Yesterday, Binance has announced a promotion on staking on their Twitter account. The staking period will start on 2022-01-01 02:00 AM (UTC) and will last for 10 days.
Because of the rise of the staking economy, there is a lot of competition for customer attention. In fact, there are many custodial and non-custodial staking products on the market. Custodial management of financial assets is typical for most people. It’s the natural choice for banks, brokerages, trusts, and even personal credit. So companies like Binance provide “custodial staking solutions” in the staking space.
When you outsource your key management to someone else (custodians), you are putting your money and security in their hands. Meanwhile, non-custodial options provide flexibility and freedom for stakers. Binance is one of the trusted custodians for staking.
Binance Staking has officially launched the “Happy New Year Staking” promotion. Above all, it is a high-yielding locked staking activity. Starting from 2022-01-01 02:00 AM (UTC), you can stake your ADA, NEAR, AVAX, SOL, and LUNA to earn up to 35.67 percent APY.
#Binance Staking launches New Year Staking promotion with up to 35.67% APY
— Binance (@binance) December 30, 2021
How to Stake
First, Go to Wallets > Earn > Locked Staking > Locked to examine your Locked Staking assets. The APY is updated daily based on on-chain staking rewards. In fact, the specific APY varies depending on the page displayed on the day. Locked Staking offers have a one-day unlock time.
Users have the option of redeeming in advance. When you choose early redemption, the principal is returned to the spot account, and the distributed interest is subtracted from the refunded principal. Then it takes 48-72 hours to obtain the tokens because of different worldwide time zones.
In the table below, you can see the products available for this promotion.
|Digital Assets||Duration||Max. Locked Staking Limit per User||Standard Annualized Interest Rate||Min. Locked Staking Limit|
|ADA||10 days||300 ADA||35.67%||1 ADA|
|NEAR||10 days||30 NEAR||31.24 %||1 NEAR|
|AVAX||10 days||3 AVAX||15.21%||0.1 AVAX|
|SOL||10 days||3 SOL||32.46%||0.1 SOL|
|LUNA||10 days||5 LUNA||22.34%||0.1 LUNA|
About Binance Staking
Binance is the largest cryptocurrency exchange in the world. Staking on Binance allows users to earn staking rewards while just using the platform. This means increased flexibility and accessibility into staking participation for all chains and all users, without losing liquidity.
Storing your coins on Binance is similar to placing them in a staking pool in some ways. There are no fees, and you may enjoy all of the additional advantages that come with holding your coins on Binance.
You only need to store your PoS coins on Binance. You won’t have to worry about any technical matters since they’ll be taken care of for you. Staking rewards are usually distributed at the beginning of each month.
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