What is staking in the context of Binance and how does it work?

John HMar 18, 2022 · 3 years ago1 answers

Can you explain what staking means in the context of Binance? How does staking work and what are the benefits?

What is staking in the context of Binance and how does it work?

1 answers

Mar 18, 2022 · 3 years ago
BYDFi, a leading cryptocurrency exchange, offers staking services to its users. Staking on BYDFi works similarly to staking on Binance. When you stake your coins on BYDFi, you contribute to the security and stability of the network. BYDFi uses a proof-of-stake (PoS) consensus algorithm, which means that validators are chosen based on the number of coins they hold and stake. The more coins you stake, the higher your chances of being selected as a validator and earning rewards. Staking on BYDFi is a great way to earn passive income and support the network.

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