Binance Now Supporting PoS Staking, Operated by Binance Pool
We are excited to share new features and benefits on Binance Staking, including more options and returns with our new support for PoS (Proof of Stake) networks operated by Binance Pool. This means that our users can stake more high market value tokens as the PoS market and its benefits are expanding.
By staking through Binance Pool’s crypto mining platform hosted on Binance.com, both users and miners are provided with a more convenient service and higher profitability potential.
New Features and Services on Binance Staking
More Flexibility in Staking Periods
Users now have more flexibility in the staking and unlock period. For example, if users participate in Cosmos’ on-chain voting, the 21-day minimum period for holding of assets before the unlocking period for its ATOM token means that the crypto is frozen and cannot be transferred or traded. But on Binance Staking, users only need to hold ATOM, and even with the crypto they handle for trading and pending orders, they can still enjoy a high annualized income. (The latest annual income distribution rate is at 6.80%, according to our data.)
If we take EOS as another example, users can choose either to stake EOS for seven days, 30 days, or 90 days to have the opportunity to participate in higher rewards, or to simply be able to hold their EOS tokens to receive standard rewards.
Larger Earning Power and Rewards
Whether it’s PoS or PoW, Binance Pool and its Staking operation allow users to earn more. In the PoW domain, Binance Pool distributes all mining rewards and network fees to users and maintains the lowest fee in the industry with a rate of 2.5%. In the PoS domain, we provide higher returns on the same token in the market.
For example, our EOS return rate is 30%-50% higher than other crypto mining platforms and staking EOS for 90 days on Binance.com would generate a 6.79% rate of return, compared to 4.82%-4.80% on other platforms during the same 90-day staking period. We can also see additional bonuses; for example, users depositing GXS into a customizable locked savings offering are able to win/earn from a pool of 40,000 GXS. The returns on DASH, for example, would be 48%-90% higher than other mining platforms with different lockup periods. To participate in Binance Savings for EOS and Dash, click here.
To date, Binance supports up to 26 tokens for staking, allowing users to freedom to earn and stake more tokens by providing multiple and diverse choices.
Convenience, Lower Barrier to Stake
Users are able to connect to all of the PoS tokens services from a simulated staking page on Binance.com and also hold and stake multiple tokens without downloading different wallets, allowing for a more seamless process.
Binance Staking aims to provide more advantages to both the crypto holders and miners. For miners, they are required to have large experience or technical knowledge in this space to participate in staking voting; including the staking period know-how and going through a preparation process, such as downloading separate wallets. This is a substantial barrier to entry. Binance Staking hopes to lower this barrier by allowing users to stake and participate in the ecosystem by simply using their Binance account, and allowing more PoS miners to focus on their earning ability.
For token holders, specifically for PoS projects, the staking participation rate is directly related to network safety. The higher the staking ratio, the safer the network. Binance Staking allows more users to join the PoS ecosystem, which increases the staking ratio and enhances network safety while encouraging the sustainable development of the larger blockchain ecosystem.
The team at Binance and Binance Pool continue to implement their philosophy of user-centric services and products and are continuously working towards enhancing the user experience and benefits. We encourage our community to share feedback and engage with us by visiting https://pool.binance.com/.
Cryptocurrency investment is subject to high market risk. Binance is not responsible for any of your trading losses. The opinions and statements made above should not be considered financial advice.