Cryptocurrency exchange Binance has announced a strategic partnership of scalable blockchain Elrond to deploy the EGLD staking pool.
In a blog post, Binance indicated that traders will earn up to 55.49% annual per yield (APY) and split 100 EGLD awards worth $19,000. Trading the token for 10, 30, 60, or 90 days earns traders’ yearly interest rates with the locked staking cap at 0.2 EGLD.
The partnership will also see the Binance staking platform focus on operating the validator nodes to execute transactions and ensure the network’s security.
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The partnership comes after Binance initially offered support for the launch of the main Elrond network. Recently, Elrond also inked a deal with Woodstock Fund focusing on non-custodial staking.
Following the development, the EGLD token has surged 6.55% in the last 24 hours and 13% in the past week to trade at $270 by press time.
Binance to launch initial game offering
At the same time, Binance is also making inroads into the gaming NFT scene with a scheduled Initial Game Offering (IGO) set for October 26, 2021.
The venture will be a partnership with the complete NFT horse racing ecosystem De Race NFT.
This comes after Dreams Quest, a blockchain-based NFT gaming platform, launched its NFTs on the Binance NFT marketplace on October 12, 2021.
Since launching the NFT venture, Binance has increasing leveraged the growing NFT gaming market. Notably, the NFT gaming sector protocols have been gaining popularity in terms of users and volumes, with their native tokens also performing well.
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