Binance, the world’s leading cryptocurrency exchange, has launched its OM Locked Staking product offering APRs of up to 19.9%. This announcement was made on the Binance website on September 17, 2021.
The launch of OM Locked Staking is part of Binance’s ongoing efforts to provide users with more ways to earn money from their cryptocurrency holdings. The new product allows Binance users to stake OM tokens, the native token of MANTRA DAO. Decentralized Finance (DeFi) platform.
According to the announcement, the staking period for OM locked staking is 15 days and the minimum staking amount is 0.01 OM. The maximum limit per user is 500 OM, and the total staking limit is 200,000 OM.
Binance calculates staking rewards based on a user’s average daily OM balance. Rewards begin to be calculated at 00:00 AM (UTC) the day after a user stakes OM tokens. Binance distributes staking rewards in OM tokens daily. Staked OM tokens will remain locked for a 15-day staking period and will be automatically released at the end of the staking period.
Binance’s introduction of OM locked staking is a significant development as it offers users high APRs, which could result in significant returns for those who choose to stake their OM tokens.
This move by Binance coincides with the recent surge in interest in staking products in the cryptocurrency sector. Staking allows users to participate in specific cryptocurrency networks and receive rewards for doing so. This is considered a less risky way to profit from cryptocurrency investments compared to trading.
As the world’s largest and most comprehensive cryptocurrency exchange, Binance continues to innovate and bring new products to its users. The launch of OM Locked Stake is the latest in a series of initiatives by the exchange to increase the earning potential of its users.
Binance’s efforts to offer a variety of staking products for different cryptocurrencies have led to the launch of similar staking products for other cryptocurrencies in recent months. This includes staking for Binance Coin (BNB), Bitcoin (BTC), and Ethereum (ETH).
In conclusion, the launch of OM Locked Stake is another step in Binance’s mission to democratize the financial system and bring financial inclusion using blockchain technology and cryptocurrency.
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