Cardano: Binance US Adds ADA Staking with 6.10% APY

Paigambar Mohan Raj
Source: Crypto Potato

The American branch of the world’s largest crypto exchange, Binance, has added Cardano (ADA) staking on its platform. As per the official announcement, investors can get upto 6.10% APY at launch on staking their ADA. Additionally, there is no unstaking period, meaning users can unstake their ADA anytime.

Users can stake as little as 0.01 ADA up to a maximum of 4,400,000 ADA. Cardano (ADA) has finally joined the likes of AUDIO, AVAX, BAND, BNB, ATOM, LPT, MATIC, DOT, SOL, and GRT, which are available for staking on the platform.

A listing on Binance US is a big step for Cardano. The exchange is the third largest in America, after Kraken and Coinbase. Binance US had a trading volume of over $278 million in the last 24 hours. Furthermore, the exchange is very popular for its security and low fees.

Nonetheless, Coinbase launched its staking program for Cardano (ADA) in March of this year. The exchange offered¬†3.75% APY at launch. The announcement drove ADA’s price over $1, from $0.8.

Is 2022 the year for Cardano?

Cardano has a significant phase ahead of itself. The project is preparing for the Vasil upgrade, which the community has long awaited. The Vasil upgrade will improve the project’s scaling abilities. The Network requires 75% SPO (Stake Pool Operators) to update their nodes to 1.35.3. Many in the community expect the upgrade to take place very soon.

Cardano has also voted the most intimate crypto project, according to the MBLM Top Brand Intimacy 2022 report. The project scored 52.6 and came in at rank 26 overall, and Disney took the top spot with a score of 68.1.

At press time, Cardano (ADA) was trading at $0.447864, down by 2.8% in the last 24 hours. Furthermore, the project is down by 85.5% from its all-time high of $3.09.