It’s good news for XLM holders as Binance declares its intention to support the crypto as one of the coins on its staking list. Starting July 20, 2019, Binance exchange will give out staking rewards to customers with XLM in their accounts. With this move, Stellar Lumens joins other cryptos like Ontology (ONG), NEO (GAS), and VeChain (VTHO) that are already supported by Binance.
A Year’s Worth Of Rewards
In a recent post by Binance, on the company’s official blog, the exchange will be giving away about 9.5 million XLM worth around $775,000. That’s a pretty good sum of money to dish out, especially considering the current price for the crypto.
In a recent tweet, Binance’s own CEO Changpeng Zhao says that the lucky ones could get to enjoy as much as a whole year’s worth of staking rewards from Binance exchange. All you have to do is move your XLM holdings to Binance.
According to the information on its website, Binance will conduct the airdrop program by taking snapshots of the customers’ XLM balances. The snapshots will be taken every day at exactly midnight (UTC).
However, the rewards to be given out to each user will be calculated on a daily basis but given out on a monthly basis. The program will start on July 20 and end on September 1st. To qualify for the rewards program, a Binance user needs to have at least 10 XLM in their account.
Stellar (XLM) Is Rising
As if to respond to the good news, Stellar Lumens has spiked by around 8%, bringing the price back up to around $0.088 after a shortfall that swept across the entire market over the last few days. At the moment, XLM sits at position 10 on charts (CoinMarkertCap), with $1.7 billion in total market cap and $430.58 million in daily trading volume.