Update on Binance Staking

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Hello Fellow Crypto Billionaires. In one of my previous posts I started with Staking through Binance. You can have a detailed overview in Binance Staking post. In this post I will conclude my experiments with staking over summer.

How did it all start

It started randomly with no specific target, but just to experiment. My very first staked product was BNB coin as you can see in the picture:

I bought 0.05690000 BNB for 15€/17.67$ and the goal was to simply try out the product. Some 11 days later I added FileCoin to the pot 0.47217969 FIL for 20€/23.56$. Don’t ask me why I chose FIL. I was in Italy on vacation with my girlfriend and one night, when she was already asleep I was like, fuck it, let’s do it, and chose randomly Filecoin. 

Results

There’s nothing really to say, numbers speak for themselves. After 1 period of BNB and 2 periods of FIL staking results are:

At the moment of start:

  • 0.05690000 BNB = 15€/17.67$
  • 0.47217969 FIL = 20€/23.56$

Results:

  • 0.05776411 BNB = 20.35€/23.86$
  • 0.48346089 FIL = 34.67€/40.65$

Important to note that both BNB and FIL changed in valuation during this period of time. It could have gone really bad and the valuation could have gone down, but luckily the market acted well. At some point FIL was really well valued and I had an opportunity to exit with a profit, as BINANCE Staking offers a “redeem early” option, but I didn’t want to since I was testing Staking not Trading.

Next steps

I will definitely continue exploring Staking options, both on Binance and other platforms like PancakeSwap, as this seems to be an area of solid returns. Though as more people get involved the projects will get riskier and with smaller returns. As a notice, today when writing this article I thought to Stake on BNB, but apparently Binance has increased minimum Stakable BNB amount which is now 0.1 BNB. At this moment I do not know why there is such a condition, but I assume as more and more people want to have a piece of the pie it is easier to manage the distribution and control if the pie sizes are of fixed limit. So to exclude breadcrumbs.

Conclusions:

  • As always do your own research before entering a new product;
  • Experiment with small amounts of resources which you may lose;
  • If New is frightening, the only way to get rid of the fear is by gaining knowledge, whether it’s theoretical or practical;

 

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