Binance is offering a new high-yield staking option for CRV holders.
Locked CRV staking will be offered on a first-come, first-served basis, and is available for 15, 30, and 60- day durations. Lenders can stake anywhere from one to 5,000 CRV, and earn up to 13.42% APY for a 60-day locked stake.
CRV is the in-house token of Curve, a decentralized exchange centered around stablecoins. Binance is the first decentralized exchange to offer CRV staking options.
Locked staking is a process whereby holders lock a specific cryptocurrency to their wallet in order to further support that protocol’s operations and simultaneously accumulate interest.
Currently, CRV’s 13.42% APY over a 60-day period is among the higher potential APY options offered by Binance for locked staking. The highest currently available is 24.49% for SUSHI over a 30-day period.
To be sure, these potential gains are not guaranteed as interest is variable. Binance notes that they won’t be held responsible for any potential losses experienced while locked staking.