Main navigation

10,000 DOGE Up for Grabs on Binance: Details

Sat, 07/23/2022 - 13:51
article image
Tomiwabold Olajide
Binance offers 10,000 DOGE as prize
10,000 DOGE Up for Grabs on Binance: Details
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

The crypto exchange Binance has announced a giveaway of 10,000 DOGE in celebration of Binance Gift Card's first anniversary. 

New gift card users meeting the stated requirements will be entitled to share a 7,000 DOGE rewards pool. On the other hand, existing gift card users would share a 3,000 DOGE reward pool within 24 hours starting from July 24, 12 a.m. UTC.

During the week, Binance introduced rewards for Dogecoin users signing up for the first time for Binance Savings. The crypto exchange also introduced a new series of locked staking activities that enable users to "stake" Dogecoin and earn APYs of up to 10%. This came under significant backlash as Crypto Twitter questioned the possibility of staking coins like DOGE since it used a proof-of-work (POW) consensus and not a proof-of-stake (POS) one.

Binance then clarified that coins such as Dogecoin, which utilizes POW, deposited in its recently announced staking program, would remain with the exchange and will not be lent out to generate further yield. It states that "There is no on-chain staking of LTC and DOGE for network validation since these are non-proof-of-stake tokens," while claiming responsibility for the APR rewards for the campaign.

Dogecoin issues warning on scammy knockoffs

Dogecoin has issued a warning on scammy knockoffs, dissociating itself completely from such tokens, saying "there is only one Dogecoin, which is its blockchain, and not directly associated with any tokens."

In other news, a popular dogecoin-focused Twitter handle Mishaboar has reported on ongoing work on the Dogecoin Payment Channel that would allow near-instant feeless Dogecoin payments between two parties. He explains that payment channels would ensure that the Dogecoin fee is paid only once and would allow for time-locked Dogecoin to be spent.

This might find use cases in a scenario where an individual frequently buys from the same seller, like a coffee chain.

On Thursday, Dogecoin announced the release of its Core 1.14.6 upgrade that introduces security updates and changes to network efficiency.

article image
About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.