Binance recently launched a new financial project, translated in Chinese as 'staking' and in English as 'Soft Staking'. By holding supported cryptocurrencies in spot trading without locking them, you can earn interest. An event was also launched, activating staking, where 10,000 people share 50,000 NXPC, first come first served, with each person receiving 5 NXPC.
Because this activity has a certain threshold and can easily be confused with flexible wealth management, coupled with the fact that it can currently only be operated on mobile phones and is not a wallet task, not many people are participating. #SoftStaking
While completing the task, it's necessary to first understand what staking is and the precautions.
1. What is staking and what are the precautions?
1. What is staking?
Users only need to hold tokens in their spot account to automatically earn staking returns. Staking offers full flexibility, allowing you to trade, withdraw, or use spot assets at any time while earning returns. Currently, the cryptocurrencies supported for staking include: BNB, SOL, ADA, SUI, TON, NEAR, POL, ALGO, S, and AXS.
2. What returns can be obtained from participating in staking?
After participating in staking, you can earn returns generated through the blockchain staking mechanism.
3. How are the returns calculated and distributed?
The returns from staking are calculated based on the daily average holdings of eligible tokens in your spot account. The system will start taking snapshots at 08:00 (UTC+8) the day after you activate staking and will calculate the average holdings based on this. The first staking returns will be distributed to your spot account between 08:00 and 16:00 (UTC+8) on the day after the snapshot. After that, staking returns will be distributed daily to your spot account.
4. Are there minimum or maximum holding limits for staking?
Yes. Staking has a minimum spot holding requirement, and there are limits on the amount of holdings that can participate in the return calculation; any excess will no longer generate returns. Relevant information can be found on the 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 staking?
No, you cannot. After activating staking, all eligible tokens in your spot account will automatically participate and start generating returns without the need for separate selection.
6. If I have open spot orders, can I still earn staking returns?
No, assets that are frozen or in open orders will not generate returns. For details, please refer to the staking terms.
7. Do the BNB assets participating in staking count towards activities like Launchpool, HODLer airdrops, or Megadrop?
The BNB assets participating in the staking will not be counted in these activities.