Binance Earn Staking
In DeFi, staking involves locking up crypto to participate in various network operations. Initially referring to participating in blockchain consensus exclusively, staking has expanded to include liquidity provider services, yield farming, governance, and liquid staking.
Binance Earn offers three staking products -
Binance Earn ETH 2.0 Staking
ETH 2.0 refers to the post-merge Ethereum blockchain that migrated to the Proof of Stake consensus system. Binance offers ETH 2.0 Staking as its Ethereum liquid staking solution for users' ETH spot positions. Binance levies a 10% interest on ETH staking rewards to cover operational costs, including hardware and network maintenance. Here’s how it works -
Subscribers of ETH2.0 Staking Product receive an equivalent BETH to their staked amount in spot directly.
Staking rewards are also sent in BETH, based on its spot amount. BETH can conduct the same operations ETH does on Binance.
A certain quota of ETH is redeemable against an equal amount of BETH every day.
