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High-reward Ethereum staking on Binance US
On September 7, the U.S. subsidiary of the leading digital assets platform Binance made an announcement that it would launch low-barrier Ethereum staking with high rewards up to 6.0% APY. While direct staking on the Ethereum network requires 32 Ether (ETH), you only need 0.001 ETH when staking on Binance US.
This is a big step to compete with other crypto lending platform. Coinbase, Lido, BlockFi and Nexo offer only 3.5%, 3.25%, 4% and 5% APY on ETH staking, respectively.
However, staking rewards can change according to Ethereum transaction fee volume and other factors.
In a press release, Brian Shroder, CEO of Binance US stated:
“ETH plays a critical role in the broader Web3 ecosystem. 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.”
>> Related: Guide to sign up for Binance account update 2022
Binance US supports The Merge
The staking yields are partly boosted by functions like Binance US’ automatic restake, which allows compound returns. However, it is impossible for users to unstake ETH at this time. Only when Ethereum first transits form PoW to PoS consensus mechanism, they can receive rewards. After that, if the Merge upgrade is completed through “Shanghai Upgrade”, they will have ability to withdraw their staked ETH.
Binance US has made an effort to provide new staking service with better value for customers.
“As the Ethereum network continues to transition towards The Merge, we are thrilled to now offer ETH staking with some of the highest APY rewards in the industry,” Brian Shroder added.
Because upgrade process is complicated, the funds of users can deal with risks of the prolonged return of funds and they can even lose your principal when the upgrade fails. Binance US doesn’t control over the manner and ultimate amount of staked ETH investors can receive back.
21.6% of Ethereum nodes are still out of sync with The Merge upgrade as of the time of writing.
