Binance announced that it has amassed 9.5 million Stellar Lumens (XLM) from staking and it will be rewarding XLM owners on the exchange from the staked amount.
Binance managed to get so many XLM as in August 2018, the Stellar team advised the management on how they modify various parameters on the exchange’s hot and cold wallets to get crypto staking rewards.
Since then, the Binance has made $775,000 worth of XLM tokens (at current market prices) from following the staking recommendations. Binance recorded how much they made from staking XLM each week since August 31, 2018.
“Binance discovered that we had been staking Stellar Lumens (XLM) from 2018/08/31, following recommendations from the Stellar team on changing some parameters on both cold and hot wallets,” read the announcement.
Support for XLM Staking on Binance
The Binance team also intends to add support for XLM staking on its platform. The exchange will airdrop the 9.5 million XLM it earned through staking to its Stellar wallet owners.
Binance so far has staking support for NEO Gas, Ontology Gas, BitTorrent tokens, and VTHO (“VeThor”) tokens.
The Stellar Lumens staking support will be available starting with July 20, and users’ XLM balances from their exchange wallets will have a snapshot taken every day. Customers’ Stellar account balances will be verified by Binance on a 40-day period.
Based on the snapshots gathered, the average user XLM balances will be matched to their value staring with Sept. 1, 2019.
Binance will allocate Stellar Lumens to all platform users that keep XLM in their exchange wallets, starting on July 20, 2019.
According to Binance, XLM stakers will get a “bundled bonus” payment of XLM as staking rewards. The bundle will comprise of users’ monthly staking rewards resulted from the 40-day period.
Some XLM tokens from the 9.5 million Stellar Lumens tokens will also be distributed to users starting with September 1, with the XLM tokens being distributed proportionately.
Featured Image: Cryptopolitan
