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