Binance, the world’s leading cryptocurrency exchange, has launched the OM Locked Staking product offering up to an impressive 19.9% APR. The announcement was made on the Binance website on May, 2024.
The launch of OM Locked Staking is part of Binance’s ongoing commitment to providing users with more ways to earn through their crypto holdings. The new product allows Binance users to stake their OM tokens, which are the native tokens of MANTRA DAO, a decentralized finance (DeFi) platform.
As per the announcement, the staking duration for OM Locked Staking is 15 days, with a minimum staking amount of 0.01 OM. The maximum limit per user is 500 OM, and the total staking limit is 200,000 OM.
Binance will calculate the staking rewards based on a user’s daily average OM balance. The rewards will start counting from 0:00 AM (UTC) on the day after the user has staked the OM tokens. Binance will distribute the staking rewards as OM tokens on a daily basis. The staked OM tokens will remain locked during the 15-day staking period and will be automatically released after the staking period ends.
The introduction of OM Locked Staking on Binance is a significant development, as it provides users with a high APR, which could mean substantial returns for those who choose to stake their OM tokens.
This move by Binance is in line with the recent surge in interest in staking products in the cryptocurrency sector. Staking allows users to participate in the network of a particular cryptocurrency and earn rewards for doing so. It is seen as a less risky way of earning returns on crypto investments compared to trading.
As the largest and most comprehensive cryptocurrency exchange in the world, Binance continues to innovate and offer new products to its users. The launch of OM Locked Staking is just the latest in a series of initiatives by the exchange to increase the earning potential of its users.
Binance’s commitment to providing a range of staking products for different cryptocurrencies has seen it launch similar staking products for other cryptocurrencies in recent months. These include staking for Binance Coin (BNB), Bitcoin (BTC), and Ethereum (ETH).
In conclusion, the launch of OM Locked Staking is another step forward for Binance in its mission to democratize the financial system and bring about financial inclusion through the use of blockchain technology and cryptocurrencies.
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