Ankr Staking is expanding the pool of supported blockchains for liquid Eth2 staking. Today we release our liquid Eth2 staking protocol for Binance Smart Chain (BSC)— which makes a lot of sense, given how fast the BSC network is picking up pace with the Binance team and a growing number of community members backing it, to escape from the current high fees on the Ethereum chain.
As of today, Binance Smart Chain-pegged (BEP-20) ETH tokens are available for Ankr’s liquid staking services. And you can stake as little as 0.1 ETH on the Binance Smart Chain version of Ankr Staking!
Staking the BSC-wrapped version ETH on Ankr Staking is much cheaper and faster compared to the same service on the Ethereum network — but it still brings the same amount of rewards, as in the background the ETH is staked to Ethereum-based Beacon chain validators!
A single transaction on BSC currently costs around $1.5 paid in BNB, compared to up to $200 for a contract interaction on the Ethereum network, making the BSC network currently much more accessible for everyday people to stake and participate in DeFi products.
The difference between regular ETH and BEP-20 ETH
The difference between BEP-20 ETH and “normal” ETH is that the former is stored on Binance Smart Chain, while the latter runs on Ethereum, its native blockchain. Their value is supposed to be pegged on a 1:1 ratio.
Similar to conventional liquid ETH staking enabled by Ankr Staking, depositing BEP-20 ETH to our protocol will earn you the same rewards as well as provide you with instant liquidity through the aETH BEP-20 token, which you can redeem according to your ETH stake. You can then keep it in your own custody or use it to earn yield in DeFi protocols.
How to get BEP-20 ETH
There are several ways to get BEP-20 ETH. The easiest route is to withdraw BEP-20 ETH directly from Binance.com to your Binance Chain wallet address (supported by MetaMask, see how to enable BSC mainnet on your MetaMask wallet here). Please make sure to always select the correct network!
Further, you can purchase BEP-20 ETH on BSC-powered DEXes like BakerySwap and Pancakeswap. Of course, this would require having some BEP-20 tokens (like BNB or BUSD) in your wallet first.
Another option is to use one the ERC-20 to BEP-20 bridge on Binance.
Read our user guide on how to stake ETH on Binance Smart Chain with Ankr Staking!
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