Binance USA, a US-based subsidiary of the world’s largest cryptocurrency exchange, is now offering ether ETH/USD Staking with a 6% annualized return (APY).
What happened: In an announcement on Wednesday, Binance US said users could stake ETH through the platform at a competitively low minimum of 0.001 ETH.
Otherwise, to stake ETH directly through the Ethereum network, a user would have to raise at least 32 ETH.
“ETH plays a crucial role in the broader Web3 ecosystem, and as the Ethereum network continues to move towards The Merge, we’re excited to now be able to offer ETH staking with some of the highest APY rewards in the industry,” said the US CEO of Binance Brian Schroeder.
See also: HOW TO STAKE ETHEREUM
The 6% APY offered by Binance US is also competitive by the general industry standard. Coinbase Global Inc COIN current offers ETH bets 3.28% APY but expect this Increase to 9-12% after the merger.
Data from Staking Rewards shows that the number of ETH has increased to 54,800 in the last month. However, average ETH staking revenue has fallen from a peak of $1.68 billion on Aug. 13 to $937 million at the time of writing. The decline was largely due to ETH’s price drop from above $2,000 in mid-August.
Price promotion: At the time of writing, ETH was trading at $1,639, up 4.2% over the past 24 hours, according to data from Gasoline Pro.
