Good news for Stellar (XLM) Holders in Binance! Binance will now support Stellar staking and also giveaway the 1st staking reward amount equivalent to roughly 10-12 months worth of staking rewards!
#Binance Will Support @StellarOrg ( $XLM) Staking & Launch a 9,500,000 XLM Initial Staking Reward Airdrop.
Users holding XLM on Binance may expect to receive a 1st staking reward amount equivalent to roughly 10-12 months worth of staking rewards!https://t.co/JcIJ3S1y1L pic.twitter.com/IFPQEpyhR8
— Binance (@binance) July 18, 2019
Starting July 20, 2019, Binance will support Stellar (XLM) staking.
- Daily snapshots of XLM balance will be taken of users at 00:00 AM UTC. Distributions will be monthly, to be completed before the 5th of each month.
- The XLM Staking distribution will be calculated as below:
- XLM generated by each user = Total XLM staking rewards received by Binance * User XLM holdings ratio.
- User XLM holdings ratio = User XLM holdings / Total XLM staked by Binance.
- Minimum amount to be held for rewards is 10 XLM.
- The initial distribution of XLM staking rewards will be calculated up until 2019/09/01.
9,500,000 XLM (~$775,000 USD) Initial Staking Reward Airdrop
According to a statement by Binance
Back in August 2018, the Binance team heeded the Stellar team’s recommendations to change some parameters on both cold and hot wallets. This change has allowed us to unknowingly earn staking rewards starting August 31, 2018.
Fast forward to this week, when we looked into the staking of Stellar for Binance.com, we discovered that we had already earned 9,500,000 XLM ($775,000 USD) worth of extra XLM tokens.
Users will receive their initial XLM staking rewards together for the first 40 days of staking, along with their proportion of this 9,500,000 XLM prize pool.
It is to be noted that right now, Binance also distributes NeoGas for NEO holders, Ontology Gas for Ontology holders, VTHO for VeChain holders, and BitTorrent tokens for TRON tokens.