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Dogecoin Holders to Get New Reward Points from Binance

Wed, 11/02/2022 - 10:33
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Tomiwabold Olajide
Dogecoin was trading at $0.138, down 5.16% in last 24 hours
Dogecoin Holders to Get New Reward Points from Binance
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Top crypto exchange Binance has announced its next round of "Binance Learn & Stake," where users can gain knowledge on blockchain and earn 4 DOGE by completing a course and a quiz. The challenge is scheduled to run from Nov. 2 through Nov. 8.

Users are expected to read an article and complete a quiz to stand a chance to receive the predetermined amount of DOGE and enjoy 100% APR on DOGE Locked Products.

Binance notes that the challenge runs until the coin supply is exhausted. It also stated that DOGE rewards would be available only to first-time subscribers and users of Binance's Simple Earn Locked Products.

The locked staking program is scheduled to run for 150 days, meaning that Dogecoin owners who subscribed will have this position for this number of days. Binance says it will return staked digital assets/digital currencies to users' spot wallets at the end of the agreed staking period.

Dogecoin uses the proof-of-work mechanism, in which miners solve a computational problem to verify transactions, as opposed to the proof-of-stake (PoS) mechanism, which requires validators to stake or hold a minimum number of coins to validate transactions in exchange for rewards. Dogecoin is currently the second largest PoW blockchain after Bitcoin.

Binance Announces Rewards for Dogecoin Users

Therefore, DOGE owners are not able to stake their coins individually or through an exchange on a network in exchange for rewards.

In the past, Dogecoin proponents have questioned the inner workings of Binance staking products dedicated to proof-of-work coins. Hence the need for new users to understand the workings of Binance's "locked products" becomes quite essential.

At the time of publication, Dogecoin was trading at $0.138, down 5.16% in the last 24 hours. The biggest dog-themed cryptocurrency is up 108% in the past week.

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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.