On Wednesday, US exchange Binance US has announcedIt is said that it will launch an Ethereum Staking program with an annualized rate of return of up to 6.0%, unlike direct staking on the Ethereum network that requires 32 Ether (ETH), with Binance US requiring as little as 0.001 ETH.
Brian Shroder, CEO of Binance US, said: “ETH plays an important role in the broader Web3 ecosystem. As the Ethereum network continues to transition to The Merge, we are excited to offer ETH staking with rewards. The highest APY in the industry.”
The staking rate of return is partially driven by features such as Binance US’s automatic restake, which allows for compounding of rewards, however, users cannot unstake ETH at this time and rewards will not be distributed. Until Ethereum transitions from proof-of-work blockchain to proof-of-stake. Through the upcoming Merge upgrade on September 15 and then “Shanghai Upgrade” in the future, depending on the success of the Merge, users will be able to withdraw their staking ETH.
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