Binance, the world’s largest cryptocurrency exchange by trading volume, has announced that it will be staking VeChain (VET). Binance will be using its “Binance Cloud” service to offer staking to its users.
This is big news for both Binance and VeChain. For Binance, it further cements their position as a leader in the cryptocurrency space.
For VeChain, it gives them much needed exposure to a wider audience and could lead to more adoption of their blockchain platform.
The announcement was made during a live stream on September 3rd. Binance CEO Changpeng Zhao (CZ) was joined by VeChain CEO Sunny Lu to make the announcement.
Binance has been offering staking for a while now, but this is the first time they are offering it for VeChain. CZ said that they chose VeChain because it is a “very strategic project” with a “great team”.
He also said that he expects staking to be popular with Binance users because it is a “very easy way to get returns on your crypto assets”.
For those not familiar with staking, it is a way to earn interest on your cryptocurrency holdings. When you stake your coins, you are essentially locking them up for a set period of time.
In return for doing this, you are rewarded with interest payments. The amount of interest you earn will depend on the specific coin you are staking and the length of time you stake it for.
NOTE: This warning note is to advise users that they should exercise caution when considering the use of Binance to stake a VET (VeChain Token). Staking a VET involves putting funds into a smart contract, and there are some risks associated with this process. Users should be aware that if the smart contract fails for any reason, their funds may be lost. In addition, users should also understand the potential risks of staking with Binance, including possible technical issues or security vulnerabilities. Finally, users should always do their own research and due diligence before staking any digital asset.
The minimum amount of VET that can be staked is 1,000 (which is currently worth around $16). The maximum amount that can be staked is 10,000,000 (which is currently worth around $160,000).
The interest rate for staking VET is currently set at 5%. This means that if you were to stake 1,000 VET for 1 year, you would earn 50 VET as interest payments (5% of 1,000).
It should be noted that the interest rate for staking VET may change over time depending on the amount of VET being staked by all users. Binance will also charge a 10% fee on all interest payments.
So if you were to earn 50 VET in interest payments, Binance would keep 5 VET and credit you with 45 VET.
The minimum stake period for VET is 1 day and the maximum stake period is 365 days. There is no limit on how many times you can stake or unstake your VET.
You can also choose to receive your interest payments in either VET or BUSD (Binance’s USD-pegged stablecoin).
This news comes just a few days after Binance announced that they were launching their own decentralized exchange (DEX). The DEX will run on the VeChain blockchain and will use the same staking mechanism to reward users who hold VET in their wallets.
So does this mean that Binance is bullish on VeChain? It certainly seems that way! By offering staking services for VET and launching their own DEX on the VeChain blockchain, Binance is giving VeChain some much needed exposure and helping to drive adoption of their platform.
7 Related Question Answers Found
Yes, you can stake your VET tokens on Binance and earn rewards. The process is simple and straightforward, and the rewards are significant. Here’s a step-by-step guide on how to do it:
1.
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