Cryptocurrency exchange Binance has announced it will add support for Tezos (XTZ) staking starting from 2019/12/04. Token rewards will reportedly be calculated on a daily basis with live snapshots and monthly distribution. The exchange states the first distribution will be completed before 2019/01/20.
Binance also points out that the distribution process will be completed "before the 20th day of each following month."
XTZ staking rewards will be distributed as detailed below:
- Starting from 2019/12/04, Binance will begin taking hourly snapshots of user XTZ balances at 00:00 AM UTC.
- XTZ Staking distribution will be calculated as follows: XTZ generated by each user = Total XTZ staking rewards received by Binance * User XTZ holdings ratio.User XTZ holdings ratio = User XTZ holdings / Total XTZ staked by Binance.
- Users must hold at least 1 XTZ in order to qualify for staking rewards.
- The initial distribution of XTZ staking rewards will be calculated up until 2019/12/19, with the total amount distributed equally to the staking rewards accrued on holdings during the period.
- Since XTZ rewards mature after 7 cycles (roughly 3 weeks) of staking, rewards will be distributed prior to the 20th day of the following month in which the rewards began to accrue.
- For example, users who deposit XTZ between 2019/12/04 and 2019/12/19 will receive their first distribution by 2020/01/20. Users that deposit XTZ between 2019/12/20 and 2020/01/19 will receive their distribution of rewards by 2020/02/20.
Earlier iHodl reported that Binance signed a partnership with a travel booking platform TravelbyBit to launch a crypto-backed travel rewards card to facilitate crypto payments on major travel websites.
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