The Binance crypto exchange announced the launch of high-yield staking on Terra Virtua. Stakers can earn up to 47.67% APY.
Staking TVK on Binance
The staking event officially launched on May 6, and spots will be filled on a first-come, first-serve basis. Interest payments will be made daily based on calculations determined after the staking period is announced. Each calculation period will start at 0:00 UCT daily.
The announcement from Binance included a chart that clarifies the staking activity and the standard annual rates users can expect to earn.
Binance is offering a number of staking products with varying duration and APYs to go along with TVK. In some cases, users even have the option to redeem assets early. If this option is chosen, Binance will redeposit the initial investment into users’ accounts with the distributed interest deducted from the refund.
At the time of press, TVK is trading for $0.54.
What is staking?
Staking is an alternative to crypto mining that is far less resource-intensive. It requires stakers to hold funds in a cryptocurrency wallet in order to support the security of a blockchain. The idea is to lock cryptos to receive rewards.
For the most part, stakers will be able to stake coins directly from their crypto wallets. However, a number of exchanges like Binance have begun to offer staking services to their users.
Staking involves validators locking their coins in order for the protocol to select them randomly to create a block at specific intervals. Generally, users that stake more are more likely to be chosen as the next block validator and are more likely to earn higher rewards.
The process allows for the production of blocks without the need for specialized, and expensive, mining hardware.
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