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Binance Will Support An Additional 200 Million ALGO Staking Rewards Program
Binance
2019-08-20 13:57

Fellow Binancians,

Following our Initial Algorand Staking 220,000 ALGO promotion, Binance will support participation for Algorand’s 200 Million ALGO Staking Rewards Program. The Algorand Foundation will set aside a 200 Million ALGO Staking distribution across its network over the next two years. This reward will be shared every six months amongst all staking participants on the network. 

Starting September 1st, 2019, Binance will participate in this 200 Million ALGO program and distribute any proportional rewards received from this program as follows:

Additional ALGO Staking Rewards Program Rules

Earnings on Binance will be calculated as follows:

  • Starting from September 1, 2019, Binance will begin taking daily snapshots of user ALGO balances for this program at 00:00 AM (UTC).

ALGO generated by each user = Total ALGO staking rewards received by Binance * User holdings ratio.

User ALGO holdings ratio = User ALGO holdings / Total ALGO staked by Binance

  • Users must hold at least 2 ALGO in order to qualify for staking rewards.
  • ALGO staking rewards from this program will be calculated and distributed for the next two years, with the initial distribution period covering 6 months from September 1, 2019 to March 1, 2020.
  • These additional rewards will be distributed every six months, with the first distribution date within 1 week of receiving funds from the Staking Rewards Program. Standard ALGO staking rewards are calculated daily and distributed monthly as announced previously here.

Please Note:

  • We will continue to take daily snapshots and pay out the 220,000 ALGO Initial Algorand Staking Airdrop on September 1st. The support of the Algorand Foundation’s 200 Million ALGO Staking Rewards Program is in addition to our previous ALGO staking support. 
  • Any rewards received from the 220,000 ALGO Initial Staking Rewards Airdrop will also count towards user’s balances for daily snapshots for the 200 Million ALGO Staking Program.

Binance has set up its holdings to ensure that users may receive the largest amount of staking rewards in the coming months. However, if we experience a large amount of withdrawals of ALGO, our earnings from this program will also decrease. Binance will ensure that any rewards received through this program will be distributed to our ALGO holders. 

For full transparency into all wallets participating in the Algorand Foundation’s 200 Million ALGO Staking Program, please refer to the complete list here.

Thank you for your support!

Binance Team

2019/08/20

 

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