Binance has announced a new on-chain staking feature for different cryptocurrencies that will be available through Binance Earn, the passive income section of the exchange. This inauguration will bring with it the launch of Babylon BTC Staking.
The first supported offering is Babylon BTC Staking, where users can stake their BTC and earn on-chain rewards from the Babylon Protocol.
Binance, Cryptocurrency exchange.
Babylon BTC Staking will open for subscriptions on Binance on December 9, 2024 at 06:00 UTC. It will have a total limit of 1,000 BTC staked, with the odds distributed on a first-come, first-served basis. (first come, first served). Participants will be able to subscribe with a minimum of 0.05 BTC and a maximum of 5 BTC.
To participate in Babylon BTC Staking, users must create an account on Binance or access the one already created on the exchange. On the site, you must go to the “Earn” section and select “On-Chain Yields.” This page is not enabled yet, but it will be on the same day, December 9 at 04:00 UTC, two hours before the start of participation.
In addition to token rewards via the on-chain protocol, participating users will receive Babylon points. Binance advises that these points currently have no monetary value and cannot be transferred or converted into currency.
The purpose of these points is not revealed by Binance or Babylon on the X social network in the BTC Staking announcementbut it is presumed that they will provide some type of reward or benefit in the future.
Direct rewards from the chain
According to the exchange, this new feature unites on-chain protocols with the accessibility of a Binance account:
Binance On-chain Yields allows users to easily participate in various on-chain protocols and earn tokens, points, and other rewards directly through their Binance account. With On-chain Yields, users can explore high-yield opportunities within Binance without performing complex on-chain setups or operations.
Binance, cryptocurrency exchange.
Binance has warned that on-chain yield products carry inherent risks, including smart contract vulnerabilities, market volatility, and potential protocol flaws. Encourage users to do extensive research before participating so they are aware that rewards are not guaranteed.
Bitcoin staking through Binance makes it easy for all users to access the Babylon protocol to stake Bitcoin. At the time of writing, direct access to the original protocol through the Babylon website is restricted for some regions, such as Venezuela and Argentina.
It should be noted that the protocol Babylon does not work within the bitcoin network, since this network does not use the proof of stake (PoS). Babylon uses the underlying value of bitcoin to secure a variety of PoS networks, like Suiwhere he recently integrated his Ethereum-2-0/” target=”_blank” rel=”noreferrer noopener”>staking of Bitcoin.
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