Binance wants to give Stellar Lumen (XLM) worth about 745,000 euros to his community. The world’s leading crypto exchange has itself – unnoticed – received a considerable amount of Staking Rewards from Stellar and now wants to distribute it to users who hold the token. In the future, Binance will also offer XLACK stealing.
Binance , a Japanese Bitcoin exchange , announced in a blog post on July 18 that it was supporting the staking of Stellar Lumen’s cryptocurrency (XLM). Binance Rewards have been used to hold coins in the past: for NEO in the form of GAS, Ontology ONG and VeChain VTHO. Now comes with Stellar one of the top 10 currencies, according Coinmarketcap added. The monthly Stellar Rewards start is July 20, 2019. The premiums are calculated daily and paid monthly until the 5th of each month. The minimum deposit is 10 XLM.
Stellar Token as a gift!
In addition to this new service Binance announced an Airdrop of about 9.5 million XLM (about 745,000 euros). The company itself generated this sum through staking – without intending to do so. Because the Exchange was just following a recommendation of the StellarTeam of August 2018 to change some parameters in the Cold and Hot Wallets. That’s how Binance got Staking Rewards week after week. Within a year, a considerable amount came together and the stock exchange now wants to pass this on to their customers.
Specifically, the distribution looks like this:
- Beginning July 20, 2019, Binance will take daily snapshots of its users’ XLM balances to calculate the potential pro rata rewards.
- Participants must have at least 10 XLM to qualify for the promotion.
- The first distribution of XLM Rewards will be on September 1, 2019. The disbursement of the Airdrop of another 9.5 million XLM will coincide with the first distribution of rewards according to the average daily inventory of users.
- Users will receive their first XLM rewards for the first 40 days of use, along with their poolside share of 9,500,000 XLM.
- Although the staking rewards have changed over time as wallet stock has grown, users who have XLM can expect the first payout to amount to a staking reward of about 10 to 12 months.
Send money quickly and inexpensively
As part of its commitment to providing affordable financial services, Stellar.org has been giving away more than 8 billion lumens since January 2018. The organizations are constantly working to increase the reach of the network. This way, people around the world will one day be able to use XLM.
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