Leading in terms of trading volumes, the Binance cryptocurrency exchange unexpectedly discovered 9.5 million XLM tokens (about $ 849,000), earned by it through staking. Now the company decided to distribute them to its users.
#Binance Will Support @StellarOrg ( $ XLM ) Staking & Launch 9,500,000 XLM Initial Staking Reward Airdrop.
Users holding XLM on the Binance may be 10-12 months worth of reking! https://t.co/JcIJ3S1y1L pic.twitter.com/IFPQEpyhR8
– Binance (@binance) July 18, 2019
“Back in August 2018, Binance listened to the recommendations of the Stellar team to change some parameters of both cold and hot wallets. This change allowed us to unknowingly receive rewards for staking starting from August 31, 2018. As soon as we discovered this, we made two decisions: immediately add support for staking for XLM and share the earned coins with the entire community, ”the exchange said.
The possibility of Stellar staking should appear on Binance on July 20th. It is reported that the platform will record daily user account balances and on September 1, the latter will receive rewards in accordance with the average daily balance.
In addition to these awards, Binance intends to proportionally distribute among the users of 9.5 million XLM, previously discovered.
"During the first distribution, XLM holders can count on a reward equivalent to the result of staking for 10-12 months," the exchange said.
It is worth noting that to participate in the distribution of tokens, users must have at least 10 XLM on the account. In the future, staking rewards will be distributed monthly until the fifth day.
Earlier, Binance announced the expansion of the list of assets available for margin trading on the platform.
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