Binance adds support for Stellar (XLM) staking
- Stellar users need to have at least 10 XLM in their Binance wallets.
- 9,500,000 XLM coins are going to be given to users via an airdrop program.
The largest cryptocurrency exchange by adjusted trading volume, Binance announced that it will be supporting Stellar (XLM) staking as from July 20. The support for Stellar brings the number of coins Binance supports for staking to four. The others include NEO, Ontology and Vechain.
The staking dividends started hitting users’ wallets on July 20 and the only requirement is they have to have not less than 10 XLM in Binance Wallets. The dividend is going to be calculated on a daily basis but distributed on a monthly basis.
On top of the staking Binance also announced 9,500,000 XLM coins are going to be given to users via an airdrop program. Binance XLM wallet will control the airdrop. Unknowingly Binance had been staking Stellar since August and this airdrop will see the exchange share the rewards with the community.
Snapshots of Stellar’ wallets begun on July 20. The airdrop has been evened out in such a way that every wallet holding at least 10 XLM qualifies. The distribution of the rewards us, however, expected to start in September.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
