Defi Staking is a form of investment called a shortcut to help people access Defi products. So what is Defi Staking? How is the profit from this staking different from another staking on Binance? How to do it on Binance? The following article explains the easiest way to understand this form of money.
Table of Contents:
What Is Defi Staking?
Defi is a form of decentralized finance. Defi Staking is the act of locking crypto assets to become validators in a Defi or blockchain and earn rewards.
However, Defi (Dapps) projects are still not familiar to most users. To make it easier for users to invest in Defi projects, Binance launches this feature. It allows users to invest in Defi products by targeting the crypto assets available in the Spot Binance portfolio and earning profits quickly with just one click.
Users participate in Staking Defi products on Binance with a single click. Binance participates in Defi products on behalf of users, receiving and distributing income.
Advantages
- Easy to do: Users don’t need to manage private keys, open on-chain wallets, search for projects, or conduct complicated transactions and perform complicated steps to participate in Staking. Binance performs all tasks on behalf of users in the staking process.
- Keep funds safe: Binance helps users select the best DeFi projects and monitor the system in real time to reduce associated risks.
- Higher Earnings: This feature eliminates the fees that come with trading capital, but still gets the best return with the same level of risk.
Defects
- Binance only plays the role of introducing re-networking projects and services related to Staking’s activities. Therefore, if an on-chain contract is breached during the Staking, Binance is not responsible for the losses of the participants.
- Because when they participate in Staking, users are committed to locking resources into an on-chain smart contract. The process of early withdrawal involves complicated manual operations, which involve fees for transferring funds to the blockchain. Therefore, users should choose an appropriate time when registering for Staking and limit early withdrawal.
How to make money with Defi Staking at Binance?
Step 1: Sign in to your Binance account. Register using the link below:
Step 2: Click on the Finance tab, select Binance Earn. Scroll down, choose Go to Defi Staking.
Step 3: Click Stake Now, enter the number of assets you want to bet, read and accept the Accept terms of service box, and then select Confirm.
After performing the above operation, users find detailed information about staking in Wallet/Earn/Defi Staking. Profit is calculated after successfully betting and distributing daily to the Spot portfolio.
