#Stake shib binance how to

If you stake SHIB in this way, you will receive rewards in BONE, SHIB and ETH. The SHIB staking feature on ShibaSwap is implemented through a feature called “Bury”. In order to stake SHIB tokens this way, you will need to hold SHIB in your own Ethereum wallet (for example MetaMask or Coinbase Wallet) and not on a cryptocurrency exchange. The most obvious way to stake Shiba Inu is to use ShibaSwap, a DeFi (decentralized finance) platform developed by the team behind the Shiba Inu token to provide essential DeFi products to the Shiba Inu ecosystem. You can stake Shiba Inu (SHIB) on ShibaSwap, decentralized exchanges or centralized exchanges.

#Stake shib binance how to

How to stake Shiba Inu?īelow, we’ll show you three methods you can use to stake Shiba Inu tokens and earn passive income on your SHIB holdings. The term “Shiba Inu staking” is a catch-all term referring to various ways you can earn rewards by temporarily locking up your SHIB tokens. SHIB is a token issued on the Ethereum network, and doesn’t play a role in the network’s consensus process. In this article, we’ll show you how to stake Shiba Inu and highlight the different platforms you can use to stake SHIB tokens.īefore we continue, it’s important to understand that staking SHIB is not the same as staking the native coins of Proof-of-Stake blockchains (for example ETH on Ethereum). If you have some SHIB tokens sitting idle in your wallet, you can stake them to earn some extra rewards.