Starting Monday 28 October 2019, XLM holders who have been part of Binance’s staking program will no longer be able to participate in the program. According to a Binance announcement, this is because of the recent Stellar upgrade to version 12 which has led to the cancellation of its inflation program.
“Stellar has discontinued its inflation program in their recent upgrade to Stellar Protocol Version 12. As such, Binance will no longer be able to support staking for XLM,” the announcement read.
Binance staking program rewards cryptocurrency holders who deposit their digital assets on the exchange. They get monthly rewards without having to do any of what conventional stakers do such as operating a node, having a minimum balance and for a specific period to receive rewards.
The program which launched in September this year is one of Binance’s several programs that encourage participation in the cryptocurrency space as well as encouraging adoption.
Through the reward program, many have acquired cryptocurrencies in order to partake in the program which in turn leads to crypto adoption.
For those holding other cryptocurrencies that are part of the staking, the program still continues. For XLM participants, the announcement said they will receive the October XLM distribution. The distribution which is to last the first 5 days of November will be the last for XLM stakers as the Stellar project does not support staking anymore.
Stellar’s upgrade apart from removing the inflation program also led to History buckets performance improvements and making PathPayment Symmetrical.
