Binance will be giving away $100,000 worth of the Shiba Inu cryptocurrency
Cryptocurrency exchange Binance has announced a new promotional offer for new users, allowing them to earn free Shiba Inu (SHIB) tokens.
The lion’s share of the prize pool ($80,000) will be distributed to those who register on the website with the help of a referral link. Each new user will be able to get up to 308,000 SHIB tokens.
The gifts will be distributed according to the order of arrival of the new people. The promotional period will last until March 21.
Binance users with a total trading volume of more than 1,000 USDT tokens across any trading pairs that feature the Shiba Inu cryptocurrency will also share the remaining $20,000. The exchange will combine the trading volume of sub accounts and master accounts. These rewards will be distributed after the first promotion phase.
Currently, the largest crypto exchange in the world allows the coin to be exchanged against the stablecoin Tether and the stablecoin Binance USD (BUSD) as well as its rival Dogecoin.
Binance originally listed Shiba Inu in early May, becoming one of the first major trading platforms to embrace the upstart cryptocurrency. Binance.US, the company’s U.S.-based subsidiary, launched SHIB trading in September.
Last month, Binance Custody, the custodian arm of the cryptocurrency giant, added support for Shiba Inu as well as some other cryptocurrencies.
After becoming the best performing cryptocurrency of the year in 2021, SHIB’s performance has been disappointing in recent months as it remains down 73.23% from its all-time high.
Empowering the Shiba Inu community
According to the official blog post, the main goal of DAO 1 is to give community members “immediate power” to decide crypto projects and pairs on the ShibaSwap platform. The community will also have a say in how the BONE rewards are distributed among them.
ShibaSwap is the native DEX of the Shiba Inu cryptocurrency project. The SHIB Doggy DAO, on the other hand, aims to be a decentralized organization led by the SHIB community that will control the future of the memecoin ecosystem.
With the help of the new community voting system, users will be able to affect their voting power when they hold the staked form of BONE, also known as – tBone, in projects they want to work on and monitor various aspects.
The liquidity pools will be chosen by the users, and the developers will not be able to influence or exercise their authority in any way. The end goal of the latest beta launch is decentralization.
It also marks a milestone for its decentralized exchange. The developers believe that the first version of the phase will attract new investors to use the platform.
