New ETH2 stakeout service launched by Binance

This exchange aims to offer daily rewards to users to encourage more participation.
Among the benefits of these rewards are the non-payment of all penalties in the chain and no operating costs.
Users who have completed their KYC are also rewarded with additional tokens.

Kristpto exchange Binance announced in a blog post that the new ETH2 stakeout service will go live in its week. According to the exchange, the stakeout service will be launched today as it plans to offer daily rewards to stakeout users in the form of BETH tokens.

As Binance announced, participants in the ETH2 stakeout will be rewarded with BETH at a ratio of 1 ETH to 1 BETH. In addition, the ETH2 rewards will be issued daily in the form of BETH, the statement continued.

With the start of the ETH 2 phase, BETH will enable the holders to redeem their ETH rewards in a 1:1 ratio.

Advantages for the users

Binance also listed the benefits of using the replacement in ETH 2.0 and stated that the replacement will cover all operating costs of the user validators. It will also take care of all on-chain penalties and distribute all on-chain rewards to the users.

However, there are rules and benchmarks for the stakeout service. According to Binance, the calculation of the rewards is based on the users’ stocks, since the BETH rewards are to be distributed daily. In addition, users are allowed to purchase a share of 5 to 20% based on their income from on-chain stakeout. The minimum stake is set at 0.0001 ETH and the reward period begins at 0:00 (UTC) in 2020/12/02.

Binance also said that if BETH is offered for trading in the future, users may trade between BETH and ETH without any fees or charges.

Users who have completed their Know Your Customer (KYC) forms before the end of the activity period will also be rewarded with BETH.

Qualified users can double their rewards for a maximum of 5,000 ETH used. Additional rewards earned by users who have made more than 5,000 bets will not be included in the NBB reward calculation.

The first phase of ETH 2.0 went live yesterday

The announcement is made almost 24 hours after the Coinbase Exchange has listed its ETH 2.0 support plans. The plans include the introduction of a trading pair between ETH and ETH2 tokens and a planned staking service.

The ETH 2.0 project started the first phase of its multi-level rollout yesterday, as planned. It came with the introduction of the so-called Beacon Chain, which will serve as a data backbone for the new network.