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.

Staking Risks and Rewards

eToro will retain a portion of the staking Staking Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve Read this Term 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.

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,” said 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.”

Meanwhile, Robinhood has expanded its services in Europe by launching its first crypto staking service for Solana holders, available exclusively to European customers, as reported by Finance Magnates.

Staking Updates Provided

For Solana, users are automatically enrolled in staking upon opening a position. To stake Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term, 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.