BNB Staking is Now Available on the Binance Chain Testnet 14

BNB Staking is Now Available on the Binance Chain Testnet

In brief:

  • Binance has announced that crypto enthusiasts can now stake BNB on the Binance Chain Testnet. 
  • The staking will be via testnet BNB available through a faucet. 
  • The move is in anticipation of the actual staking of BNB on the mainnet of the Binance Chain. 

Earlier today, the crypto exchange of Binance announced that BNB staking was now available on the Binance Chain testnet. The announcement was made via Twitter with CZ retweeting the comment in a manner that foreshadowed that BNB staking will eventually be available on the Binance Chain mainnet in the near future. Below is the tweet by CZ.

Staking Using Testnet BNB

To note is that initial staking will be via testnet BNB. The latter assets will be made available on the day the activity is launched and each user will receive 100 testnet BNB by sharing a Tweet that will be revealed on that day. The team at Binance further explained the process as follows:

A faucet will be deployed for the BSC testnet. To get testnet BNB from the faucet users can share a tweet (which will be available on the activity launch date) and upon completion, receive 100 testnet BNB. Each Twitter account can only claim Testnet BNB via sharing once every 24 hours.

Furthermore, there will be a daily airdrop of testnet BNB to accounts that successfully claimed the Testnet BNB via the faucet.

At 6:00 AM (UTC) each day of the activity period, Binance will airdrop testnet BTCB or BNB on Binance Smart Chain to accounts that successfully claimed testnet BNB via the Faucet.
Users will be able to send their testnet BTCB to Binance DEX to trade for more testnet BNB.
The amount of airdrop will be random at Organizers’ discretion.

Effects of Actual BNB Staking on the Price of Binance Coin

With staking now available on the testnet version of the Binance Chain, BNB investors and traders are optimistic that the eventual introduction of staking on the mainnet will have a positive effect on the price of BNB.
One can compare BNB staking to the anticipation of Ethereum staking on ETH2.0. This means that Binance Coin (BNB) hodlers will continue hodling and others will continue accumulating the digital asset.