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Binance

Binance Exchange is the largest crypto exchange by trade volume and one of the fastest in the world.

Binance will be adding support for Stellar (XLM) staking, starting July 20, 2019. Stellar rewards will be in addition to the staking rewards Binance already supports: NEO (GAS), Ontology (ONG), and VeChain (VTHO).

Binance will distribute Stellar Lumens staking rewards as detailed below:

Step-by-Step

• Create an account on Binance
• Hold a minimum of 10 XLM in your Binance wallet to qualify for staking rewards.
• Binance will take daily snapshots starting from 2019/07/20 at 00:00 AM UTC and distribute rewards monthly.
• XLM staking distribution will be calculated as follows:

1. XLM generated by each user = Total XLM staking rewards received by Binance * User XLM holdings ratio.
2. User XLM holdings ratio = User XLM holdings / Total XLM staked by Binance.

• Rewards will be calculated daily and distributed on the 5th of every month. The initial distribution of XLM staking rewards will be calculated up until 2019/09/01 and the average user XLM balances will be calculated based on the daily snapshots and the 40 days XLM staking rewards will be distributed on September 1st, 2019.
• An additional 9,500,000 XLM from prior staking activities will also be distributed to XLM holders based on their average daily holdings.
• Staking is done automatically by Binance, so there’s no manual action required.

STAR AIRDROP

Originally published at https://cryptonomad.info on July 20, 2019.