Binance launches a new program for Ethereum staking | Offering 6% APY | Low Barriers, low risks
New program of Binance US
One of the most popular crypto exchanges Binance has declared a new program of Ethereum staking offering 6% Annual Percentage Yields (APY) in a compounding manner of the returns with facilities of the minimum requirement of only 0.001 ETH to be staked.
Last Wednesday CEO of Binance US, Brian Shroder declared about this program, said: As the Ethereum network continues to transition towards The Merge, we are thrilled to offer ETH staking with some of the highest APY rewards in the industry.
Features of the new program
It seems as a lucrative program of Binance US for the ETH holders who can stake the ETH and get returns of 6% APY under this offering whenever its market competitor Lido is offering a 3.5% Annual Percentage Yield and another exchange Coinbase has an offer of only 3.25% Annual Percentage Yield.
Though the other competitors, who have ETH staking opportunities for their users, offer a little bit more APY like BlockFi which gives a 4% yield, and Nexo which gives 5% APY, it is still now a more petite figure, and holding higher risks than the newly declared program of Binance.
Binance US will automatically restake the yields, so the returns will be calculated in the compounding rate of return method which will increase the actual rate of return in staking ETH. The program is set considering the upcoming long-awaited event of the Ethereum titled the Merge scheduled for 15 September of this month at which the second largest cryptocurrency will be transmitted to the proof-of-stake network.
Users opportunity to stake with low barriers
Due to this upcoming event, now the users cannot unstake their ETH and no yields will be distributed until the successful completion of the Merge. After the event, the users will get access to ETH staking under the new program that will make the Ethereum network more secure and stable with ETH rewards as discussed above.
I think it's a great initiative from the Binance US for the crypto lovers who want to invest in Ethereum and are looking for opportunities to stake ETH with comparatively higher returns facing lower barriers and lower risk. It may boost the market stability of Ethereum in this volatile market time.
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VEIGO (Community Mod)
This is great, a lot of users will consider this ahead to the Ethereum merger day
This is a wonderful information that you have shared brother. Keep updating us on this kind of topics, thanks
There has been a lot of updates on Ethereum recently.
I believe the price will soon sky rocket