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Binance’s US subsidiary today announced the introduction of an Ethereum (ETH) staking program ahead of the Merge upgrade. The annual yield (APY) of the staking program is up to 6.0%.
Unlike direct staking on the Ethereum blockchain, which typically requires at least 32 ETH to participate, Binance staking requires a minimum of 0.001 ETH.
Binance CEO Brian Schroeder said while commenting on the new development:
ETH plays an important role in the broader Web3 ecosystem. As the Ethereum network continues its transition towards The Merge, we are pleased to offer ETH staking offering the highest APY rewards in the industry. increase.”
The program’s staking yield is partially enhanced by features such as Binance US’s automatic restaking that allows for compounding of earnings.
However, those who have staked ETH in the movement will not be able to unstake their ETH until the Merge upgrade has taken place and Ethereum has made its first transaction on the Proof-of-Stake (PoS) blockchain.
The integration is scheduled to happen on September 15th, but due to Ethereum’s high hashrate, the upgrade may happen sooner than expected. Users will be able to withdraw their staked ETH from the Ethereum network after another upgrade called the Shanghai Upgrade, which is dependent on the successful completion of the Merge upgrade.
However, due to the complexity of future Merge upgrades, there is no guarantee that the transition will be smooth, and user funds are at risk of long-term returns on invested funds and loss of funds if the upgrade fails. exposed.
