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The largest cryptocurrency exchange in the world, Binance, announced on Wednesday that users can now stake their ADA (Cardano) on the platform to earn up to 6.1% APY at launch without having to keep their assets locked for an unstaking time to receive rewards. https://twitter.com/BinanceUS/status/1565036220203159555
Cardano's Staking Support
It should get noted that users can stake between 0.01 and 4,400,000 ADA. Cardano's ADA joins other products that can stake on the exchange, including AUDIO, AVAX, BAND, BNB, ATOM, LPT, MATIC, DOT, SOL, and GRT. For ADA, the listing on Binance.US is a success. The exchange has over $278 million in trade volume over the past 24 hours, making it the third largest in the US after Kraken and Coinbase. It is also widely renowned for both its security and affordable prices. It's important to note that Coinbase offered Cardano staking support in March. At its debut, the top exchange gave consumers an APR of 3.75%. Notably, the statement increased the asset's price from roughly $0.8 to above $1.
Cardano Vasil Hard Fork Update
It is important to note that Cardano is about to undergo a crucial update known as the Vasil hard fork. Upgrades to the Cardano protocol have historically caused bullish price movements and raised demand on various exchanges. The Winklevoss twins' well-known cryptocurrency exchange Gemini introduced support for Polygon (MATIC) staking in August in the United States, Hong Kong, and Singapore. The business said it would raise other Proof-of-Stake currencies, such as Polkadot (DOT) and Solana (SOL). In February 2021, Binance first made support for Cardano staking available. Early in August, Sygnum Bank, a Swiss company, permitted its users to bet on the ADA token.