Binance offers 10,000 DOGE as prize
The crypto exchange Binance announced a giveaway of 10,000 DOGE to celebrate the first anniversary of the Binance Gift Card.
New gift card users meeting the stated requirements will be entitled to share a 7,000 DOGE rewards pool. On the other hand, existing gift card users would share a 3,000 DOGE reward pool within 24 hours starting from July 24, 12 midnight.
During the week, Binance introduced rewards for first-time Dogecoin users signing up to Binance Savings. The crypto exchange has also introduced a new set of locked staking activities that allow users to “stake” Dogecoin and earn APYs of up to 10%. This sparked significant backlash when Crypto Twitter questioned the possibility of staking coins like DOGE because it used proof-of-work (POW) consensus and not proof-of-stake (POS).
Binance then clarified that coins such as Dogecoin, which utilizes POW, deposited in its recently announced staking program, would remain with the exchange and will not be lent out to generate further yield. It states that “There is no on-chain staking of LTC and DOGE for network validation since these are non-proof-of-stake tokens,” while claiming responsibility for the APR rewards for the campaign.
Dogecoin issues warning about fraudulent knockoffs
Dogecoin issued a warning about fraudulent imitations, completely dissociating itself from these tokens, saying that “there is only one Dogecoin, which is its blockchain, and it is not directly associated with any token”.
In other news, a popular dogecoin-focused Twitter handle Mishaboar has reported on ongoing work on the Dogecoin Payment Channel that would allow near-instant feeless Dogecoin payments between two parties. He explains that payment channels would ensure that the Dogecoin fee is paid only once and would allow for time-locked Dogecoin to be spent.
This could find use cases in a scenario where an individual frequently purchases from the same seller, such as a coffee shop chain.
On Thursday, Dogecoin announced the release of its Core 1.14.6 upgrade that introduces security updates and changes to network efficiency.
