Shiba Inu is without a doubt one of the most popular meme coins out there. It has one of the most loyal and vocal fan bases among the entire crypto community. In a recent development, Binance, the world’s largest cryptocurrency exchange, has announced a new staking effort for Shiba Inu (SHIB) and other digital currencies with a high return on investment.
The staking project dubbed High-Yield Center, according to a blog post by the trading platform, will allow holders to stake cryptocurrencies and earn up to 104.62% APY.
Requirements to stake Shiba Inu
The staking exercise will begin at 02:00 AM (UTC) today and will be done on a first-come, first-served basis, according to Binance.
The Shiba Inu cryptocurrency staking period will last 10 days, with interested parties required to stake a minimum of 200 SHIBs and a maximum of 7 million Shiba Inu tokens.
Binance also stated that interest will be paid out daily, beginning at 00:00 AM (UTC) on the day the locked stake is confirmed and continuing for the next 10 days.
For other currencies
Other cryptocurrencies such as Solana (SOL), Axie Infinity (AXS), Polygon (MATIC), VeChain (VET), Cardano (ADA), Near (NEAR), LUNA, Avalanche (AVAX), PancakeSwap (CAKE), and Terra have also joined the campaign (LUNA).
In the Binance High-Yield Center stake, SOL has the lowest annualized standard interest rate of 7.32 percent, while AXS has the highest ROI of 104.62 percent.
Users can view their Locked Staking assets by going to Wallets > Earn > Locked Staking > Locked.
Users can also choose to redeem their points ahead of time. The principal will be restored to the spot account after early redemption, and the dispersed interest will be subtracted from the refunded principal. The tokens take 48-72 hours to arrive because of different global time zones.