Binance Shuts Down NFT Staking Program and Polygon Support

• Binance has announced the end of the Sandbox NFT Staking Program by the end of this month.
• Binance NFT Marketplace suspends Polygon support, users need to withdraw their NFTs via the Polygon Network from Binance NFT Marketplace.

On Friday, Binance announced the shutting down of the Sandbox NFT staking program and Polygon support. In an effort to its product offerings, the world’s largest cryptocurrency exchange has confirmed the discontinuation of the Sandbox NFT Staking Program. After careful consideration and evaluation, users will not be able to stake their LAND NFTs hosted on the Polygon network after Binance NFT Marketplace discontinued Polygon support.

The Binance team notes, “Users will not be able to stake LAND NFTs hosted on the Polygon Network on Binance NFT Marketplace to earn daily The Sandbox (SAND) rewards.”

The team continues to explain that all staked LAND NFTs will be unstaked and returned to users by the 28th of this month. The last daily SAND rewards will be automatically distributed to users’ Spot wallets on the same date.

After removing support for the Polygon Network, users are asked to withdraw their NFTs via the Polygon Network from Binance NFT Marketplace. Starting the 26th of the month, users may not be able to buy, deposit, offer, or list NFTs from the Polygon Network on the Binance NFT Marketplace.

Although Binance has welcomed inquiries from the community and promised to give further details in the future, the reason for the discontinuation has not been shared.

Although this is a loss for Polygon and its ecosystem which strives to reach mass adoption, the announcement has little effect on Polygon (MATIC) prices. In the last 7 days, MATIC has lost nearly 3 percent to trade at $0.52. A majority of these losses come off a general bearish market led by Bitcoin. The market leader is still struggling to break above the $26K resistance, holding a majority of altcoins behind.

Polygon Ecosystem Growth

Interestingly, amidst all the bearishness, Polygon has been enjoying a resurgence in network activity. Polygon’s daily active addresses have surged by more than 26 percent in the last two weeks.

JUST IN:

>> Buy Polygon (MATIC) quickly and securely with PayPal, credit card or bank transfer at eToro. Visit Website <<

Polygon PoS daily active users have increased 26% over the last 2 weeks. pic.twitter.com/YqPKfKKkpL

— Today In Polygon (@TodayInPolygon) September 8, 2023

Follow us for the latest crypto news!

With the increase in wallet activity, blockchain’s daily transactions have also increased. Furthermore, the project has continued to forge new partnerships with major companies. One of the most recent collaborations is Korea’s largest financial group with nearly $500 billion in assets under management. Per the recent announcement, Mirae Asset Securities is joining the Polygon ecosystem.

Read More: Polygon Labs and Mirae Asset’s $500 Billion Tokenization Drive in South Korea

Another notable development is Casio launching their iconic G-SHOCK collection on Polygon.

Best Crypto Exchange for Everyone:

• Invest in Polygon and 70+ cryptocurrencies and 3,000 other assets.
• 0% commission on stocks – buy in bulk or just a fraction from as little as $10.
• Copy top-performing traders in real time, automatically.
• Regulated by financial authorities including FAC and FINRA.

2.8 Million Users

Get Started

 

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.