In a tweet by Binance US, it said, “Introducing ETH #Staking. Earn 6% APY on #Ethereum. Lock in your $ETH for next-level rewards with the highest APY among major #crypto exchanges in the US. Grow your portfolio while you wait for Ethereum Proof-of-Stake upgrade to launch.”
Binance US announced the launching of Ethereum staking on its platform earlier today, which also happens to be a few days before the Merge event. This makes them the latest crypto exchange to launch the Ethereum staking.
The company announced this new development in a Twitter post, saying;
“Introducing ETH #Staking. Earn 6% APY on #Ethereum. Lock in your $ETH for next-level rewards with the highest APY among major #crypto exchanges in the US. Grow your portfolio while you wait for Ethereum Proof-of-Stake upgrade to launch.”
The Merge is currently anticipated to take place between September 13 and 15, according to Vitalik Buterin. It is expected to join the network’s consensus layer, Beacon Chain, with its execution layer, the Ethereum mainnet, facilitating its complete transition to the Proof-of-Stake consensus protocol.
This move by Binance US has given them an edge over their counterparts, including Coinbase and Lido, which currently offer 3.25% and 3.5% APY, respectively, on Ethereum staking. It is also ahead of crypto lending platforms like BlockFi and Nexo, which offer 4% and 5% APY, respectively, on staked Ethereum.
The higher APY reward was further confirmed by Brian Shroder, Binance US CEO, in a press release;
“As the Ethereum network continues to transition towards The Merge, we are thrilled to now offer ETH staking with some of the highest APY rewards in the industry,"
However, the staking rewards are liable to change based on factors such as the Ethereum transaction fee volume.
It is worth noting that immediately after the Merge, Ethereum users will be able to stake their ETH tokens to secure the network and, at the same time, earn rewards from it.
To earn rewards ranging from 8% to 12% APY means staking a minimum amount of 32 ETH, roughly $50,000, making it out of reach for the average user. Binance has become one of the four staking providers that control two-thirds of staked Ethereum tokens.
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