Trading and investing platform eToro announced today (Wednesday) the launch of staking services for Solana (SOL) and Ethereum (ETH). This addition allows users to earn rewards by participating in staking activities.
Previously, eToro offered staking for Cardano (ADA) and Tron (TRX). Now, Solana and Ethereum are also included. To qualify for staking rewards, users must be in a country where staking is allowed and must have held an open position in the staked cryptocurrency for a specific period, known as ‘intro days’.
Positions held via CFDs, CopyTrader, Smart Portfolios, or short positions are not eligible.
eToro will retain a portion of the staking yield to cover operational, technical, and legal costs. Staking cryptocurrencies carries risks as well as 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, Source: LinkedIn
Additionally, if a blockchain validator breaches protocol rules, the network may impose penalties or ‘slash’ the staked assets.
“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.”
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 can opt out of the staking program at any time.