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In a bid to offer more incentives to its investors, traders, and global supporters, the Binance exchange has launched a revised version of staking reward for BNB holders.
Binance Coin (BNB), the native digital currency of the Binance cryptocurrency exchange, is rebalancing after being caught up in the volatility that has embroiled the market in the past week. Since the digital coin dropped after journeying to its all-time high (ATH) price of $342.88 on February 19th, it has been an arduous task to retest this level, as the market bear forces continuously overwhelm the coin’s attempted bullish runs.
Per data from CoinMarketCap, Binance coin is exchanging hands at the time of writing at $283.35, up 1.59% in the past 24 hours. In the previous week, the coin has outpaced the duo of Bitcoin (BTC), and Ethereum (ETH), recording a gain of 28.03% against the 20.13% and 20.97% for the top two coins respectively.
Binance Coin Rebalancing and Staking Incentive Advantage
In a bid to offer more incentives to its investors, traders, and global supporters, while also helping the rebalancing of the Binance Coin after its fall from its ATH, the Binance exchange has launched a revised version of staking reward for BNB holders.
The new staking activity lets users earn as much as 27.49%, up from 8.49%, with stratified options or tenor to choose from.
Per FXStreet’s report of the new staking mechanism:
“The 30 days lock-up offers 8.49% APY and has a maximum limit of 5,000 BNB per user. The 60 days lock-up offers 12.49% APY and has a maximum limit of 500 BNB per user. The 90 days lock-up offers 16.49% APY and has a maximum limit of 100 BNB per user.”
While these are attractive packages, the 15 days lock-up offers the highest APY but the maximum staking limit is 5 BNB tokens. The advantage of the revised staking offer is to stir the attractiveness of users to the Binance ecosystem, as well as the underlying BNB coins, a move that can help its pricing plummet in due time.
Capitalization on Ethereum’s Woes
The Binance exchange launched its Binance Smart Chain (BSC) platform back in September 2020, a move that was targeted at serving as a bedrock for decentralized finance applications to build on amid the DeFi boom. The BSC move has been gaining traction since inception, capitalizing on the high gas fees that are making smart contract operations unattractive on the Ethereum Network.
The journey to a new high by Binance Coin may also get boosted by the cryptocurrency’s role in the BSC ecosystem. The coming weeks will see increased activities, and perhaps new coin valuation as more projects are in the pipeline to go live on the growing Ethereum smart contract competitor.