Binance to Suspend Stellar (XLM) Staking

Binance to Suspend Steller (XLM) Staking

Binance recently announced that they are going to discontinue their support for Steller as staking.

Binance only dropping Stellar from staking, and Stellar Trading is working fine and going to continue.

Recent Binance Tweet

The discontinue support for stellar is mainly due to its inflation program, which will no longer be supported in their recent upgrade of Stellar Protocol v12. This can create certain problems for the old and new version; hence, binance decided to drop the staking rewards for it.

 

Binance Mentioned,

Binance will distribute staking rewards earned from Stellar earned up until the time of the upgrade, which occurred at 2019/10/28 4:00 PM (UTC). Users will still receive the October XLM distribution in the first 5 days of November. Moving forward, users will no longer receive any Stellar rewards.

Binance, about one month ago, launched its staking platform. Staking platform can raise funds by staking and locking funds to get certain rewards.

Since after the launch, binance introduced 12 coins for their staking platform and dropping stellar. Though Binance is looking forward to offering 11 other coins including, NEO, ONT, VEN, KMD, ALGO, QTUM, STRAT, FETCH, ONE, ERD, TRX.

Read the full list of supported staking coins on binance.

What is Staking?

Staking is the process of Holding of cryptocurrency or locking them for a specified period. These locked funds are used in the margin trading and other exchange operations. Hence the user who locked the funds gets the rewards for it. 

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Prashant Gupta

Prashant Gupta

Hey Forks! It's me Prashant, I am a college student pursuing Computer Science degree. I am a Crypto Enthusiast and Tech Geek — ♥ Love to learn and Code and I am here to empower peoples towards Technology and cryptocurrency.

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