Binance Adds Support for Zero Fee Tezos Staking
Binance.com
Main page News, Exchange, Binance, Cryptocurrency Exchanges

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 Launches Ethereum Futures with 50x Leverage

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.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Read also:
Please describe the error
Close