Binance.US Launches Cardano (ADA) Staking Ahead of Vasil Upgrade

Binance.US, the United States affiliate of the world’s largest cryptocurrency exchange, Binance, has launched staking services for Cardano (ADA), allowing users to earn up to 6.1% APY.

Binance.US Launches ADA Staking

On Wednesday, August 31, Binance.US announced that customers can now stake their ADA on the platform to earn up to 6.1% APY at launch. ADA now joins AUDIO, AVAX, BAND, BNB, ATOM, LPT, MATIC, DOT, SOL, and GRT available for staking on Binance.US.

Binance.US CEO Brian Shroder commented “another week, another new staking offering,” confirming the exchange’s desire to continue expanding its staking options.

The launch comes just days after Cardano announced that Binance had upgraded its node to the latest version (v1.35.3), which is fully compatible with the long-awaited Vasil hardfork.

ADA Staking on Binance.US

As per the announcement, users can now stake a minimum of 0.01 ADA and a maximum of 4,400,000 ADA on the Binance.US platform. Stakers will get an annual percentage yield (APY) of 6.1% on their locked ADA.

Binance.US also explained that there is no unstaking period when users lock their ADA on the platform. Users can get paid weekly and unstake their ADA anytime to access funds in an instant.

On the Flipside

  • Cardano’s founder, Charles Hoskinson, has reiterated that there is no chance that Cardano will burn ADA supply to boost its value.

Why You Should Care

The launch of staking on Binance adds more support for Cardano, which is on the brink of an important upgrade dubbed the Vasil hard fork.

Want an update on the Vasil upgrade? Read:
Cardano (ADA) Founder, Charles Hoskinson, Releases New Timeline for Vasil Upgrade Release

You can now lend and borrow on Cardano – find more details in:
Aada Finance Launches The First Lending and Borrowing App on Cardano Mainnet

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Rate This Article
In order to improve, we give you the opportunity to rate DailyCoin content
Author

Milko is a DailyCoin reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs).