Binance Announces: 10,000 Dogecoins Will Be Distributed!

To celebrate the first anniversary of the Binance Gift Card, Binance has announced a prize pool of 10,000 Dogecoins (DOGE) for all participants.

The leading crypto exchange has announced that it will give away 10,000 DOGE to celebrate the first anniversary of the Binance Gift Card. New users who meet the specified requirements will have the right to share a prize pool of 7,000 DOGE. On the other hand, existing users will share the 3,000 DOGE prize pool from midnight on July 24. However, users only have 24 hours from this date to participate in the prize pool of 3,000 DOGE.

Binance offers rewards for first-time Dogecoin users signing up for Binance Savings

The exchange announced several award-winning events throughout the week. One of them was special rewards for Dogecoin users signing up for Binance Savings for the first time. Binance has also launched new staking pools that allow users to earn up to 10% APY on staking. However, Binance's sensations received backlash from the Twitter community. This is because Dogecoin takes part in staking events despite using PoW. Binance later announced that cryptocurrencies invested in the recently announced staking program, such as Dogecoin using POW, will remain on the exchange and will not be loaned out for further returns. The stock market found its users right in this regard.

Dogecoin Warns Of Scams

Following Binance's announcement, Dogecoin issued a warning about scam scams. The team behind Dogecoin completely separates itself from such tokens. In a statement on Twitter, the team conveyed the following to the community:

THERE HAVE BEEN MANY TOKENS THAT HAVE COME FASTLY IN THE LAST NINE YEARS. 1 DOGECOIN = 1 DOGECOIN AND ONLY ONE DOGECOIN THAT HAS ITS BLOCKCHAIN AND IS NOT DIRECTLY RELATED TO ANY TOKEN. BE AWARE OF FAKES

On the other hand, Mishaboar, a popular Dogecoin-focused Twitter account, informed about the ongoing work on the Dogecoin Payment Channel that will allow almost instant free Dogecoin payments between two parties. Mishaboar says the payment channels will ensure that the Dogecoin fee is paid only once. At the same time, he explains that he will allow the locked Dogecoin to be spent.

Thanks to the payment channel, daily shopping becomes faster and less costly. The Dogecoin team also announced the release of the Core 1.14.6 upgrade on Thursday, which introduces security updates and changes in network efficiency.

The new version, Dogecoin brings more security and efficiency. Meanwhile, the developers have changed the fee structure and other features along with the security fixes. For example, the recommended wage cap has been reduced from 1 DOGE to 0.01 DOGE. Other changes included configuring a wallet backup directory and limiting the maximum number of add node records to 800. As Kriptokoin.com, we have discussed the details in this article.