eToro announced on Wednesday, July 31, 2024, the launch of staking services for Solana (SOL) and Ethereum (ETH). This new feature enables users to earn rewards by opting into staking these cryptocurrencies.
Adi Lasker Gattegno, Director of Crypto Desk at eToro, highlighted the importance of staking in proof-of-stake blockchains like Solana and Ethereum. Staking helps validate and secure transactions without a payment processor and offers investors the added benefit of earning token rewards. Gattegno stated, “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.”
Eligible eToro users can now stake Solana (SOL) and Ethereum (ETH), in addition to previously available staking options for Cardano (ADA) and Tron (TRX). To be eligible for staking rewards, users must reside in a country where staking is permitted and have held an open position in the staked crypto asset for a set number of ‘intro days’. Positions held using CFDs, CopyTrader™, Smart Portfolios, or short positions are not eligible.
eToro retains a percentage of the staking yield as a fee to cover operational, technical, and legal costs. Specific details on intro days and reward percentages are available on the platform’s website.
It’s important to note that crypto staking comes with potential risks. During the lockup period, assets may have limited or no liquidity, and their prices may fluctuate. Additionally, if a blockchain validator violates protocol rules, the network may confiscate or ‘slash’ the staked assets.
Users opening a SOL position are automatically opted into staking, while ETH holders must actively opt into the programme. Eligible users will receive monthly email updates detailing their staking rewards and how they were calculated. Users can opt out of the programme at any time.
