On July 18, 2019, one of the largest crypto exchanges, Binance has shared a blog post, entitling “Supporting and sharing stellar staking”. In a detailed blog post, Binance mentioned that they have recently discovered the figures of reward that it had unknowingly generated from staking Stellar/XLM tokens.
According to the reports, Binance exchange has unintentionally earned reward from staking the stellar tokens and now the company has discovered the amount accumulating 9,500,000 XLM being credited to Binance.com. The blog mentioned that Binance had already earned 9,500,000 XLM which is approximately equivalent to USD 775000 at press time. It had also given a link to see the reward that was being credited to Binance.com. You can see it —> here
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 blog reads
Following the update, Binance CEO, CZ states that;
Move your coins to @Binance from anywhere and enjoy hassle-free staking rewards.
— CZ Binance (@cz_binance) July 18, 2019
Binance Announces XLM staking and 9.5 Million Stellar Giveaway
As per the Binance crypto exchange, this reward figure counts from Aug 31, 2018, and the exchange had said that it will share this reward between all XLM holders in the Binance community as of July 20. Counting from today, XLM holders in the Binance community will receive the reward on staking XLM on their Binance account – accordingly, the exchange will keep a daily record of XLM balances on your Binance account. Following the process, On Sept 1, the exchange will verify the amount of reward of all binancians who staked XLM tokens for 40 days besides that they will also receive a bundled bonus payment of XLM staking rewards.
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.
Stellar (XLM) Scoring Higher
This might be one of the big deal for all XLM holders and for XLM token itself – this is because XLM coin at press time began surging its trading volume. At the time of writing, the value of XLM shoots up by 14.09 percent over the past 24 hours. Nevertheless, the token is currently trading at $0.088 against US Dollar and market cap at $1,732,801,168 by standing on the 10th largest spot on the Coinmarketcap.
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com