Unlike direct staking on the Ethereum network, which requires 32 Ether (ETH), the new service introduced by Binance US requires only 0.001 ETH. Brian Shroder, CEO of Binance US, commented on the development:
“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.”
Staking yields are partly improved by features like Binance US’ automatic restake, which allows for the compounding of returns. Users, however, cannot unstake ETH at this time, and rewards will not be distributed until Ethereum first switches from a proof-of-work blockchain to a proof-of-stake blockchain via the planned Merge upgrade on September 15.
Users will subsequently be able to withdraw their staked ETH via a future Shanghai upgrade subject to the successful completion of The Merge.
There is no guarantee that the transition will be smooth due to the complexity of the upgrade. If the update fails, users’ funds are thus vulnerable to hazards such as a delayed return of funds or a loss of capital. Binance US claims it has no control over how much ETH investors can receive back. At the time of publication, 21.6% of Ethereum nodes had not yet been upgraded to The Merge.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…
As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…
With the crypto market reaching new peaks, many are eager to discover digital currencies poised…
XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…
Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…
There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…
This website uses cookies.