.001 ETH.

Currently, Binance offer a better APY (6%) than its competitors. This gives the exchange the ability to double the number of tokens offered, including ADAs, BNB and MATIC recently launched.For reference:

  • Nexo offers 4% APY,
  • Blockfi 4% APY,
  • Lido Finance offers 3.5% APY
  • Coinbase offers 3.25% APY.

Also, the rewards earned through staking will be distributed once the merger ofEthereum ended. As a reminder, this is his proof-of-work pass (PoW) to proof of participation (PoS), brian ShrodeCEO of Binance US, said the team Binance US was thrilled to introduce this feature. In addition, they seek to create new comprehensive collateral products that provide greater value to their customers.

” L’ETH plays an essential role in the ecosystem Web3 wider, and while the network Ethereum continues its transition to La Fusion, we are excited to now offer staking ETH with some of the highest rewards in the industry in terms of annual performance.

What will Binance do in the event of a new Ethereum fork?

Furthermore, upgradingEthereum should take place between September 15 and 16. However, the merger could lead to a new forking which would affect the ability of Binance to protect the responsiveness of its users.

If there is no new forkingusers will be able to deposit and withdraw their ETH without any inconvenience. Nevertheless, suppose thatEthereum splits into other chains involving new tokens. In this case, Binance will reserve the tokens ETH » for version PoS ofEthereum and will credit the number of tokens available in customer wallets prior to the merger. Additionally, the exchange suspended ETH transactions during the merger process.

In short, the stock market is not about to support future forks ofETH. Whatever, Binance announced that the new tokens can be removed from the platform without great difficulty. This is because they won’t be immediately listed until they go through a verification process, like any other token.

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Binance.US launches its own Ethereum staking service with an annual return of 6%. – Latest News

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