Good news for all Qtum and Binance followers! QTUM staking has received support from Binance. Hence, starting 1st August 2019, you will see Binance supporting QTUM staking on its platform. The update was officially announced by Binance through their Twitter handle, followed by a detailed blog post, on 31st July 2019.
In addition to that, Binance has also announced that they will be launching an initial Staking Reward Airdrop Program of 50,000 QTUM on a monthly basis.
Users holding QTUM on Binance may expect to receive a 1st staking reward bonus from an additional $145,000 equivalent pool of QTUM. pic.twitter.com/WVSO2yq1lz
— Binance (@binance) July 31, 2019
In the blog post, Binance outlines that Qtum rewards would be an addition to their existing list of staking rewards that includes Ontology (ONG), Algorand (ALGO), NEO (GAS), Tron (BTT), VeChain (VTHO), Komodo (KMD), and Stellar (XLM).
Providing further details on the airdrop program, Binance revealed that they will be calculating the QTUM rewards every day but will be distributing them monthly. However, they will finish the distribution before the 5th of every month.
How will it be implemented?
- Binance will start taking snapshots every day of users’ QTUM balances from 1st August 2019 at 0:00 a.m. UTC.
- For qualifying for the staking rewards, users need to hold a minimum of 1 QTUM.
- The initial issuance of these staking rewards would be calculated till 1st September 2019 with a total distributed amount equivalent to the accrued staking rewards on holdings through the period.
- The calculation of rewards will be done as follows:
QTUM generated by every user = Total QTUM staking rewards that Binance has received * QTUM holding ratio of a user
User’s QTUM holdings ratio = User QTUM holdings / Total QTUM staked by Binance
Airdrop: 50,000 QTUM Staking Reward
As per the blog post, the biggest crypto exchange by trading volume discovered that they had been into Qtum staking previously, receiving about 50,000 QTUM (roughly around $145,000). Thus, Binance has chosen to give out these staking rewards to its users. The first allotment of this QTUM airdrop program is slated to take place on 1st September 2019. The sum obtained will be proportionally calculated from the identical everyday snapshots for the Qtum Staking Airdrop. To be a part of the promotion, users are required to hold a minimum of 1 QTUM.