Binance, the world’s largest cryptocurrency exchange in terms of daily trading volume, has made new announcements for some altcoins. Among the altcoins covered by the announcements is ApeCoin (APE). Here are the details…
Binance will move some collateral assets to private wallets
The cryptocurrency exchange first announced this week that it will move USDT (on the TRX network), USDC (on the ERC20 network), and ETH (on the ERC20 network) assets to private wallets as collateral for Bitcoins to prepare for an audit of their reserves. These assets are currently in cold storage. Therefore, the exchange stated that they will update the wallet addresses holding Bitcoin collateral. During this time, the exchange warned that large transactions could be noticed between wallets.
Additionally, he stated that they will be mounting a significant amount of Binance-pegged USDT as part of the cleanup for Bitcoins. Fixed USDT on BEP2/BEP20 networks that were initially collateralized in ETH/TRX networks will be burned. According to the statement of the exchange, the equivalent collateral will enter the market after the burn. As we reported as Kriptokoin.com, after the collapse of FTX, many crypto exchanges are working to provide proof of their reserves. For this purpose, it offers “proof-of-reserve”.
The exchange has added these coins to Learn&Trade
On the other hand, the exchange added new altcoins to its Learn&Trade service. New coins have been added to rewards when users consume educational materials for various altcoins and perform certain tasks. According to the latest statements, if you want to share the $100,000 prize pool of KAVA, XTZ, SAND and HFT, you can check out Learn&Trade.
https://twitter.com/binance/status/1599659838056722433
Added VIDT and HOOK to Binance Convert
On the other hand, VIDT and HOOK have been added to the Exchange’s Convert platform. Users can now trade VIDT and HOOK for zero fees against BTC, BUSD, USDT and other tokens powered by Binance Convert.
Exchange launches ApeCoin staking program
Finally, Binance announced that it has launched the Ape NFT Staking Program, which will enable users to earn ApeCoin (APE) rewards by staking their BAYC and MAYC NFTs. The program will be effective from a date in December that has not yet been announced by the Binance team and will allow users to stake their NFT for a flexible or fixed period of 30, 60 or 90 days.
Users will be able to choose whether they want to stake their BAYC or MAYC NFT for a flexible period that allows them to withdraw at any time, or for a fixed period that locks their NFT for the selected period. APE daily rewards will be subject to the real-time annual percentage rate (APR) displayed on the Ape NFT Staking Program page. Staking for Bored Ape Kennel Club (BAKC) NFTs will be available in the near future. APR refers to the monetary value or reward that investors can earn by making crypto tokens available for loans or staking, calculated based on interest rates and other fees borrowers must pay.
How to participate in the ApeCoin NFT staking program?
To participate in the staking program, users must deposit their Ape NFT with Binance using the new optimized deposit process. They can also purchase Ape NFTs on the Binance NFT Marketplace, where Binance will hold a separate event for Ape NFT holders listing eligible NFTs for sale. With this activity, you can win prizes from a prize pool of 10,000 APE. The Ape NFT Staking Program will be subject to local restrictions and users who have not completed authentication or are from restricted countries/regions will not be eligible to participate.
In addition to its staking program, Binance NFT is also holding an event for users listing Ape NFTs available for sale on the Binance NFT Marketplace. The event will take place from December 6-31, 2022 and users who sell fixed-price NFTs from the BAYC, MAYC and BAKC collections will be eligible to share a prize pool of 10,000 APE. To be eligible for rewards, users must list their eligible Ape NFT at a price less than or equal to 1.1 times the NFT base price of the relevant collection.
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