Binance Give 9,500,000 XLM Airdrop Supports XLM Staking
Leading cryptocurrency exchange Binance will add support for XLM (Stellar) Staking support from 20 July announced in an official post by Binance on 17 July.
Binance exchange already supports staking rewards for NEO (GAS), Ontology (ONG), and VeChain (VTHO).
The details of the distribution of stacking reward are explained below:
Binance will take a daily snapshot (00:00 AM UTC) of user XLM holdings (on binance exchange wallets) from 20 July onwards.
User reward distribution is calculated by the given method:
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
This looks complicated for many users, we will explain this in a simple and shorter way.
Let assume Binance holding a total of 100,000 XLM coins and earn a staking reward of 10,000 XLM. You are holding 1000 XLM in your binance account that is 1% of the total XLM stored on Binance so you will get 1% reward of total staking reward i.e, 10,000 (user get 100 XLM 1%).
- User must hold 10 XLM to be eligible for staking reward.
- The first distribution of staking rewards will be on 1 September 2019.
- XLM Staking rewards are distributed before the 5th of each month onwards September.
- The staking reward may very every month because the number of XLM coins holding by Binance may vary.
9,500,000 XLM (~$775,000 USD) Airdrop
Binance will distribute an initial staking reward airdrop of 9,500,000 XLM. Binance discovered that they are staking XLM since 31 August 2018. Binance earns a total of 9,500,000 XLM as staking reward that will be distributed by among the users as an initial XLM staking reward airdrop. You can check the reward history here.
Users can earn more staking rewards by depositing funds on Binance Account.
Other rewarded coins supported by Binance are:
