Crypto Exchange Binance Adds Support For Kyber Network Crystal Staking
Binance, one of the world’s largest crypto exchanges, has added support for Kyber Network Crystal (KNC) staking, allowing KNC holders to earn staking rewards in ETH.
KNC is an ERC-20 token and an integral part of Kyber Network, a fully on-chain liquidity protocol that enables decentralized token exchange in any application. KNC is tradable against BUSD, USDT, BTC, and ETH on the Binance spot market. It’s also available for trading and investing on Binance Margin, Binance Futures and Binance Savings.
Binance Staking allows KNC holders to deposit KNC tokens on Binance and earn staking rewards without having to vote every 2 weeks on the KyberDAO platform. Binance Pool, the inclusive crypto mining platform backed by Binance, will vote on behalf of KNC users on Binance, allowing these users to receive rewards in ETH that will be distributed periodically.
Similar to its existing staking services, Binance will be taking hourly snapshots of the user’s KNC balances to calculate rewards. While rewards will be calculated on a daily basis, distribution will take place on a monthly basis. Starting with staking service launch, Kyber giveaways 100,000 USD worth of KNC to users who stake KNC through 3 months besides ETH staking rewards.
With Binance support, Kyber has now exceeded 50 million KNC staked since its Kayalyst launch (20 million from Binance) (20% of the total supply) and 650 unique addresses were voted within the first 4 hrs on the platform.