Binance will be lending support for TRON (TRX) staking from October 1, 2019.
In the bearish market, staking works as a breather for the cryptocurrency holders as it allows them to earn a strong decision making power on the concerned platform. By staking coins, a person gets the power to vote and also generate some income for himself/herself. It is more like receiving interest for holding money in a bank account or allowing the bank to invest your money on your behalf for lucrative returns.
— Binance (@binance) September 30, 2019
Monthly TRX Staking Airdrop Procedure:
- Right from October 1, 2019, Binance will take hourly snapshots of its customers TRX balances at 00:00 AM UTC.
- The exchange will follow the following calculations for TRX Staking distribution:
- TRX earned by an individual user= Total TRX staking rewards received by Binance* User TRX holdings ratio
- The value of User TRX holdings ratio shall be calculated as:
- User TRX holdings/ Total TRX staked by Binance
- In order to participate in the staking program, a user must have at least 5 TRX in his account
- For the initial distribution of TRX staking rewards, the period from October 1, 2019, to November 1, 2019 shall be taken into account. The total distributed amount will be equivalent to the staking rewards accrued on the users’ assets during the staking period involved.
- The exchange has announced that TRX rewards will be calculated regularly and the users will get their rewards monthly. By the 10th of every month, the distribution of the rewards will be completed by the exchange platform.