The Dogecoin DOGE/USD blockchain’s key stakeholders took to Twitter to share their collective disapproval for Binance’s locked staking program.
What Happened: In a series of tweets on Tuesday, popular Dogecoin account Mishaboar advised users to “stay away” from the crypto exchange’s new locked staking program.
Mishaboar took issue with the ambiguous language used in the program description that failed to mention which network the staked coins would be held on.
Binance’s program also drew criticism from Dogecoin creator Billy Markus who sarcastically referred to the high-interest offering as “totally sustainable magic.”
Markus was joined by Dogecoin Foundation director Timothy Stebbing, who shared his disapproval with a picture of his own.
Binance’s Locked Staking program went live at 12:00 UTC on Tuesday and offers users up to 10% APY for staking their coins. The rewards are said to be paid out on a daily basis.
Price Action: According to data from Benzinga Pro, at press time, DOGE was trading at $0.07, gaining 9.2% over the last 24 hours.
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