Cryptocurrency exchange Binance announced today (18th) the launch of its Soft Staking product, where users only need to hold specified tokens in their spot accounts and enable the staking feature with one click to automatically earn staking rewards, with no lock-up requirements.
Binance stated: "Soft Staking provides ample flexibility, allowing users to earn rewards while still being able to trade, withdraw, or use their spot assets at any time."
According to Binance's announcement, the income from Soft Staking is derived from an on-chain staking mechanism, where the tokens deposited by users and the rewards distributed are usually the same token. The rewards are calculated based on the daily average balance of eligible tokens in the user's spot account and will be distributed daily to the spot account. Currently supported tokens for Soft Staking include: BNB, SOL, ADA, SUI, TON, NEAR, POL, ALGO, S, and AXS.
Source: Binance
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