Leading cryptocurrency exchange Binance has confirmed the launch of staking for its native coin BNB on the Binance Smart Chain.
According to a tweet published on Tuesday that Binance CEO Changpeng Zhao retweeted, Binance Coin staking has officially gone live on the exchange’s blockchain network, Smart Chain. The update allows users to create/unlock a wallet on Binance Smart Chain in order to delegate their BNB to one of the platform’s validators.
The tweet claims that staked funds are locked for a minimum of seven days and reminded users to back up the recovery phrases for their wallets before staking.
On the same day Binance seemingly confirmed the official launch of BNB staking, exchange CEO Changpeng “CZ” Zhao reported Smart Chain transactions totaled roughly 40% of the volume of ethereum.
The update followed just a day after CZ originally reported BNB transactions were gaining ground on ethereum, despite only having a fraction of the market capitalization.
Binance Smart Chain, which launched earlier in the month, has benefited from the boom in interest for decentralized finance (DeFi) products throughout 2020, including the massive demand for yield-farming.
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