In summary:
- BNB staking will soon be available on the testnet of Binance Chain.
- Although via testnet BNB, Binance will distribute 3,000 BNB in prizes to participants.
- The team at Swipe has launched a $16 Million SXP airdrop to Binance Coin holders over a 12 week period.
- These two events could positively benefit the value of Binance Coin (BNB) in the days and weeks to follow.
The team at Binance has been known to continually keep their head down on build irrespective of the crypto market environment. Earlier this week, the team at the exchange announced that BNB staking will be available on the testnet version of the Binance Chain. Furthermore, staking will be via testnet BNB available through a faucet that will be available on, or around the 17th of August.
3,000 BNB in Prizes for Staking on the Testnet
With respect to the time frame of the event, staking on the Binance Chain testnet will be available from the 17th and 27th of August. Also to note is that Binance will be giving away 3,000 BNB in prizes to participants of staking on the testnet.
$16 Million SXP Airdrop to BNB Holders Beginning 17th August
Additionally, and with respect to the Binance ecosystem, the team at Swipe has announced an SXP airdrop to BNB hodlers worth $16 Million that will also commence on the 17th of August.
A total of 4 Million SXP tokens will be distributed over a 12 week period based on weekly average BNB holding amounts. This translates to 333,333 SXP airdropped per week. Participants need to hold at least 0.1 BNB to qualify for the rewards.
The final round of the airdrop will be carried out on the 11th of November.
Swipe Will not Mint New SXP
The team at Swipe has clarified that no new SXP will be minted and the airdropped amount will be bought from the market.
The SXP distribution will be from the existing circulating supply and bought from the market, thus this program will not increase any circulating supplies weekly.
Binance Coin Will Benefit from Staking and SXP Airdrop
Connecting the dots regarding the two Binance events of staking on the testnet of the Binance Chain and the $16 million SXP airdrop, it can be concluded that Binance Coin (BNB) stands to benefit positively in value between now and early November. Narrowing it down to the SXP airdrop, the demand to purchase and hold BNB could drive the price of Binance Coin up in the days and weeks to come.
If the latter situation plays out, Binance Coin could well be on the path to test the following short term resistance levels in the next few days.
- $23.40
- $23.83
- $24.00
- $24.48
- $24.67
On a macro scale, the two events could also propel Binance Coin (BNB) above the February 2020 peak of around $27.20.
As with all analyses of Binance Coin, traders and investors are advised to use stop losses and low leverage when trading BNB on the various derivatives platforms.