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Binance, the world’s largest crypto exchange, announced this week that it now supports passive staking for Stellar (XLM).
#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
According to a recent announcement, Binance has started taking daily snapshots of user XLM balances at 00:00 AM UTC (dating back to June 20). Staking distributions will be paid out monthly based on the percentage of total XLM held — users must have at least 10 XLM to qualify for rewards.
Binance notes that the first distribution of XLM staking rewards will be on September 1, and there will be a one-time distribution of an additional 9,500,000 XLM — the result of Binance inadvertently staking its XLM dating back to August 31, 2018.
“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,” states the Binance team.
Binance already supports staking for NEO (NEO), Ontology (ONT), and VeChain (VET) with monthly distributions.
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