{"id":110107,"date":"2019-07-18T05:21:55","date_gmt":"2019-07-18T12:21:55","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=110107"},"modified":"2022-07-24T23:48:10","modified_gmt":"2022-07-24T22:48:10","slug":"binance-to-distribute-9-5-million-stellar-lumens-earned-from-staking-will-add-xlm-staking-support","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/binance-to-distribute-9-5-million-stellar-lumens-earned-from-staking-will-add-xlm-staking-support\/","title":{"rendered":"Binance to distribute 9.5 million Stellar Lumens earned from staking, will add XLM staking support"},"content":{"rendered":"<p><a href=\"https:\/\/cryptoslate.com\/companies\/binance\">Binance<\/a>, the world\u2019s largest cryptocurrency exchange by trading volume, recently <a href=\"https:\/\/www.binance.com\/en\/blog\/358536836019650560\/Supporting-and-Sharing-Stellar-Staking\">revealed<\/a> that the platform had earned 9.5 million <a href=\"https:\/\/cryptoslate.com\/coins\/stellar\/\">Stellar Lumens (XLM)<\/a> from staking the cryptocurrency.<\/p>\n<h2>$775,000 of XLM Will Be Distributed to Binance Users<\/h2>\n<p>In August 2018, the Stellar team advised Binance\u2019s management regarding how to earn staking rewards by changing various parameters on the exchange\u2019s hot (online) crypto wallets and cold storage (offline) wallets.<\/p>\n<p>After following Stellar team\u2019s recommendations, the Binance platform managed to earn $775,000 worth of XLM tokens (at current market prices). Binance\u00a0<a href=\"https:\/\/steexp.com\/account\/GACVB2E6IEV2UT6IDVOO5B5CNN7WPKJFR36B7KD7ZNXDANPTSYNMZYQM#effects\">documented<\/a> the amount earned each week from staking XLM since August 31, 2018.<\/p>\n<h2>Adding Support for XLM Staking, Distributing 9.5 Million XLM Earned from Staking<\/h2>\n<p>The Binance team is now planning to add staking support for XLM on its platform, and the leading exchange will also share the 9.5 million XLM it earned through staking. Currently, Binance\u2019s platform distributes NeoGas for <a href=\"https:\/\/cryptoslate.com\/neo-news\/\">NEO<\/a> stakeholders, <a href=\"https:\/\/cryptoslate.com\/coins\/ontology\/\">Ontology<\/a> Gas tokens for Ontology investors, BitTorrent tokens for TRON investors, and VTHO (\u201cVeThor\u201d) tokens for VeChain holders.<\/p>\n<p>Binance\u2019s management noted that <a href=\"https:\/\/cryptoslate.com\/cryptos\/proof-of-stake\/\">staking<\/a> multiple cryptocurrencies on its platform can be rewarding, and even HODLing certain tokens may allow users to generate a substantial amount of passive income.<\/p>\n<h2>Stellar Lumens Staking Support Begins on July 20<\/h2>\n<p>On July 20, 2019, Binance\u2019s platform will begin supporting staking for Stellar Lumens, and it will take daily snapshots of users\u2019 XLM balances in their exchange wallets. The <a href=\"https:\/\/cryptoslate.com\/companies\/binance\/\">Binance<\/a> team intends to check customers\u2019 Stellar account balances for a 40-day period.<\/p>\n<p>On Sept. 1, 2019, the average user XLM balances will be tallied based on the snapshots collected. Binance\u2019s management will then complete the distribution of customers\u2019 XLM rewards earned from staking.<\/p>\n<h2>Users Must Have XLM in Exchange Account to Receive Rewards<\/h2>\n<p>Notably, Binance will distribute the 9.5 million Stellar Lumens it generated through staking to all platform users who maintain XLM balances in their exchange wallets, beginning on July 20, 2019.<\/p>\n<p>As explained by the Binance team, users who stake XLM tokens will receive a \u201cbundled bonus\u201d payment of XLM staking rewards. The bundle will include users\u2019 monthly staking rewards from the 40-day period. Additionally, users will receive some XLM tokens from the one-time distribution of 9.5 million Stellar Lumens tokens<\/p>\n<p>The distribution will begin on September 1, with the XLM tokens being shared \u201cproportionately\u201d among the exchange\u2019s users.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance, the world\u2019s largest cryptocurrency exchange by trading volume, recently revealed that the platform had earned 9.5 million Stellar Lumens (XLM) from staking the cryptocurrency. $775,000 of XLM Will Be Distributed to Binance Users In August 2018, the Stellar team advised Binance\u2019s management regarding how to earn staking rewards by changing various parameters on the [&hellip;]<\/p>\n","protected":false},"author":67,"featured_media":110109,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15323,77923],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Binance to distribute 9.5 million Stellar Lumens earned from staking, will add XLM staking support<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/binance-to-distribute-9-5-million-stellar-lumens-earned-from-staking-will-add-xlm-staking-support\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance to distribute 9.5 million Stellar Lumens earned from staking, will add XLM staking support\" \/>\n<meta property=\"og:description\" content=\"Binance, the world\u2019s largest cryptocurrency exchange by trading volume, recently revealed that the platform had earned 9.5 million Stellar Lumens (XLM) from staking the cryptocurrency. $775,000 of XLM Will Be Distributed to Binance Users In August 2018, the Stellar team advised Binance\u2019s management regarding how to earn staking rewards by changing various parameters on the [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/binance-to-distribute-9-5-million-stellar-lumens-earned-from-staking-will-add-xlm-staking-support\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-18T12:21:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-24T22:48:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/07\/stellar-binance-social.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Omar Faridi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Binance to distribute 9.5 million Stellar Lumens earned from staking, will add XLM staking support\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Omar Faridi\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/binance-to-distribute-9-5-million-stellar-lumens-earned-from-staking-will-add-xlm-staking-support\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/binance-to-distribute-9-5-million-stellar-lumens-earned-from-staking-will-add-xlm-staking-support\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/omar-faridi\/#person\",\"name\":\"Omar Faridi\",\"url\":\"https:\/\/cryptoslate.com\/author\/omar-faridi\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/omar-faridi\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/omar-faridi\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/02\/omar-faridi-profile-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/02\/omar-faridi-profile-300x300.jpg\",\"caption\":\"Omar Faridi\"},\"jobTitle\":\"Journalist\",\"description\":\"Omar enjoys writing about all topics related to Bitcoin, blockchain, and cryptocurrency. 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He is most interested in crypto regulations, quantum resistant blockchains, and Ethereum and Bitcoin Core development. His academic background includes an undergraduate degree in computer science from the University of Nevada and a masters of science in psychology from the University of Phoenix. He works as an application developer for the University of Houston and a data storage specialist for Dell EMC.","url":"https:\/\/cryptoslate.com\/author\/omar-faridi\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/110107"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=110107"}],"version-history":[{"count":3,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/110107\/revisions"}],"predecessor-version":[{"id":110114,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/110107\/revisions\/110114"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/110109"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=110107"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=110107"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=110107"},{"taxonomy":"prediction_market_topic","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/prediction_market_topic?post=110107"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=110107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}