Staking and Farming are ways to earn passive income with your cryptocurrencies by locking them or using them in decentralized finance (DeFi) projects. Here I explain both concepts and how to use them on Binance.
1. What is Staking and Farming❓
Staking: You lock your cryptocurrencies to validate transactions on a blockchain network and earn rewards. It is common in coins like BNB, ADA, DOT, etc.
Farming (Yield Farming): Depositing your cryptocurrencies in DeFi protocols or liquidity to earn interest and additional tokens. It's riskier but with higher returns.
2. How to do Staking on Binance🔎
Step 1: Access Binance Earn
-Log in to your Binance account.
-Go to the "Earn" tab in the top menu.
-Click on "Staking" or "Simple Earn".
Step 2: Find a coin to stake
-You will see a list of cryptocurrencies available for staking.
-Look at: Staking duration: Options like 30, 60, or 90 days (locked staking) or flexible (you can withdraw at any time).
-APY: Annual percentage yield.
Step 3: Perform the staking
-Select the cryptocurrency (for example, BNB or ETH).
-Click on "Stake Now".
-Enter the amount you want to lock.
-Confirm the operation and wait for the rewards.
3. How to do Farming on Binance (Launchpool)🚀
Step 1: Access Launchpool
-Go to the "Earn" menu and select "Launchpool".
-Here you can see available farming projects.
Step 2: Choose a farming pair
-Select the token you want to farm.
-Make sure you have compatible coins (for example, BNB, BUSD).
Step 3: Deposit your coins
-Click on "Stake" in the corresponding pool.
-Enter the amount you want to lock and confirm.
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