Binance Staking, the crypto exchange's staking-focused program, has officially joined the Neo Council. To date, Neo N3's on-chain governance collective has 21 members working to maintain Neo's health and diversity as a network.
Neo is an open-source community-driven blockchain platform that boasts the industry's most feature-complete blockchain platform for decentralized applications. From digitization to automation, the management of assets through smart contracts is rendered through Neo's native blockchain infrastructure which includes decentralized storage, blockchain oracles, and an active domain name service.
Binance Staking will now take part in the on-chain governance of NEO tokens staked on the contract across a 5-13% APY for a minimum of 0.01 to 0.1 NEO staked, with variable yield based on a vault's lock duration.
NEO tokens have previously been traded on BINANCE but the exchange has neither dealt with nor participated for N3's on-chain governance. As such, the token holders have largely been left out of the GAS rewards which have been distributed to NEO token holders for every added block. With this latest update, NEO holders on Binance Staking will now be able to receive passive rewards with GAS and gain voting power for on-chain governance parameters on N3. In effect, such a democratization of the protocol's on-chain governance will also result in better on-chain security and stability.
“We are thrilled that Binance Staking believes in and sees the potential of Neo’s N3. Neo Council members play a key role in driving forward the future of both Neo community and the blockchain sector at large. Binance Staking’s new membership in the Neo Council is expected to bring new diversity to the Neo community and more cross-platform user engagement to both parties," shares Da Hongfei, the founder of Neo.
The staking platform had already integrated with Ontology (ONT), Neblio (NEBL), and Qtum (QTUM) before this latest update. It remains to be seen if Binance will stake any other NEO-based assets in the near future.
According to Neo, this integration will result in increased seamlessness and an improved symbiotic relationship between their smart token economy and Binance's network and product suite. In effect, this will also increase engagement across their staking channels, as well as for cross-chain transactions utilizing N3's interoperability and token utility.