Binance has announced what its intentions are with Stellar and it seems to be quite bullish. In that, the exchange plans to support Stellar’s XLM token on the platform. So starting from the Saturday just gone – 20th July – the exchange will give out staking rewards to customers with XLM in their accounts. And with this move, Stellar Lumens join other cryptocurrencies like NEO, Ontology and VeChain.
In the companies official blog on its site, Binance states:
“The total amount of XLM credited to Binance from these staking rewards is approximately 9,500,000 XLM (approximately $775,000 USD). Binance has decided to distribute these staking rewards to our users”.
Some of the staking rewards are detailed below:
- Users must hold at least 10 XLM in order to qualify for the promotion.
- The first distribution of XLM staking rewards will be on September 1st, 2019. The disbursal of the additional 9,500,000 XLM airdrop will coincide with the first distribution of XLM staking rewards, in accordance with users’ average daily holdings.
- Although the staking rewards have varied over time as the wallet balances have grown, for the first distribution, users holding XLM may expect to receive a first staking reward amount equivalent to roughly 10-12 months worth of staking rewards.
In fact, the firms CEO, Changpeng Zhao recently tweeted out saying that the lucky ones could get to enjoy as much as a whole year’s worth of staking rewards from the Binance exchanges. All you would have to do is move your holdings of XLM to the exchange.
Information on the site says that Binance will conduct the airdrop program by taking snapshots of the customers’ XLM balances. Such snapshots will be taken at midnight every day.
But as reported by ZyCrypto these rewards that are “to be given out to each user will be calculated on a daily basis but given out on a monthly basis. The program will start on July 20 and end on September 1st. To qualify for the rewards program, a Binance user needs to have at least 10 XLM in their account.”
It’s been a while, but Stellar is finally back in the news. The cryptocurrencies current price is $0.08 following a 2.5 percent loss in value over the past 24 hours.