Binance Users Can Now Use The Platform’s Staking Services with Eight Crypto Assets
Binance just revealed that their crypto staking platform is live. Initially, it will support 8 assets: NEO, ONT, VET, XLM, KMD, ALGO, QTUM, and STRAT.
Staking service @Binance. You literally don't have to do anything. Your funds on Binance automatically participate. You can still trade as you normally would.
Keeping it simple!https://t.co/CR0Fqpde6d
— CZ Binance (@cz_binance) September 27, 2019
With Staking, Binance users will be able to grow their funds by receiving monthly rewards & distributions simply by depositing and holding funds on Binance. Users will earn staking rewards without needing to set up any nodes, worry about minimum staking amounts, time lengths, or any other technical requirements.
Staking holdings in a PoS network can yield significant percentage returns, depending on the size of the participant’s stake. This offers investors the chance to earn a form of “interest” on their holdings, as long as they are willing to lock up their funds to both maintain and potentially profit from a given blockchain network.
In the same announcement, the exchange revealed that they have plans to update its staking calculation methodology on Oct. 1, in order to establish what it deems to be a more accurate and fair distribution of the rewards. This will be achieved by providing multiple snapshots for user balances within a given day, rather than a single daily snapshot.
Binance will not be charging a fee on any staking operations upon launch in addition to providing promotional rewards to incentivize users to stake on Binance.
Binance Staking has highlighted Algorand’s (ALGO) previous yield of 21.41%. Interestingly enough, one of the latest reports suggests that
“Algorand cryptocurrency lost 94% of its value in its first three months.”