Binance to distribute 9.5 million Stellar Lumens earned from staking, will add XLM staking support 🚨 This article is 5 years old...
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Binance to distribute 9.5 million Stellar Lumens earned from staking, will add XLM staking support
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Updated: Jul. 24, 2022 at 11:48 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance, the world’s largest cryptocurrency exchange by trading volume, recently revealed that the platform had earned 9.5 million Stellar Lumens (XLM) from staking the cryptocurrency.
$775,000 of XLM Will Be Distributed to Binance Users
In August 2018, the Stellar team advised Binance’s management regarding how to earn staking rewards by changing various parameters on the exchange’s hot (online) crypto wallets and cold storage (offline) wallets.
After following Stellar team’s recommendations, the Binance platform managed to earn $775,000 worth of XLM tokens (at current market prices). Binance documented the amount earned each week from staking XLM since August 31, 2018.
Adding Support for XLM Staking, Distributing 9.5 Million XLM Earned from Staking
The Binance team is now planning to add staking support for XLM on its platform, and the leading exchange will also share the 9.5 million XLM it earned through staking. Currently, Binance’s platform distributes NeoGas for NEO stakeholders, Ontology Gas tokens for Ontology investors, BitTorrent tokens for TRON investors, and VTHO (“VeThor”) tokens for VeChain holders.
Binance’s management noted that staking multiple cryptocurrencies on its platform can be rewarding, and even HODLing certain tokens may allow users to generate a substantial amount of passive income.
Stellar Lumens Staking Support Begins on July 20
On July 20, 2019, Binance’s platform will begin supporting staking for Stellar Lumens, and it will take daily snapshots of users’ XLM balances in their exchange wallets. The Binance team intends to check customers’ Stellar account balances for a 40-day period.
On Sept. 1, 2019, the average user XLM balances will be tallied based on the snapshots collected. Binance’s management will then complete the distribution of customers’ XLM rewards earned from staking.
Users Must Have XLM in Exchange Account to Receive Rewards
Notably, Binance will distribute the 9.5 million Stellar Lumens it generated through staking to all platform users who maintain XLM balances in their exchange wallets, beginning on July 20, 2019.
As explained by the Binance team, users who stake XLM tokens will receive a “bundled bonus” payment of XLM staking rewards. The bundle will include users’ monthly staking rewards from the 40-day period. Additionally, users will receive some XLM tokens from the one-time distribution of 9.5 million Stellar Lumens tokens
The distribution will begin on September 1, with the XLM tokens being shared “proportionately” among the exchange’s users.
Stellar Market Data
At the time of press 11:48 pm UTC on Jul. 24, 2022, Stellar is ranked #10 by market cap and the price is up 12.59% over the past 24 hours. Stellar has a market capitalization of $1.71 billion with a 24-hour trading volume of $397.26 million. Learn more about Stellar ›
Crypto Market Summary
At the time of press 11:48 pm UTC on Jul. 24, 2022, the total crypto market is valued at at $266.13 billion with a 24-hour volume of $77.09 billion. Bitcoin dominance is currently at 65.09%. Learn more about the crypto market ›
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Stellar
$0.37213
Stellar is a multi-currency payment backend that tens of thousands of people use every day.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.