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Algorand Staking: Binance Surprises With Over 6.5% APR
The cryptocurrency exchange Binance now offers customers the opportunity to stake their $ALGO through the 'Binance Earn' program.
The staking reward offered by Binance is over 6.5% if the user commits to a 120 day lock up of their tokens. This was reported by the Algorand_UK Twitter accocunt.
News Alert!#ALGO is officially live for staking on #BinanceUS!#AlgoUK #Algorand pic.twitter.com/IBx3gJRnIh
— Algorand_UK (@Algorand_UK) January 19, 2023
Binance also offers Algorand staking for those not keen to lock their Algorand savings for such a long period. Those who only look up their investment for 30 days can still reap a solid 3.29% reward. With the 'Flexible' option, users can earn a more modest reward of 1%, but with the ability to withdraw their funds at any time.
Higher APR Than Basic Governance
The APR offered by Binance is higher then the expected Algorand governance program rewards for those not committed to DeFi governance.
The basic reward from the official Algorand governance program is expected to be only at around 5% in this period, with a similar lock-up period to Binances program.
