This announcement comes barely five days after the exchange released a report on its plan to launch Algorand (ALGO) staking on July 27.
Binance on June 16 gave the Qtum project a BB overall rating. This rating simply means that “technical feasibility is good and the risk of the project is moderately controllable”. Now Binance has announced that it will be launching support for QTUM staking, starting today on August 1, 2019.
Binance currently supports staking for several other crypto assets. The assets include NEO (GAS), Ontology (ONG), VeChain (VTHO), Tron (BTT), Stellar (XLM), Komodo (KMD), and Algorand (ALGO). According to the Binance team, rewards for QTUM staking will be shared as follows: On August 1, snapshots of users’ QTUM balances will be taken daily at 00:00 UTC.
Two equations will be used in calculating the ALGO staking distribution:
The first equation is “QTUM generated by each user = Total QTUM staking rewards received by Binance * User QTUM holdings ratio”. While the second is: “User QTUM holdings ratio = User QTUM holding / Total QTUM staked by Binance”. For users to be eligible for staking rewards, they must have at least 1QTUM. QTUM staking rewards will be determined everyday and paid out every month. Distribution of staking reward will be completed by the 5th of each month.
