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How to join?
- 1. Create an account on Binance.
- 2. Hold a minimum of 10 XLM in your Binance wallet to qualify for staking rewards.
- 3. Binance will take daily snapshots starting from 2019/07/20 at 00:00 AM UTC and distribute rewards monthly.
- 4. XLM staking distribution will be calculated as follows:
- a.) XLM generated by each user = Total XLM staking rewards received by Binance * User XLM holdings ratio.
- b.) User XLM holdings ratio = User XLM holdings / Total XLM staked by Binance.
- 5. Rewards will be calculated daily and distributed on the 5th of every month. The initial distribution of XLM staking rewards will be calculated up until 2019/09/01 and the average user XLM balances will be calculated based on the daily snapshots and the 40 days XLM staking rewards will be distributed on September 1st, 2019.
- 6. An additional 9,500,000 XLM from prior staking activities will also be distributed to XLM holders based on their average daily holdings.
- 7. Staking is done automatically by Binance, so there’s no manual action required.
- 8. For more information see this Binance post.
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