Staking is already a common method of passively earning cryptocurrency. Many big exchanges are now allowing their users to stake crypto on their networks, proving just how popular it has become.
With all the criteria considered, one might claim that Binance is the best cryptocurrency exchange that allows users to stake, particularly when compared with its competitors.
Binance is the best and the largest crypto exchange in the world. Staking on Binance offers the user the opportunity to earn staking rewards while utilizing the platform as usual.
Removing barriers to staking activity for all networks without sacrificing full liquidity implies greater flexibility and availability for everyone.
In 2021, Binance staking offered a “High Yield Staking Offer,” allowing users to stake CAKE, ADA, EOS, TRX, and DOT to gain as much as 37.49% APY.
Staking on Binance
Binance’s staking mechanism provides a wide variety of options. The service allows users to evaluate all of their possibilities and the related risks before making any decisions.
Binance provides CAKE staking that allows CAKE holders to stake for varied annual percentage yields (APY)
Basically, Binance offers DeFi staking that can either be flexible or Locked.
You can get a greater interest rate by locking money away for a certain period in Locked staking. However, flexible staking allows you to stake your assets and withdraw them anytime you want.
Meanwhile, staking programs differ according to their APY which determines their risk. High APYs come with a higher level of risk, whereas low APYs are more stable investments.
Steps to stake CAKE on Binance
Here’s how to stake CAKE on Binance
- Login into Binance
- Go to Staking
- Choose “Locked Staking” option
- Select CAKE and view staking details
- Fill in the details and click “Confirm”
1. Login into Binance
First, you need to sign in to your Binance account.
2. Go to Staking
Now, select Earn > Binance Earn where you’ll see 2 options: Locked Staking and Defi Staking
3. Choose “Locked Staking” option
To stake CAKE, go to “Locked Staking” and then search for CAKE.
4. Select CAKE and view staking details
In the search result, you will see the token, and other staking information like its APY yield, durations available, and Minimum Lock Amount. Choose CAKE, then select “Stake Now” to get the staking details.
Staking CAKE on Binance is now available for 30, 60, 90, and 120-day periods. There is also a required limit amount for Cake tokens.
You have the option of selecting Flexible or Locked staking, and you can also make adjustments to the period. You will subsequently see the APY.
The term “flexible” refers to the ability to retrieve assets that you may have staked at any moment. Binance will send the redeemed CAKE to your Spot Wallet the next day.
By “locked,” we mean that you have staked your CAKE for a specified period. Higher APYs are available with Locked Staking, but you’ll have to hold your funds throughout the entirety of the interest period to take advantage of them.
You may still withdraw your funds before the conclusion of the locked period at any moment, but you will not earn any interest that has accrued during the staking period.
The next day, Binance will release your invested funds to your Spot Wallet.
5. Fill in the details and click “Confirm”
Examine all the parameters carefully. Below are the APY for staking CAKE under different products:
1. Product: Flexible Savings
- Est. APY: 12.00%
- Duration: Flexible
2. Product: Fixed Savings
- Est. APY: 25.00%
- Duration: 7 Days
3. Product: Locked Staking
- Est. APY: 70.56%
- Duration: 90 Days
4. Product: Locked Staking
- Est. APY: 79.87%
- Duration: 120 Days
Fill in the amount of cake you wish to stake
Check the Binance staking service agreement box
You have successfully staked your CAKE, and you will now begin earning interest in it. Bravo!
You can access info regarding your stake by going to Wallet > Earn > DeFi Staking.
After the success of the stake, Your spot wallet will start receiving interest the next day at 00:00(UTC) and every day after that.