Unifi is partnering with Binance Smart Chain for a special UNFI staking and mining event. 25,000 UNFI will be mined by staking UNFI within the provide liquidty section of the uTrade app on BSC. There is a special interface to view information on this UNFI staking event.
During the event, staked UNFI will mine a share of the entire pool of 25,000 UNFI staking rewards for each block it is staked. The reward per block will be shared equally by the total number of UNFI staked during that block. On Binance Smart Chain, each block is ~3 seconds!
UNFI earned during this event will be claimable during the event, and can be restaked to compound the staking reward. UNFI staked during this special event will remain staked until the promotion ends. This event will end soon enough to allow participants to join the Proof of Stake Global Governance Model and continue to earn more UNFI through staking!
In order to participate in this event, UNFI tokens must be BEP20 tokens on the Binance Smart Chain.
UNFI tokens mined from Binance Launchpool or purchased on Binance Exchange will need to be withdrawn to a BSC address. To withdraw UNFI to Binance Smart Chain, go to the wallet tab of https://www.binance.com. Click the withdraw button. Select UNFI from the drop down menu as the token to be withdrawn. Enter the Binance Smart Chain blockchain address where you want to receive the UNFI. Be sure this address is associated with a Unifi supported wallet, such as Metamask or Mathwallet. Information on supported wallets can be found here.
Important: Be sure to select Binance Smart Chain BEP20 as the transfer network. Do NOT select Binance Chain BEP2. Then enter the amount of UNFI to withdraw and proceed.
UNFI claimed on Binance Smart Chain during the initial UP migration event can also be staked to mine even more UNFI!
At this point, the BEP20 UNFI tokens are in a BSC address in a wallet that is supported by Unifi. Follow these steps to stake UNFI and start mining more UNFI every block!
Scroll down to the blockchain selection area and click the “Add liquidity” button next to Binance Smart Chain.
After the uTrade app opens, ensure you are connected to the supported BSC wallet which contains the UNFI.
Select the “Stake UNFI” option.
Input the amount of UNFI to stake and click Submit. Staked UNFI will begin earning staking rewards every block, or approximately every 3 seconds!
This special staking event will start within hours of UNFI listing on Binance Exchange. It will end on or about January 1, 2021. The end of this event will be part of the launch of the UNFI Global Governance Model and precede the election of the first Community Council Representatives.
BNB Smart Chain operates on a Proof of Staked Authority (PoSA) consensus mechanism that combines features from Delegated Proof of Stake (DPoS) and Proof of Authority (PoA).
Some examples of permissionless blockchains include Bitcoin (BTC), Ethereum (ETH), and BNB Smart Chain (BNB). Any user with an internet connection has the ability to join the network, send and receive transactions, view and contribute to the code, operate a node, and participate in the consensus process.
To stake BNB on the BNB Beacon Chain, you must install the Binance Wallet Chrome Extension and have at least 1 BNB in your address on the BNB Beacon Chain Network. You are on the right network if the address that holds your BNB starts with bnb . If your address starts with 0x , see Bridge with Binance Wallet .
There are some risks associated with Binance DeFi Staking: Smart contract risk: DeFi projects are built on smart contracts, and these contracts can be vulnerable to hacks. If a smart contract is hacked, you could lose your cryptocurrency.
Binance Chain and Binance Smart Chain have merged to become BNB Chain. Through the concept of MetaFi, BNB Chain will underlie the world's virtual ecosystem infrastructure.
BNB Chain is committed to enhancing the security of its ecosystem and has implemented robust user protection measures. DappBay has listed over 1,158 dApps in under a year, with the Red Alarm feature helping users identify over 445 risky dApps and projects on BNB Chain.
Binance Chain and Binance Smart Chain are decentralized blockchain networks. Binance Chain aims for fast transaction capability, while Binance Smart Chain is an innovation of Binance Chain supporting the development and running of Dapps. Binance Smart Chain is compatible with Dapps originally coded for Ethereum.
By staking your BNB, you allow the exchange to temporarily use your tokens to support the operations of the Binance blockchain network. When you stake BNB, the tokens are used toward securing the asset's Proof-of-Stake (PoS) network. Rewards: Staking BNB can earn you rewards in the form of additional BNB tokens.
After the deposit is complete, the funds will be accessible by using any crypto wallet that supports BSC or by accessing it via the Binance Spot Wallet. The minimum deposit amount is 0.01 USDT.
Here you can buy or sell Binance Coin (BNB) with a bank account or Visa/MasterCard credit card. You still don't need to register even if you want to cash out your BNB.
Binance.US is available to most U.S. residents, unlike parent company Binance. But there are some restrictions. The exchange isn't available in Alaska, American Samoa, Hawaii, Maine, New York, the Northern Mariana Islands, Texas, the U.S. Virgin Islands and Vermont.
For example, Ethereum 1.0 uses proof of work, but Ethereum 2.0 uses proof of stake. Others using proof-of-stake protocols include Tezos, Cardano, Solana, and Algorand. Users like it for its quicker processing returns and the scalability made possible by the lower cost.
Proof of Stake is a popular alternative to the Proof of Work consensus algorithm. This mechanism does not use computing power to confirm transactions, but staked coins provided by validators. Proof of Stake can significantly reduce energy consumption, as well as increase decentralization, security and scalability.
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