Share this article
Binance users will participate in ETH 2.0 block creation, staking funds to help validate transactions on the new network, and receive rewards in return. The ETH 2.0 update will take years to implement fully, and major exchanges offering staking services are important in its adoption.
Under ETH 2.0, the Ethereum network will use Proof of Stake (PoS) to secure the network and validate transactions.
ETH 2.0 staking requires 32 ETH to generate income, but Binance Staking will allow users to stake smaller amounts and earn funds by staking on-chain.
ETH 2.0 Staking Begins on Binance
Unlike Kraken and Coinbase, which made announcements that staking will be coming at an unknown date in the future, Binance staking launches today.
The lock-up period is still undetermined and will depend on the rate of progress made in the development of ETH 2.0. Binance states that the period may take approximately two years, adding that users will be paid in BETH in the meantime.
On-chain rewards will be measured in BETH at a 1:1 ratio, and this will be paid out starting in January 2021. The exchange anticipates BETH withdrawal and trading launching at that time also.
More information on ETH 2.0 staking can be found here.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Source: Read Full Article