Binance Staking Launches 107.59% APY
Binance announced on Monday, 30 May 2022, that it will be rewarding users who are staking BiSwap Coin (BSW). The promotion duration is 1pm UTC on 30 May to 12:59pm UTC on 9 June.
This Binance Staking promotion celebrates BiSwap's first anniversary as a cryptocurrency exchange after joining the market in 2021. This promotion is open to all Binancians who are fully verified.
Why Does It Matter?
Binance remains the biggest cryptocurrency exchange by volume. Aside from this, Binance Staking is one of the best when it comes to rewarding users with high annual percentage yields (APY). BiSwap is one of several decentralised digital asset trading platforms in the space.
As of May 2022, every exchange has created a token that supports the fortunes of their respective platforms. Binance has Binance Coin (BNB) and BiSwap has BSW.
BSW was added to Binance in March 2021, and the trading pairs of BSW/BNB, BSW/BUSD, and BSW/USDT were made available to traders across the globe.
In May, BSW recorded a minimum and maximum trading volume of $30 million and $115.87 million, respectively, signaling impressive investor interest.
This corresponds to market capitalisation of around $135 million (small-cap), which has made BSW a top 250 digital asset in terms of ranking.
As part of its first anniversary, Binance Staking has made available two (2) promotions to increase the mileage of BSW and contribute to extensive demand for the coin, which will positively impact its price in the future. Binance Staking Promotions for Biswap Coin (BSW)
The first promotion is to deposit and stake BSW to get a chance to share $370,000 in BSW tokens. Overall, you can enjoy up to 107.59% annual percentage yield (APY). From 30 May through to 9 June 2022, you can engage in locked staking on Binance and see daily payouts.
For this promotion, Binance has capped the maximum limit per user to 100,000 BSW for 30 days, 10,000 BSW for 60 days, and 300 BSW for 90 days.
The second promotion is primarily reserved for users who are new to locked staking. The first 6,000 new locked staking users on Binance will have the opportunity to share $37,000 in BSW rewards.
When the agreed staking period ends, Binance Staking will return staked assets to users' respective spot wallets.
As of writing, BSW was changing hands for $0.6. This means that you need $60,000 to buy 100,000 BSW for 30 days of staking, $6,000 to purchase 10,000 BSW for 60 days of staking, and $180 to get your hands on 300 BSW for 90 days of staking.
If you do not have thousands of dollars to spare, you stand a great chance of earning BSW rewards by staking $180 or more.
About Binance Staking and BSW
Launched in September 2019, Binance Staking has the purpose of being a value-added service to Binance users. With Binance Staking, Binancians can grow their portfolios by receiving periodical rewards and distributions by simply depositing and holding funds for a given time on the biggest exchange across the globe.
Launched in 2021, BSW is the native asset of the first decentralised exchange platform on the market with a three-type referral system that comes at low fees. BSW is the governance token of the exchange and has a total supply of 700 million.
Aside from Binance, BSW can be accessed on around 14 exchanges: Gate.io, Kucoin, AAX, Bitget, CoinTiger, Bitrue, Nami, MEXC Global, CoinEx, Folgory, BingX, BKEX, Hoo.com, and LBank.
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Author: Raphael Darkwah
Raphael Darkwah/ Albert Zuhnden (preferred pen name) is a crypto finance expert who has covered several projects since taking a stake in Bitcoin in 2016. He has covered NFTs, decentralized finance, decentralized cloud storage networks, stablecoins, and several blockchain projects. He believes blockchain technology could revolutionize the world of work and money.