Chances Are You Are Staking
If you have ever used Binance and have held coins on the exchange for the short to medium-term, chances are, you have been staking coins in what they refer to as flexible staking. Most people are aware of the staking opportunities that are available on Binance in the form of flexible staking, as they have been offering these services for quite some time now. These are generally coins like TRX, XTZ and ATOM. Simply holding these coins in your exchange wallet secures you monthly dividends without needing to do anything further.
There are more "Flexible Staking" coins available of course, I have just mentioned the ones that most people are familiar with. There are 2 new additions that you can check out in my recent post, "New Staking Coins With High Yields!".
This type of "Soft Staking" is very attractive as there is no lock up period and you can move or sell them at any time. However, Binance does offer alternative forms of staking with higher rewards.
Locked Staking Opportunities
One of the coins available on "Locked Staking" is IRIS, which has surged 1000% in a matter of 3 months. On Binance the annual return for locking in your IRIS is 20%, which really smiles on price appreciation like this. I have often given return probability calculations, if a particular staking coin were to move a certain amount over a certain period of time. This is however not a probability but what has actually transpired.
So, IRIS has done a 10X return in a matter of 3 months, meaning that if you bought $5K worth of Iris 3 months ago it would now be worth $50K! What is even more impressive is the fact that your annual staking rewards will now be worth $10K. So you would be making double your investment every year just via the staking rewards, excluding any returns through the appreciation of price. Do yourself a favor and check out the different "Locked Staking" opportunities on Binance.
DeFi staking on Binance is more like lending as you provide Binance with your coins to act on your behalf in various DeFi protocols. Binance helps users realize DeFi profits without actually having to execute any smart contracts or even know anything about DeFi.
It is a one click entry into the world of DeFi and may gain a fair amount of adoption by users who feel a bit unsure of the whole process. There are obviously risks involved and you should really check out the risk warning extensively if you wish to use this service.
Generally, Binance offer a full suite of staking projects and mechanisms that can be very handy and beneficial to use. This is not investment advice though, please do your own research and exercise good risk management.