Binance Wealth Management has recently launched a new financial product called soft staking. By holding supported tokens in your spot account without locking them, you can earn interest. An event has also been launched where 10,000 people can share 50,000 NXPC, with each person getting 5 NXPC on a first-come, first-served basis.
Because this event has certain thresholds and can be easily confused with regular financial management, and since currently it can only be operated via mobile and is not a wallet task, not many people are participating.
Here Brother Chicken will explain in a visual guide how to activate soft staking and receive this 5 NXPC airdrop and interest rewards.
While completing the fur-shedding task, it is necessary to first understand what soft staking is and the precautions involved.
I. What is soft staking and what are the precautions?
1. What is soft staking?
Users only need to hold tokens in their spot account to automatically earn staking profits. Soft staking offers sufficient flexibility, allowing you to trade, withdraw, or use spot assets at any time while earning profits. Currently supported tokens for soft staking include: BNB, SOL, ADA, SUI, TON, NEAR, POL, ALGO, S, and AXS.
2. What profits can be earned from participating in soft staking?
After participating in soft staking, you can earn profits generated through the blockchain staking mechanism.
3. How are profits calculated and distributed?
The profit from soft staking is calculated based on the daily average holding of eligible tokens in your spot account. The system will take a snapshot at 08:00 (UTC+8) the day after you activate soft staking and calculate the average holding based on that. The first staking profit will be credited to your spot account between 08:00 and 16:00 (UTC+8) on the day following the snapshot (i.e., the second day after activation). After that, soft staking profits will be credited to your spot account daily.
4. Are there minimum or maximum holding limits for soft staking?
Yes. Soft staking has a minimum spot holding requirement and also limits the amount of holding that can participate in profit calculation. Any amount beyond this limit will not generate profit. Relevant information can be found on the soft staking page. Minimum threshold: 0.5 BNB, 1 SOL, 150 ADA, 100 SUI, 100 TON, 100 NEAR, 500 POL, 1,000 ALGO, 200 S, 100 AXS.
5. Can I choose which tokens to participate in soft staking?
No. After activating soft staking, all eligible tokens in your spot account will automatically participate and start generating profits without the need for individual selection.
6. If I have open orders in my spot account, can I still earn soft staking profits?
No. Assets that are in a frozen state or in open orders will not generate profits. Please refer to the soft staking terms for details.
7. Do BNB assets participating in soft staking count towards activities like Launchpool, HODLer airdrop, or Megadrop?
BNB assets participating in soft staking will not count towards these activities.
II. How to participate in the 50,000 NXPC distribution event
Sign up to participate in the 50,000 NXPC distribution event, event address: 50,000 NXPC distribution event
Activate your soft staking account
Hold any tokens above the minimum holding requirement in your spot account without placing orders, and wait for the event to end: (0.5 BNB, 1 SOL, 150 ADA, 100 SUI, 100 TON, 100 NEAR, 500 POL, 1,000 ALGO, 200 S, 100 AXS). Since Brother Chicken has always maintained a position of 100 TON, it is sufficient to simply hold 100 TON in spot. For example, if you have 500 POL, just hold 500 POL in spot without placing orders.
The following is a visual guide on participating in soft staking and sharing the 50,000 NXPC event:
