Oops, We Staked It (Again)
Back in August 2018, the Binance team heeded the Stellar team’s recommendations to change some parameters on both cold and hot wallets. This change has allowed us to unknowingly earn staking rewards starting August 31, 2018.
Fast forward to this week, when we looked into the staking of Stellar for Binance.com, we discovered that we had already earned 9,500,000 XLM ($775,000 USD) worth of extra XLM tokens. All weekly staking rewards between then and now are documented on the blockchain (see here) and credited to Binance.
When we discovered this, we made two decisions: to immediately add staking support for XLM, and to share the XLM rewards we gained to the entire community.
The recent launch of support for XLM staking* follows an already robust lineup of staking options we already have on Binance. Right now, Binance distributes NeoGas for NEO holders, Ontology Gas for Ontology holders, VTHO for VeChain holders, and BitTorrent tokens for TRON tokens. These are just a few of the reasons why trading on Binance is rewarding: even HODLing tokens can earn you some more.
Binance Supports Stellar Staking
Starting July 20, Binance will support staking for Stellar (XLM). Over a 40-day period, Binance will take daily snapshots of XLM balances on your Binance accounts. After that, on September 1, we will tally average user XLM balances based on these snapshots and complete the distribution of your XLM staking rewards.
In addition, Binance is planning to share the XLM staking rewards we have been unknowingly receiving since last year. Specifically, Binance has decided to distribute the 9,500,000 XLM in staking rewards accrued to date, which is worth about $775,000 USD, to all users who keep XLM balances starting July 20.
This means that on September 1, Binancians who staked XLM tokens will get a bundled bonus payment of XLM staking rewards, including the regular monthly staking reward from the 40-day period and the one-time distribution of 9,500,000 XLM shared proportionately among Binance users, which is estimated to be worth 10 to 12 months of typical monthly rewards. Read the details about that distribution here.
In the past, Binance has supported rewards from other staking platforms, with the ethos of ensuring that users get all the funds that they rightfully deserve. This recent support for XLM staking is the latest in a long line of moves we have done to always provide the best for Binance users.
Do you think Binance should support more staking programs on the tokens that we list? Please let us know your thoughts about staking on our Twitter account. For more information about staking, please consult Binance Academy’s articles on staking pools and Proof of Stake.
* Stellar allows for inflation distribution via its Stellar Consensus Protocol.