Bitcoin’s bloodshed is barely over, but Binance does not seem to mind. The behemoth exchange is offering you to stake six different coins.
Binance CEO, Changpeng Zhao(CZ) tweeted the launch of a “simple” staking service.
Staking service @Binance. You literally don't have to do anything. Your funds on Binance automatically participate. You can still trade as you normally would.
Keeping it simple!https://t.co/CR0Fqpde6d
— CZ Binance (@cz_binance) September 27, 2019
Per the tweet, the participation is automatic and requires no node set up. It does not stop there. All it asks you to do is maintain a crypto asset balance in your existing Binance accounts. What’s noteworthy is that users can both earn staking rewards and continue to trade at the same time.
Claims are high: No staking fee, No minimum staking amounts, and No staking durations to be taken care of.
The question is: For how long?
(Don’t Miss: The Website says, “no lock-up periods as of this time for the current supported coins”).
Is the community rejoicing the announcement?
It’s a mixed bag. For some users, it’s a “hurrah moment” while others are not clapping for the current coin support.
As per the website, the Live Staking Service supports:
· NEO (NEO/GAS)
· Ontology (ONT/ONG)
· Vechain (VEN/VTHO)
· Stellar (XLM), Komodo (KMD)
· Algorand (ALGO)
· Qtum (QTUM)
· Stratis (STRAT)
Holy cow, they missed BNB once again!
And the community was quick enough to notice it. For instance, @sam07344076 wrote, “Binance 2018 profit is more than $1 billion and $bnb still at $15, something wrong.”
Indeed, Binance’s native token BNB has been trading close to $15 over a couple of months. And dropping it from the first staking support list is not taken well by the community. Does this once again prove BNB was just the greatest CZ trick?
To fan the flames, users smell “centralization”. And are seriously concerned about coin security on Binance once again as staking means retaining coins in “hot wallets.” And the latter is everything but safe.
That said, it will not be long before Binance starts sharing the staking stats. And we are keeping a close watch. In the meanwhile, it is noteworthy that the community is already encountering certain problems. Thus, @kingscrownBTC tweeted that there’s a potential bug in the system. He says that the system asks him to deposit “despite I have funds free deposited.”
asks me to deposit despite i have funds free deposited. some bug ?
— kingscrown (@kingscrownBTC) September 27, 2019
Feel free to share your experience with the Binance Staking Service in the comment box.
