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icon-briefcase Platform: XLM
Stellar is an open-source, decentralized protocol for digital currency to fiat currency transfers which allows cross-border transactions between any pair of currencies. The Stellar protocol is supported by a nonprofit, the Stellar Development Foundation.
Binance will start staking their Stellar (XLM) cold and hot wallets, starting from July 20, 2019 and will automatically airdrop staking rewards monthly to XLM holders. An additional 9,500,000 XLM from prior staking activities will also be distributed to XLM holders. To qualify for staking rewards simply hold a minimum of 10 XLM in your Binance wallet and receive free XLM based on the total staking rewards by Binance. Staking is done automatically by Binance, so there’s no manual action required.
Step-by-Step Guide :
- Create an account on Binance.
- Hold a minimum of 10 XLM in your Binance wallet to qualify for staking rewards.
- Binance will take daily snapshots starting from 2019/07/20 at 00:00 AM UTC and distribute rewards monthly.
- XLM staking distribution will be calculated as follows:
- XLM generated by each user = Total XLM staking rewards received by Binance * User XLM holdings ratio.
- User XLM holdings ratio = User XLM holdings / Total XLM staked by Binance.
- Rewards will be calculated daily and distributed on the 5th of every month. The initial distribution of XLM staking rewards will be calculated up until 2019/09/01 and the average user XLM balances will be calculated based on the daily snapshots and the 40 days XLM staking rewards will be distributed on September 1st, 2019.
- An additional 9,500,000 XLM from prior staking activities will also be distributed to XLM holders based on their average daily holdings.
- Staking is done automatically by Binance, so there’s no manual action required.
- For more information see this Binance post.