Binance has launched the “Happy Staking” promo, a locked staking activity that will generate a massive yield for its users. The promo also comes with up to 42.79% Annual Percentage Yield (APY), according to the platform.
Introduction
In a recent tweet on the 21st of April, the world’s leading cryptocurrency exchange announced the new development. The “Happy Staking” promo will allow users stake SOL, ONE, RAMP, OGN, and ROSE. Stakers all stand a chance to earn up to 42.79% APY depending on the respective token. However, this is done with locked staking.
What is Locked Staking?
This is defined as the process of locking your cryptocurrencies or digital assets on a Proof of Stake (PoS) blockchain or with a custodian. The benefit of this process is that users get to obtain staking rewards while also improving the network and aiding the custodian. Binance offers locked staking in a seamless manner to users, typically earning liquidity incentives.
Happy Staking Promo Explained
As stated above, users will earn rewards up to 42.79% APY when they participate in the locked-staking activity. Here is how the process will be scrutinized. The following excerpt from the Binance announcement outlines the details:
Format of Locked Staking: This will be done on a first-come, first-served basis.
Period of Interest Calculation: Starts from 0:00 AM (UTC) upon the date of locked staking confirmation till the end of the products’ stipulated time.
Payout of Interest: Interest will be issued out daily.
Below is a list of available products.
To view locked staking products/assets, users have to go to wallets, navigate to savings, and then click on locked staking. Also, APY is adjusted daily according to on-chain staking rewards, and the precise APY is subject to the page display on that day. The time duration for unlocking locked staking products is 24 hours.
Final Thoughts
As much as the promo is an exciting opportunity for traders, the Binance team has urged users to trade cautiously. However, they will do all their best to provide the best high-quality coins for users.
Source : bsc.news
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