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Binance Will Support Stellar (XLM) Staking & Launch a 9,500,000 XLM Initial Staking Reward Airdrop
Binance
2019-07-18 09:51

Fellow Binancians,

Binance will be adding support for Stellar (XLM) staking, starting July 20, 2019. Stellar rewards will be in addition to the staking rewards Binance already supports: NEO (GAS), Ontology (ONG), and VeChain (VTHO).

Binance will distribute Stellar Lumens staking rewards as detailed below:

Monthly XLM Staking Airdrop Program

  • Starting from 2019/07/20, Binance will begin taking daily snapshots of user XLM balances at 00:00 AM UTC.
  • XLM Staking distribution will be calculated as follows:

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

User XLM holdings ratio = User XLM holdings / Total XLM staked by Binance.

  • Users must hold at least 10 XLM in order to qualify for staking rewards.
  • The initial distribution of XLM staking rewards will be calculated up until 2019/09/01, with the total amount distributed equal to the staking rewards accrued on holdings during the 43 day period.
  • XLM rewards are calculated daily and distributed monthly. Distributions will be completed before the 20th of each month.

9,500,000 XLM (~$775,000 USD) Initial Staking Reward Airdrop

Upon initiating staking of Stellar this week, Binance discovered that we had been staking Stellar Lumens (XLM) from 2018/08/31, following recommendations from the Stellar team on changing some parameters on both cold and hot wallets. All weekly staking rewards credited to Binance during this period can be found here.

As of today, the total amount of XLM credited to Binance from these staking rewards is approximately 9,500,000 XLM (approximately $775,000 USD). Binance has decided to distribute these staking rewards to our users as detailed below:

  • Starting from July 20th, 2019, Binance will begin taking daily snapshots of user XLM balances at 0:00 AM UTC to calculate their proportional potential staking rewards.
  • Users must hold at least 10 XLM in order to qualify for the promotion.
  • The first distribution of XLM staking rewards will be on September 1st, 2019. The disbursal of the additional 9,500,000 XLM airdrop will coincide with the first distribution of XLM staking rewards, in accordance with users’ average daily holdings.
  • Users will receive their initial XLM staking rewards together for the first 40 days of staking, along with their proportion of this 9,500,000 XLM prize pool.
  • 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.

For further information and background on this initial staking reward airdrop, read our blog post here

Move your coins to Binance from anywhere and enjoy hassle-free staking rewards. Other rewarded coins supported by Binance are:

Thank you for your support!

Binance Team

2019/07/18

 

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