Binance US rolls out high-yield staking for Solana and Avalanche with the current top staking option offering APY of 18% as we can see more today in our latest Binance news.
Binance US, the American affiliate of the world’s biggest exchange is now offering crypto staking services to its clients and it can expect that it will make it more competitive against other US-based rivals. The staking services are available to Binance US customers that hold any of the seven PoS cryptocurrencies like Solana, Binance Coin, Avalanche, Cosmos, Audios, The Graph, and Livepeer. According to the company’s Twitter account, more options will be made in the future now as Binance US rolls up new services.
The PoS is a consensus mechanism that is used by many blockchain networks which required users to lock up coins for permission to validate the next block and when validating, the users can earn a reward that is tied to the fees collected from that block. The more coins that users lock up, the better chances they have of validating the block and therefore generating more rewards. Most blockchains have minimum funding requirements which means the smaller holders need to pool funds if they want to earn rewards so Ethereum 2.0 requires a minimum of 32 ETH to take part in staking.
Crypto exchanges emerged as most primary vehicles for the users with less than the minimum to take part in staking and earn rewards by joining a pool. The US service of the exchange much like the one of Coinbase and Gemini allows anyone to stake depending on the crypto they choose and with the company promising 6.4% annualized returns on the BNB token, it offers 18% APY for staking Livepeer. The rates are subject to change according to the estimates that are calculated based on the average staking rewards that are accrued in the past 90 days.
Staking on Binance seems to lack a lock-up period which means stakers can unstake coins but it does charge some commission for facilitating the technical staking requirements.
As recently reported, The initial coin offering which served as the cornerstone of the launch of the binance crypto exchange in 2017 is getting a new look from federal regulations. According to sources, the reports Tom Schoenberg and colleagues, the SEC is revisiting the origins of the exchange’s Binance Coin for possible violations of securities regulations after its launch in 2017 as the exchange became the biggest crypto exchange on the market by trading volume.
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