- eToro has launched staking services for Solana (SOL) and Ethereum (ETH), allowing eligible users to earn rewards by participating in staking activities.
- Solana users are automatically enrolled, while Ethereum users must opt in, with eToro handling the staking process and providing monthly updates.
In a move set to excite cryptocurrency enthusiasts, trading and investing platform eToro announced today the launch of staking services for Solana (SOL) and Ethereum (ETH). This new offering allows users to earn rewards by participating in staking activities, adding another dimension to their crypto investment strategies.
Staking Services Unveiled
eToro has broadened its staking program, previously limited to Cardano (ADA) and Tron (TRX), to now include Solana and Ethereum. This expansion enables eligible users to earn staking rewards, provided they meet specific conditions. To qualify, users must reside in a country where staking is permitted and must have held an open position in the staked cryptocurrency for a designated period, referred to as ‘intro days’. It’s important to note that positions held through CFDs, CopyTrader, Smart Portfolios, or short positions are not eligible for staking rewards.
Automatic and Opt-In Staking
The staking process varies slightly between Solana and Ethereum. Solana users are automatically enrolled in staking upon opening a position, simplifying the process. In contrast, Ethereum users must actively opt into the staking program. This flexibility allows users to choose their preferred method of participation.
eToro’s approach to staking involves retaining a portion of the staking yield to cover operational, technical, and legal costs. While staking can yield significant rewards, it also carries risks. During the staking period, assets may have limited or no liquidity, and their value may fluctuate. Moreover, penalties, or ‘slashing,’ can occur if a blockchain validator breaches protocol rules.
Simplifying the Staking Experience
“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 crypto assets can bring the extra benefit of token rewards,” said Adi Lasker Gattegno, Director of Crypto Desk at eToro. “We’re excited to be expanding our staking program. 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.”
Staking Updates and User Control
eToro aims to keep users informed by providing monthly email updates detailing their staking rewards and the calculation method. Users also have the option to opt out of the staking program at any time, offering flexibility and control over their investments.
Competitive Moves in Crypto Staking
In related news, Robinhood has expanded its services in Europe by launching its first crypto staking service for Solana holders, available exclusively to European customers. This move highlights the growing competition and interest in cryptocurrency staking services.
With the launch of staking for Solana and Ethereum, eToro continues to enhance its offerings, providing users with more opportunities to maximize their crypto investments through staking rewards.
