Binance coin staking will soon be available on the Binance chain testnet as the platform will distribute 3000 BNB in prizes to participants. The team at Swipe launched a $16 million SXP airdrop to the holders in a 12 week period as we are about to see in the upcoming Binance coin listing news.
The team at Binance is known for keeping their head down in a building mode of the market environment as earlier this week the team at the exchange announced that BNB staking will be available on the Binance Chain testnet version. Furthermore, staking via the BNB testnet will be available through a faucet that will be available around August 17th. With respect to the timeframe of the event, the staking on the Binance Chain testnet will be available from the 17th and 27th of August.
Binance will be giving away 3000 BNB in prizes to all of the users that will participate in the staking process on the testnet. With respect to the Binance ecosystem, the Swipe team announced an SXP airdrop to BNB holders worth more than $16 million which will commence on August 17th. A total of 4 million tokens will be distributed in a 12 week period based on the average BNB holding amounts. This translates to 333,333 SXP airdropped per week. The participants will have to hold at least 0.1 BNB in order to be qualified. The final round of the airdrop will be carried out on 11th of November.
The Swipe team clarified that no new SXP will be minted all of the airdropped amounts will be purchased from the market. The distribution will be from the existing circulating supply and purchased from the market and the program will not increase the circulating supply per week. Connecting the dots regarding the Binance events of staking on the testnet of the Chain and the $16 million SXP airdrop, it can be concluded that the coin stands to benefit in value until November. Binance Coin could also be on a path to test the following short term resistance levels in the next couple of days.
On a macro scale, the two events will propel the Binance coin above the peak of $27.20. The traders and investors are advised to use the stop losses and the low leverage when trading the coin on various derivatives platform.
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