Binance Allows Deposit Staking Rewards

Global cryptocurrency exchange Binance kicked off its dedicated staking platform. And it will enable its users to deposit their token holdings and earn staking rewards. They don’t need to set up their nodes to fulfill minimum staking amounts or time lengths.

Then, Proof-of-Stake (PoS) system-using blockchains, opposing to Proof-to-Work (PoW), nodes in the network that engages in validating blocks, instead of mining them. Also, the deterministic algorithm chooses block validators according to the number of tokens a given node has staked in their wallet. Particularly, it will deposit it as collateral in order to compete to add the next block to the chain.

In addition to that, staking holdings in a PoS network can yield significant returns. But it will rely on the size of the participant’s stake. And this will give investors the chance to earn a form of interest on their holdings. But this will happen if they are willing to lock up their funds to keep and potentially profit from a given blockchain network.

Moreover, in its announcement, Binance unveiled its plans to update its staking calculation methodology. The company wants to establish a more accurate and fair distribution of the rewards. According to the firm, they will achieve this by giving multiple snapshots for user balances within a given day. And it won’t be a single daily snapshot anymore.

Bitcoin Above $8k Mark

Meanwhile, Bitcoin (BTC) did not recover from its painful correction on Tuesday, which showed double-digit losses across the board. Aside from that, all top 20 cryptocurrencies by market cap still struggle after the sudden nosedive on September 24.

Furthermore, the most famous crypto coin further trade sideways. It dropped by 1.75% for the last 24 hours. And it is currently trading at $8,050, with an intraday high of $8,255. But during the better part of the day, Bitcoin found some support over the lower -$8,000 region.