Binance US, the US arm of the world's largest crypto exchange, Binance, announced that customers can now stake their ADA on the platform to earn up to 6.1% APY at launch with no unstaking period for which users have to keep their assets locked to earn rewards. This article is guide to how to stake cardano on Binance US.
Customers can stake their ADA on the Binance US platform to earn up to 6.1% APY at launch without having to keep their assets locked for an unstaking period.
It should be noted that users can stake between 0.01 and 4,400,000 ADA. Cardano's ADA joins assets like AUDIO, AVAX, BAND, BNB, ATOM, and GRT that are available for staking on the exchange.
The listing on Binance
US is a win for ADA. Notably, the exchange has over $278 million in trading volume over the past 24 hours, making it the third largest in the US after Kraken and Coinbase. In addition, it is well known for its security and low fees .
How to stake cardano on Binance US
- Ensure you have some ADA in your Binance Spot wallet.
- Go to the Locked Staking page of Binance.
- Choose a lock period on your ADA, usually 15/30/60/90 days.
- Click Stake Now.
You're done!
The rewards will be distributed regularly back into your Spot wallet. Although you will lose your rewards, you can actually withdraw your ADA during the locked period.
The main benefit of staking on an exchange is the convenience — your ADA tokens are often already there.
You don't have self-custody of your tokens, which is a disadvantage. You're in trouble if the exchange is hacked or if they for whatever reason refuse you access to your account.
