The BNB coin is primarily used for transactions on the Binance exchange, the largest crypto exchange by volume. BNB is a utility token that powers the entire Binance ecosystem. Binance’s growth has affected the value of the BNB coin and its popularity.
BNB offers its holders a chance to earn from their crypto. Binance users can earn rewards for staking their BNB, among other things. Lately, there’s been several questions asked about BNB staking. Here are some of them.
Why Stake BNB?
There are several reasons why holders of a given token or coin participate in staking pools. A solid reason for token holders to participate in staking BNB is that it will enable them to earn passive income throughout the period BNB remains part of their portfolio. It’s always best to allow your money to fetch you more money instead of leaving it idle.
Also, If you plan to be a long-term holder of BNB because of its potential future gains or value, staking your BNB is a good mechanism to hodl your token as it can prevent you from attempting to sell your bags during a bearish cycle.
Lastly, staking your BNB (this is limited to Binance users) can enable you to qualify for launchpool, where you can stake new tokens and earn profit.
Where to Stake BNB
Staking is a popular way to earn from your crypto, and BNB affords you the chance to do that too. You can stake your BNB on Binance or Trust Wallet. Both processes are straightforward and easy to use.
How to Stake BNB
Staking BNB on Binance
- Open your Binance App. If your Binance wallet is funded with BNB. Go to the Binance App homepage and click on Earn.
2. From the recommended products, click on BNB.
3. Choose the type of BNB staking you’d like to participate in.
Liquidity Staking: this will require you to lock your token for a given period to earn yield.
BNB Vault: this will enable you to participate in Savings, Launchpool, DeFi staking, and other projects and gaining rewards at the same time.
Liquidity Farming: this doesn’t allow single asset staking but will require you to stake BNB and another crypto that’s available in the pool.
Staking BNB on Trust Wallet
- Open your Trust Wallet App
Note: Trust Wallet enables users to hold BNB on BEP2 and BEP20/BNB Chain. It is important to know the network each BNB on your Trust Wallet dashboard is built on, so you can copy the correct address before you send funds into your Trust wallet.
BNB on your dashboard represents $BNB coin that is built on Bep2 (See the image below).
Smart Chain on your dashboard represents $BNB coin that is built on Bep20 (See the image below)
Deposit BNB into your BEP2 address on Trust Wallet, as that’s where the staking option is available.
2. After funding your BNB on BEP2, click on BNB from your dashboard.
3. Click on Stake
4. The next page will display the amount of BNB you have, the minimum amount of BNB required to stake, your expected yield, and the lock time.
Click on the Stake Button to stake
5. Finally, specify the amount of BNB you want to stake and confirm your transaction.
Staking BNB is a good way to put your token to use. However, we advise that you do your own research before any investment or financial decision
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