10,000 DOGE Up for Grabs on Binance: Details

The crypto exchange Binance has announced a giveaway of 10,000 DOGE in celebration of Binance Gift Card’s first anniversary. 

#Binance Gift Card turns 1 on July 24 ?

Send a #Binance Gift Card on July 24, 2022 for an opportunity to win some $DOGE!

Don’t miss out ➡️ https://t.co/wFAAYC5BEW pic.twitter.com/LKngcAt5e3

— Binance (@binance) July 23, 2022

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 Dogecoin users signing up for the first time for Binance Savings. The crypto exchange also introduced a new series of locked staking activities that enable users to «stake» Dogecoin and earn APYs of up to 10%. This came under significant backlash as Crypto Twitter questioned the possibility of staking coins like DOGE since it used a proof-of-work (POW) consensus and not a proof-of-stake (POS) one.

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 on scammy knockoffs

Dogecoin has issued a warning on scammy knockoffs, dissociating itself completely from such tokens, saying «there is only one Dogecoin, which is its blockchain, and not directly associated with any tokens.»

There have been many tokens over the past nine years that have quickly come and gone. 1 Dogecoin = 1 Dogecoin, and there is only one Dogecoin, which is its own blockchain, and not directly associated with any tokens. Beware of imposters. pic.twitter.com/nHp2lTqmz6

— Dogecoin (@dogecoin) July 22, 2022

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.

LolaDam originally developed Payment Channels to use them on minecraft servers.

Payment Channels might be great, for example, for cases where an individual buys often from the same seller, like a coffee chain.

More details straight from the source:https://t.co/huUFqVkYCy

— Mishaboar (@mishaboar) July 22, 2022

This might find use cases in a scenario where an individual frequently buys from the same seller, like a coffee chain.

On Thursday, Dogecoin announced the release of its Core 1.14.6 upgrade that introduces security updates and changes to network efficiency.

Source