Binance crypto exchange has added support for Solana staking (SOL). According to the exchange, users will be able to receive a yield of up to 43.79% per annum.
#Binance Staking Launches $SOL @solana Staking with Up to 43.79% APY
➡️ https://t.co/4XyZGnv83c pic.twitter.com/nXmSST5pqw
– Binance (@binance) February 25, 2021
The Solana blockchain with a Proof-of-Stake consensus algorithm can handle up to 65,000 transactions per second. Validators help keep the network running and are rewarded in SOL tokens. Binance will become a validator on the Solana network and will distribute rewards to users. Steaks remain “locked” for a specified lockout period of 15 to 90 days.
Binance advertises “high yield and safe earnings” at 43.7% per annum, but on the condition that the maximum stake is only 20 SOL ($ 320 at current prices).
The yield is much lower (in percentage) for those willing to deposit more funds. Users with SOL 10,000 receive an income of 14.49% per annum for a 30-day blocking period. Users who deposit 5000 SOL for 60 days can expect 16.70% per annum.
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