What is Soft Staking on the Binance platform?
Soft Staking is a way to earn passive income from cryptocurrencies without the need to lock them for a specified period, unlike traditional staking which requires reserving the coins for a certain duration. On the Binance platform, users can benefit from this feature by holding their supported coins in the Spot Wallet and automatically receive daily or weekly rewards based on the annual percentage yield (APY) of each coin.
Advantages of Soft Staking on Binance:
No need to lock the coin, withdrawals or trading can be done at any time.
Regular profits added to your account.
A wide variety of supported cryptocurrencies.
Disadvantages:
Profits are often lower than traditional staking.
It requires keeping the coin in the Spot Wallet without transferring it.
Examples of supported coins:
May include: TRX, ATOM, XTZ, and others based on periodic updates from Binance.
In summary:
Soft Staking is an excellent option for users who want to earn income from cryptocurrencies without sacrificing liquidity or flexibility in trading.
