Binance ETH 2.0 Staking Rewards Goes Live; Early Users to Receive ‘Double Rewards’

  • Binance goes live with Ethereum 2.0 staking.
  • The exchange is offering double rewards for early staking users on the platform.

Binance, the world’s largest cryptocurrency exchange, announced that it is supporting the ETH 2.0 staking program starting today on Tuesday. In its press release, Binance also promised early ETH 2.0 staking users would receive extra rewards in its native BNB token.

According to the post, the crypto exchange will reward participants in ETH 2.0 staking with BETH tokens, which are redeemable for ETH at a ratio of 1:1 once ETH 2.0 Phase 1 launch.

“Binance has launched an ETH 2.0 Staking service starting from 2020/12/02 0:00 AM (UTC),” the post reads. “Users that participate in ETH 2.0 staking will receive BETH* at a ratio of 1 ETH = 1 BETH.”

The ETH 2.0 staking rewards will be paid out to users daily in BETH, with the reward period starting immediately after launch (already launched).

Eth 2.0 launched Phase 0, or the Beacon Chain, on Tuesday, starting a multistage process towards a full proof-of-stake (PoS) system from the proof-of-work (PoW) consensus mechanism.

The minimum threshold to stake ETH 2.0 on Binance is 0.0001 ETH with a staking APY of 5% to 20% offered based on the actual on-chain APY at any given time. Once ETH 2.0 Phase 1 goes live, expected in two years, BETH holders will be able to redeem their tokens to ETH at 1:1. The statement further reads,

“In the future, if BETH is made available for trading, users will be able to trade between ETH and BETH freely.”

Staking on Binance is set to reduce the hustle of participating on-chain to receive rewards, cover all validator operating expenses, and bears the risk of on-chain penalties on behalf of the user.

Double rewards for early ETH 2.0 staking

Notwithstanding, Binance is also running a double staking reward program that sees the early staking users receive both BETH token rewards and Binance’s native token, BNB. All KYC-verified ETH 2.0 staking users will receive an additional reward in BNB to the equivalent of their BETH rewards.

The rate will be calculated at the current BNB/ETH rate with the rewards distributed in two rounds – on Dec. 11. And Dec. 16.

Also Read: Coinbase Supports Staking & Trading of ETH 2.0

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Author: Lujan Odera

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