After Coinbase, Huobi, and OKEx, Binance also launches ETH 2.0 Staking Service

After Coinbase, Huobi, and OKEx, Binance exchange said Tuesday that it will go live with a new Eth2-focused staking service this week. The ETH 2.0 Staking service starting from 2020/12/02 0:00 AM (UTC). The announcement said:

“Users that participate in ETH 2.0 staking will receive BETH* at a ratio of 1 ETH = 1 BETH. In addition, ETH 2.0 staking rewards will be distributed daily in the form of BETH.”

ETH 2.0 Staking:
  • Reward period begins: 2020/12/02 0:00 AM (UTC)
  • Minimum stake amount: 0.0001 ETH
  • Staking APY: 5%-20%, based on actual on-chain staking income
  • Reward calculation: During the ETH 2.0 staking period, BETH rewards will be distributed daily based on user BETH holdings.
  • In the future, if BETH is made available for trading, users will be able to freely trade between ETH and BETH. (Note: The trading price is determined by the market, and the spread caused by the transaction shall be borne by users).

ETH 2.0 is the next generation of Ethereum and uses proof-of-stake (PoS) to secure its network. PoS can generate staking income, but participating in ETH2.0 requires 32 ETH in staking and validator construction technology. In order to lower the threshold for users.

ETH 2.0 began the initial phase of its multi-stage rollout on Tuesday. Yesterday saw the creation of the so-called beacon chain, which serves as a kind of data backbone for the nascent network.

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