Binance launches CELO and ERN locked staking, APY up to 100%

By: Daniela Kirova
Daniela Kirova
Daniela was born in Bulgaria, grew up in Chicago, and then moved to Michigan to attend the University of… read more.
on Jan 13, 2022
  • Interest calculation period is from 00:00 UTC on the day after confirmation of locked staking
  • CELO staking duration is from 30 to 90 days, maximum staking limit is 10,000 CELO
  • You can redeem your funds at any time and earn daily interest

Binance Staking has officially launched CELO (CELO/USD) and ERN locked staking, which allows holders to stake these tokens starting today, January 13, at 12:00 PM (UTC). They can earn as much as 100% APY. The staking is on a first-come, first-served basis.

Interest calculation

The interest calculation period is from 00:00 UTC on the day following confirmation of locked staking to the end of the respective product period. Interest is paid out on a daily basis.

Locked staking terms

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The ERN staking duration ranges from 10 to 60 days. The maximum staking limit per user ranges from 375 to 1,000 ERN depending on the duration. The standard annual interest is from 15% to 100%, again depending on the duration. Finally, the minimum staking limit is 1 ERN.

For CELO, the staking duration ranges from 30 to 90 days. The maximum staking limit per user ranges from 1,000 to 10,000 CELO depending on the duration. The standard annual interest is from just over 5% to 8.37%, again depending on the duration. The minimum staking limit is 1 CELO as with ERN.

Terms and notes

You can see your locked staking assets under Wallets > Earn > Locked Staking > Locked. The exchange adjusts the APY on a daily basis according to the on-chain staking rewards.

Locked staking: details

Locked staking is where you lock digital assets on a Proof of Stake blockchain for a certain timeframe to earn staking rewards and help improve the network. PoS is a consensus mechanism that chooses block validators according to how many coins they stake. The number of coins staked is directly proportional to the rewards.

Staking vs. saving

Binance Savings does not take place on the blockchain at all. This product lets users of the exchange lend and earn interest. You can redeem your funds at any time and earn daily interest. Binance Savings interests come from Binance margin and Binance loan.

Early redemption

If you choose early redemption, your principal will go back to the spot account and they will deduct the distributed interest from the refunded principal.

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