The Phase 0 of ETH 2.0 successfully launched today, bringing a long awaited update to fruition. The updated version of Ethereum relies on the Proof of Stake consensus as opposed to the older versions Proof of Work. However staking on ETH 2.0 isnt always easy for non tech savvy people, or people with little funds. s launch of ETH 2.0 on the 2nd of December offers a solution to both problems.
How to stake ETH on Binance
Before looking into the advantages and caveats of staking ETH on , lets take a look at how the staking is done:
Step 1: Log into your Binance account and head to the staking page ETH Staking page –
After logging into your Binance account, head over to the following page: https://www.binance.com/en/cftoken, then click on Stake Now.
Step 2: Select the amount of ETH you want to stake
Type in the amount of ETH you wish to stake in the blank and hit Confirm. Thats it, youre done. Youre now staking on ETH 2.0.
Track your rewards
Once youre done staking your ETH, Binance sends you BETH on a 1:1 ratio to your staked amount. The BETH token will be sent to your wallet sometime in January 2021, but you can start staking as of Dec 2nd 2020. Until you receive your BETH tokens, you can see your rewards accumulating on the same page you used to stake.
Binance will pay for expenses of running validators and bear the risk of on-chain penalties. Staking rewards will be distributed to its users.
Benefits and drawbacks of staking ETH 2.0 on Binance Pros: No tech skills required
No tech skills are required to keep up a validator node. Binance will take care of this.
Pros: Less funds required
Staking on ETH 2.0 requires a minimum of 32 ETH (~$18,900 at the time of writing). Staking service providers such as ANKR lowers this amount to 0.5 ETH. However, you can stake ETH 2.0 on Binance with as little as 0.0001 ETH ...
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