Online broker eToro announces today that it has launched staking on Solana (SOL) and Ethereum (ETH), enabling users to earn rewards in return for opting in.
“Staking is essential to blockchains that use a proof-of-stake consensus mechanism, such as Solana and Ethereum, as it helps validate and secure transactions without a payment processor. For investors, staking their cryptoassets can bring the extra benefit of token rewards,” says Adi Lasker Gattegno, Director of Crypto Desk at eToro.
“We’re excited to be expanding our staking programme. We execute the entire staking procedure on users’ behalf to protect them from the risks and complications of staking on their own, making the process simple, secure and hassle-free.”
Eligible users are now able to stake Solana (SOL) and Ethereum (ETH), in addition to Cardano (ADA) and Tron (TRX). To be eligible for staking rewards, users must reside in a country where staking is permitted and have held an open position of the staked cryptoasset for a set number of ‘intro days’.
Positions held using CFDs, CopyTrader™, Smart Portfolios or short positions are not eligible.
eToro retains a percentage of the yield as a fee to cover the various operational, technical, and legal costs involved.
Users should note that crypto staking comes with possible risks as well as rewards. During the lockup period, assets have limited or no liquidity and their price may rise or fall. In the event that the blockchain validator violates protocol rules, the network protocol can confiscate or ‘slash’ the staked assets.
By opening a SOL position users are automatically opted into staking, while to stake ETH users need to actively opt into the programme. All eligible users staking their cryptoassets will receive monthly email updates explaining how much they earned in staking rewards and how it was calculated. Users can opt out of the programme at any time.
