Binance to Launch Stellar (XLM) Staking and Airdrop 9,500,000 XLM
Binance, the world’s leading bitcoin trading venue is set to add support for Stellar (XML) staking starting from July 20, 2019. Holders of Stellar (XLM), the 10th largest cryptoasset in the world, in their Binance wallet will partake in the 9,500,000 XLM airdrop, according to a press release on July 18, 2019.
Binance XLM Staking
These are exciting times indeed for XLM faithful as Binance has announced plans to allow users to stake their Stellar (XLM) tokens on the platform starting from July 20, 2019.
Per its press release, XLM “hodlers” on the innovative Binance exchange will take part in a massive 9,500,000 (roughly $855,000) XLM airdrop.
Interestingly, Binance has revealed that it had been staking XLM since August 31, 2018, and as of today, “the total amount of XLM credited to Binance from these staking rewards is approximately 9,500,000 XLM. Binance has deemed it fit to distribute these rewards to our users.”
XLM Staking Rewards Information
Starting from July 20, 2019, Binance says it will start taking snapshots of users’ XLM balances at exactly 00:00 AM UTC daily and all Binancians with at least 10 XLM in their wallets will be eligible for the mouth-watering rewards.
The team says the XLM staking distribution is calculated as “Total XLM received by Binance * User XLM holding ratio.
Where “User XLM holdings ratio is = “User XLM holdings / Total XLM staked by Binance.
Binance says the initial distribution of XLM staking rewards will be calculated until July 1, 2019, and eligible XLM holders will receive the first airdrop as well as their staking rewards for their first 40 days of staking on September 1, 2019.
The team writes:
“Though the staking rewards have varied over time as the wallet balances have increased, for the first distribution, XLM holders may expect to receive a first staking reward amount equivalent to about 10-12 months worth of staking rewards,”
Binance exchange now gives users staking rewards on a total of five digital assets including NEO (NEO), Ontology (ONT), Vechain (VET), TRON (TRX) and now Stellar (XLM).
Despite losing $40 million worth of bitcoin to hackers earlier in May 2019, Binance remains one of the most secure and innovative crypto exchanges in existence.
On July 12, 2019, BTCManager informed that Binance had added margin trading support on its upgraded Binance 2.0 platform.