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Colossal cryptocurrency exchange Binance has said it would support Lisk cryptocurrency and staking of the LSK token. The support, as described by Binance, would allow users of the cryptocurrency to get month staking airdrop.
Binance said it would initiate the support on February 27, allowing users of the LSK token to stake their assets on the platform.
#Binance Will Support @Lisk $LSK Stakinghttps://t.co/fBXspqE9aD pic.twitter.com/KThhiD7fsF
— Binance (@binance) February 26, 2020
Lisk cryptocurrency also acknowledged the update via it Twitter handle with excitement for the development.
Binance revealed that the staking airdrop program will commence as a soon as the support for LSK is initiated on 2020/02/27 at 00:00 AM UTC and the exchange will begin to take live snapshots of users’ balances.
Binance stated that it would calculate the LSK distribution of users as follows:
LSK generated by each user = Total LSK staking rewards received by Binance * User LSK holdings ratio.
To participate, user must have at least 1 LSK in his holding. LSK reward would be calculated daily and distribution would be made monthly. The first LSK staking rewards will be calculated through to 2020/03/3.
Users LSK holding is calculated based on the average holding of the users divided by the overall LSK staked by Binance.
Prior to the addition of Lisk, Theta, Loom, Kava were the last set of cryptocurrencies that got staking support from Binance.