Users of the Binance crypto exchange can already participate in the creation of ETH 2.0 blocks and place funds for stakingto confirm transactions in a new network and receive rewards in return.
Users of the service will be given BETH tokens, where 1 ETH is 1 BETH.The awards for steaking will also be distributed to BETH on a daily basis.The exchange warns that the assets included in the steaking will be blocked for about two years.
"BETH tokenizes the user's share in the ETH 2.0 pool in a 1 to 1 ratio.BETH will allow users to get ETH at a ratio of 1 to 1 when it willPhase 1 ETH 2.0"Exchange writes.
Binance, for its part, promises to cover validator costs for users, take the risks of fines and distribute all earned rewards.
To fully implement the ETH 2.0 will take years, and major exchanges offering staking services are essential to its adoption. As part of ETH 2.0, the Ethereum network will use the Proof-of-Stake (PoS) algorithm to secure the network and validate transactions.
ETH 2.0 requires 32 ETH to generate cashing income, but Binance steaking will allowusers allocate much smaller amounts and earn money by placing bets on the network.
UnlikeKraken and Coinbase, which have not yet made the decision, this option on Binance was launched on December 1.
The lockout period has not yet been determined and will be affected by the ETH 2.0 development.Binance states that it can be made for about two years, adding that users willbe paid at BETH.
Rewards on the network are paid in BETH in a ratio of 1:1, starting in January 2021.
The official website of the Binance cryptocurrency exchange — https://www.binance.com/.
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