Do not stake ADA on Binance

English Education
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CZ, CEO of Binance, wants to introduce Proof-of-Reserve as a new standard for centralized exchanges. This activity gives an untrustworthy impression if Binance regularly blocks ADA withdrawals from exchanges in between Cardano epochs. Now people are starting to complain that withdrawals from the exchange are being blocked even during the epoch. Binance shows users a message claiming that the Cardano network has a problem. The Cardano network certainly does not have a problem that involves sending transactions. Something fishy is going on at Binance. Do not stake ADA on Binance or any other centralized exchange.

TLDR

  • Binance wants to have as much ADA as possible by the time the Cardano network takes a snapshot.
  • Cardano network certainly has no problems that would cause a loss of assets. Binance is displaying a false message.
  • If the exchange is blocking withdrawals, it may mean it has liquidity problems.

This article was prepared by Cardanians with support from Cexplorer.

Read the article: Do not stake ADA on Binance | Cardano Explorer

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Yes. This has been the motto for years. But there’s too much greed in this space. 90% will delegate their 100ADA to Binance for higher ROI ($1.07 more per YEAR than delegating to a Cardano stake pool operator.) :joy::man_facepalming:

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so where we stake ADA safe and good Return?

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Staking 100Ada on binance isnt a sign of greed, but a financially sound decision.
Let’s not give people bad labels just for having other priorities than we have.

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Anyone who stakes on Binance (who is proven to block ADA withdrawals several times per month), just so that they profit 8.5 cents more/month is greedy, Bro…

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Any competent Cardano stake pool of your choice. Just like the protocol and Charles intended.

Or Voyager/FTX/Celcius/BlockFi/Binance. You get an extra $1 per year there!!! sarcasm

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If you don’t want to think and compare - just stake with a pool that has a saturation level between 23% and 73%, that has the Fees at 340 ADA and 0-1% margin fee, and then you’re good to go.

If you want to think and compare, you can check out the stakepools “profiles” at adapools.org and you can check some socials and webpages of the operators and missions of the pools - and then choose one that you vibe with. Some also have messenger channels set up so delegators can contact the operator(s) - there you can mostly rly ask anything. :slight_smile:

2 Likes
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I say it again and I will never say it enough. Stake your ADAs with single pool operators. There are many of us and this is extremely beneficial for the decentralization of our network. You can find all our pools on:

https://singlepoolalliance.net/

Your funds cannot be more secure than if you stake them with a decentralized wallet. Your money never leaves your wallet like this.

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