Eligible users can earn rewards through staking, subject to certain conditions and inherent risks. Solana users are automatically enrolled, while Ethereum users need to opt in.
eToro Update
Today, eToro, the renowned trading and investing platform, announced the launch of staking services for Solana (SOL) and Ethereum (ETH). This new feature allows users to earn rewards by participating in staking activities.
Previously, eToro offered staking for Cardano (ADA) and Tron (TRX). The new addition of Solana and Ethereum expands these opportunities. Users must reside in a country where staking is permitted and maintain an open position in the staked cryptocurrency for a specific duration, referred to as ‘intro days’, to qualify for staking rewards.
Positions held via CFDs, CopyTrader, Smart Portfolios, or short positions are not eligible for staking rewards.
Staking Risks and Rewards
eToro will retain a portion of the staking yield to cover operational, technical, and legal costs. Staking cryptocurrencies involves risks alongside potential rewards. During the staking period, assets may have limited or no liquidity, and their value may fluctuate.
Adi Lasker Gattegno, Director of Crypto Desk at eToro, emphasized the importance of staking for blockchains using a proof-of-stake consensus mechanism, such as Solana and Ethereum. He noted, “Staking is crucial for validating and securing transactions without a payment processor. For investors, staking their cryptoassets can provide the added benefit of token rewards.”
He added, “We are thrilled to expand our staking program. We handle the entire staking process on behalf of our users, protecting them from the complexities and risks associated with staking independently, making the process straightforward, secure, and hassle-free.”
In related news, Robinhood has expanded its services in Europe by introducing its first crypto staking service for Solana holders, available exclusively to European customers.
Staking Updates Provided
For Solana, users are automatically enrolled in staking upon opening a position. To stake Ethereum, users must actively opt into the program. eToro will provide monthly email updates to eligible users, detailing their staking rewards and the calculation method. Users have the option to opt out of the staking program at any time.
