Binance to distribute 9.5 million Stellar Lumens earned from staking, will add XLM staking support

Published on by Cryptoslate | Published on

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Binance, the world's largest cryptocurrency exchange by trading volume, recently revealed that the platform had earned 9.5 million Stellar Lumens from staking the cryptocurrency.

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 crypto wallets and cold storage wallets.

After following Stellar team's recommendations, the Binance platform managed to earn $775,000 worth of XLM tokens.

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.

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.

Binance's management will then complete the distribution of customers' XLM rewards earned from staking.

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.

Users will receive some XLM tokens from the one-time distribution of 9.5 million Stellar Lumens tokens.

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