Three major exchanges Binance, Huobi, and OKEx have announced plans to support QTUM offline staking. Users can now get rewarded with QTUM for simply HODling crypto.
Having three major exchanges supporting Qtum is a significant development for DeFi and smart contracts in general. The move is expected to widen DeFi’s reach in Asia. Coinone, CoinDCX, and Gate.io have also expressed interest in joining the Qtum initiative.
On August 17, Qtum founder Patrick Dai announced that the company will be opening a $1 million DeFi developer grant. The generous grant is expected to attract thousands of applications from all over the world.
In preparation for its offline staking, Qtum involved the crypto community in running a testnet program while rewarding participants. The program is now ready to launch on August 28 at a block height of 680,000.
The upgrade will not only allow users to earn QTUM rewards, but they can do so offline without operating a full node. Now more users in the DeFi community can participate and get rewarded for simply HODling.
In 2019, Qtum did not make serious changes to its platform but since running its testnet in the past 30 days, QTUM has surged by about 60%.
Qtum is now being considered as another solution to the scaling problems Ethereum is currently facing. The company is looking to dominate the DeFi sector in Asia with this upgrade.
Image Credits: Pixabay
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