The world’s leading cryptocurrency exchange by trading volume Binance has announced the staking of its native cryptocurrency Binance Coin (BNB) which will be available on the Binance Chain testnet as per the official announcement. The staking will be done through testnet BNB.
Users can now stake BNB on Binance Chain Testnet
The CEO of Binance Changpeng Zhao (CZ) revealed the staking of BNB through Twitter following the official announcement of the exchange. Users will soon be able to stake BNB once it will be available on the mainnet of the Binance Chain.
#bnb staking 👀 https://t.co/FFTFBfy96z
— CZ Binance (@cz_binance) August 12, 2020
The cryptocurrency exchange says that users will have to use testnet BNB for staking initially. However, once the exchange launches the activity, it will include latter assets on the chain mainnet on that day.
Illustrating the process of staking, the team of the Binance exchange said that users will have to share a tweet in order to get testnet BNB and they will get testnet from a faucet. Once their tweet will appear and their process is completed, they will be able to get 100 testnet BNB upon this. As the team described the process in detail:
A faucet will be deployed for the BSC testnet. To get testnet BNB from the faucet users can share a tweet (which will be available on the activity launch date) and upon completion, receive 100 testnet BNB. Each Twitter account can only claim Testnet BNB via sharing once every 24 hours.
Apart from this, Binance has also promised to airdrop testnet BNB to those twitter accounts that will succeed in claiming testnet BNB from a faucet on every day of activity. As the announcement reads:
At 6:00 AM (UTC) each day of the activity period, Binance will airdrop testnet BTCB or BNB on Binance Smart Chain to accounts that successfully claimed testnet BNB via the Faucet. Users will be able to send their testnet BTCB to Binance DEX to trade for more testnet BNB. The amount of airdrop will be random at Organizers’ discretion.