Binance Wallet has launched the Solana Staking Earnings Season event, sharing a prize pool of $1 million!
Currently, the APY yield reaches 7.6%, which is very impressive, even 3 percentage points higher than the Federal Reserve rate!
It can be said that this is a great opportunity for capital arbitrage in the cryptocurrency circle, especially for holders and believers of SOL. You must find ways to improve the utilization of your held assets, allowing your assets to continue earning for you. Simply put: money makes money!
The steps are as follows:
First, prepare the amount of SOL you want to participate with!
First step: Open your Binance wallet and find the 'Wealth Management' option at the top of the homepage to click in!
Step two, after clicking on Wealth Management, pay attention to the activities on the Simple Yield banana page, transfer to 'Solana Staking Earnings Season', click to participate immediately, and scroll down to find Task One and Task Two to stake respectively!
Step three, select the first option in the image below, click to enter, and then in the second image below, stake immediately. SOL will be automatically converted to sSOL. The quantity will be less, but don't worry because sSOL is relatively expensive; it is essentially the same, with minimal loss!
As shown in the image above, this is the display of successful staking, and the annualized rate plus APY is about 16%! That's quite good!
Redemption: The process for redemption is relatively complex. Here’s a simple suggestion: if you want to redeem, you can directly exchange sSOL for USDC, which is the same as exchanging it for SOL and then for USDT or other stablecoins, but this step saves one GAS cost, and the method is simpler. So it's recommended that everyone operate this way directly!
