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how to stake your coins on finance finance has three different flavors of staking and that’s staking defy staking and eth 2.0 staking we’re gonna get into all of that and you want to stake your coins because you earn more coins you get these rewards for helping process transactions on the.
Network and binance helps facilitate that by allowing you to stick your coins on their platform and we’re gonna get into more details on that so if you can help me out.
Now by hitting that like button i would appreciate it and if you don’t already have the binance app you can download it with a link in the description because we’re going to be using the binance app to stake coins on binance so let’s get started let’s take our coins on binance so here we are at the home screen select more scroll down to finance and select staking this is staking and defy staking right.
Now let’s focus on staking let me show you what you’re looking at here this is the coin the interest rate the minimum amount you.
Need and then the lock up time so it’s going to be 30 60 or 90 days in most cases as you can see the interest rate will vary between 30 60 or 90 days depending on the coin and in some cases the coin subscription may be sold out so if you want to subscribe to the grt 90 day plan it’s.
Not available and it might be in the future it just depends on how many users are signing up to stake on finance so get started before everyone else does.
Not financial advice but this is just a tool for you to earn more cryptocurrency with your current cryptocurrency if you want to find what coins are available generally just hit search and then you’ll get a list in alphabetical order if you want to stick that coin through binance you’re going to.
Need to have that coin in your spot account so you actually have to be holding that coin to start staking it right.
Now i have some.
Near in my account so we’re going to stake that for this example let’s scroll down to.
Near and then we can see the interest rates we have 90 and 60 days those are sold out but the 30-day plan is available so i’m going to select stake.
Now and then it shows us the 30 60 90 days again and how the product is sold out so we’re going to stick to 30 days then we can select the amount of the coin we want to stake and the minimum here is one and the maximum is 10 000.
so right.
Now just gonna stake one coin and then we scroll down to the summary and it shows us the state date value date and redemption date there is a rolling time period of what constitutes a day when staking so you can see here that it would start tomorrow for me at 8 00 am and then the redemption date would be available 6 p.m a month from.
Now so the contract is a little more than 30 days and if you want that full interest your coins have to be locked up for that entire 30 days if you want to get out early that is possible but it does take a few days for your coins to be unstaked so be aware of that your funds won’t be immediately available if you decide to unstake right away and we’ll get into that so we are gonna stake one.
Near for.
Now i have read and agreed to the finance service agreement you should read that hit confirm and.
Now that coin has been locked in the staking so.
Now we are earning interest but we will only earn that interest if our coins stay for that full amount of time once again the typical plans are 30 60 or 90 days if i sign up for a 30-day plan my coins have to be there for the full 30 days for me to earn interest i can withdraw my coins early it will still take about two days to get them back but i won’t earn any interest so if i want to sign up for the 30 day plan and i stay for one day 10 days 29 days and then try to withdraw my coins early i will be able to get my coins back but i won’t earn any interest that interest will be forfeited and i will show you that.
Now by withdrawing the mir we just deposited from the home screen select wallet go to earn scroll down and then we can see here.
Near locked staking select that and then hit redeem and then it also warns us redeeming in advance will result in a loss of interest that you have earned so if i’m okay with that i can still redeem it and then i hit confirm and.
Now my.
Near redemption has been confirmed so we have to select our view history to see when it will be unlocked and then you can see here the coin is being redeemed today is the 22nd of july at 1 25 pm and the coins will be unlocked on the 24th at 6 pm so when your coins get redeemed through binance there is a set time and expect that to be a little less than three days.
Now i am staking some other coins here mdx and ksm and you can see what’s happening with that for mdx i have been staking for 19 days and the interest i’ve earned that’s 0.66 and if i want to look at more details we look at my wallet in binance urn and at the top right here there is a history button and then we select the drop down go to locked staking and then select interest at the top right and then it shows us the daily interest we’ve been earning through locked staking.
Now this hasn’t been redeemed yet i have this interest earned but it hasn’t been brought into my account until i complete that locked period of time of 30 days in this situation sometimes 60 or 90.
staking versus defy staking with staking you are sticking your coin with a specific coin and then you get those staking rewards so that’s how you get your passive income.
Now with defy staking decentralized finance you are sending your coins to a defined mining project and then that’s where the risk is because if your funds are lost through this d5 mining project binance isn’t going to be responsible for any lost funds and that’s why we see a risk warning there so you have to be careful and understand that risk binance does its absolute best to vet these projects and make sure it’s safe for finance customers but there’s.
No guarantee in the future that an exploit may happen within the smart contracts finance can’t make that guarantee which is why we see this risk warning and.
Now let’s do some defy staking so from the home screen select more scroll down to finance and select staking at the top right defy staking that is the risk warning i was just talking about and it takes up a lot of the screen we already went over that i’m going to minimize that and.
Now you can see what coins are being offered the interest rates and the protocol so you can see there’s venus finance smart chain hard maker and that’s it this is in search coin so you can just see the list in alphabetical order and you can see everything very easily so if you have some busd you want a stake you can stake it for a flexible interest rate of 4.49 through venus let’s take some busd i’m going to hit stake.
Now and we can see that it is a flexible amount and the minimum to participate is very very low it is point zero zero zero one b usd so less than one penny and the maximum amount is forty thousand b usd so for this example let’s just put in one b usd and then we can take a look at the summary interest is earned daily the redemption period will be one day and the estimated apy will be 4.49 percent i have read and agreed to the finance service agreement hit confirm and.
Now my 1b usd is in the d5 staking so let’s check it out in our wallet but let me show you from the home screen so you know how to get there select wallet scroll to the right and select earn and then you should see defy staking we select that select redeem and.
Now we can redeem our funds so we can redeem some of it or all of it let’s say i want to redeem 0.1 busd i can do that and the redemption will be available a day and a half from.
Now so the redemptions will happen 6 p.m daily and it takes a little less than three days to get that back just be aware since you are on d5 staking these coins are being sent somewhere and then they have to get sent back to your wallet so i am going to confirm and my redemption has been confirmed we can view my history and see what’s being redeemed we can see that i have 0.1 busd redeeming and i will receive that on the 24th at 6 p.m and if i want to see the interest i’m earning we’re going to start again from the home screen we’re going to select wallet scroll over to the right select earn and then at the top right we can see our history and then the drop down here select defy staking high risk products of course just remember high risk and select interest and this will show the interest we’re getting from d5 staking.
Now i do have some bnb being staked on binance smart chain so these are the interest rewards i’ve been getting daily.
Now that you got a primer on staking and defy staking let’s do some eth 2.0 staking so right.
Now ethereum is on a proof of work system and they’re transferring over to proof of stake so you won’t.
Need any mining hardware to earn ethereum.
Now to earn more ethereum you just have to have ethereum you just have to have that stake and with finance you can stake each 2.0 right.
Now so from the home screen select more scroll down to finance and select eth 2.0 so i’ve been staking some eth 2.0 with binance and you can see how much i’ve earned in total and how much i’ve earned yesterday so with binance you will be earning interest daily on eth 2.0 and right.
Now the interest rate is 6.19 percent as more people stake their eth that amount is going to drop if less people stick their eth that interest rate is going to go up so let’s take some ethereum so when i stake my ethereum it’s going to transfer my eath to beef that’s b eth beth or however you want to see it it stands for beacon ethereum and that’s going to represent your ethereum 2.0 stake so you will be trading eth for beef and i can do that.
Now if i have any ethereum i can convert that to be eth but i can’t convert it back so that is.
Not an option uh you can see the risks here i’m going to read this for you your stake eath must be locked during the first phase of the east 2.0 upgrade during this lock-up period your staked east cannot be redeemed that’s right it’s going to be be and if you want to convert your be back to eath you can do that by trading on binance since beef is a tokenized asset we’ll get into that right after this.
Number two you will be able to redeem your staked eath when the first phase of the east 2.0 is completed which can take up to 24 months so there is a time period but once again there is a way around that be eath is a tokenized asset representing your staked eath on a one-to-one basis finance distributes your be eth to your spot account and lastly you can swap your be tokens back to eth after the completion of the first phase please.
Note that you will receive eth equal to your be holdings at the time of the swap so even though you’re converting your eth to be eth.
Now when the upgrade is completed the be ease will be converted back to regular eath at a one to one ratio and if you convert to be eat.
Now you will be earning daily rewards on your be your ethereum and uh yeah you get a little yield on that so i am going to do a conversion i already have some in here but let’s do point zero zero zero one at the bare minimum select confirm i understand we went over this and my eat is.
Now be beacon ethereum so we go to our spot wallet and we can see that there is be eth in my account that’s more than what we converted but i already had some there and we can trade it so you can see go to trade be eath to eat so if you didn’t want to trade your beef back into eat you can do that by trading in this trading pair but you won’t get that one-to-one ratio so be aware of that.
Now let’s see our be eth earnings we can do that select wallets go to earn select the top right for history select that drop down and then we can see fixed terms eth 2.0 staking.
Now we can see the east i just staked at point zero zero zero one but if you do hold any be eth in your spot wallet you still will get that daily yield so if you look at distribution you can see that i’ve been earning be eth from be tokens that i’ve been holding in my spot wallet for the past several weeks so that’s how you see your rewards and just to show you i’m in my spot wallet and i have be just sitting here and i’ve been earning rewards on that so you don’t.
Necessarily have to keep it in the urn section i know there’s multiple wallets it might be confusing but as long as you have be eth in your spot wallet you will be earning rewards daily and that’s how you stake on binance if you can help me out right.
Now by hitting the video with a like or if you don’t have the binance app you can download it with a link in the description