Binance Exchange Adds Komodo (KMD) Staking Service
In a series of improvements, Binance expands the rewards program to distribute staking gains to Komodo (KMD) holders.
Binance has added staking services for Komodo (KMD) owners, meaning now holding KMD in an exchange-based wallet also brings rewards. KMD staking offers more than 5.1% annualized returns.
The addition is an ideal chance to get additional KMD coins, based on a staking and airdrop program:
The addition of staking arrives just days after Komodo rebranded itself, launching the Antara Framework that would allow anyone to create a blockchain and deploy smart contracts or distributed apps.
Komodo expressed special thanks to Binance, and the exchange’s CEO, Changpeng “CZ” Zhao stated that despite not holding the private keys, traders would still have the right to staking rewards.
Following the news, KMD fell, based on its strong correlation with BTC prices. KMD fell by another 6.45% on Wednesday, as BTC sank under $10,000 again. KMD is now trading at position 52 based on market capitalization, with a price of $1.14 and limited trading volumes of around $3 million in 24 hours.
Staking services are becoming attractive again, as a form of locking up coins and expanding the community. Almost all new networks include a form of staking, doing away with mining, even in its amateur form.
Recently, Binance also added staking for Stellar (XLM), redistributing the networks’ rewards. Binance has also carried several reward programs, including distributing GAS for NEO, ONG for Ontology, and VTHO rewards for the VeChain network. Additionally, Binance takes snapshots of TRON (TRX) balances to distribute BitTorrent Token (BTT) based on a predetermined schedule.
Binance also allows staking through its decentralized exchange, Binance DEX. The users hold the assets in their own wallets, thus incurring rewards.
Binance also expanded its importance in KMD trading, taking up around 26% of volumes. The bulk of KMD trading is still happening on CoinBene.
Komodo is a relatively older project, which once aimed at establishing itself as a top 20 coin. The Komodo network split off several projects through snapshots and hard-forking, thus temporarily boosting market prices on increased hype. But recently, the KMD market price has remained stagnant.