The Binance Exchange this Thursday reported that it unexpectedly discovered 9,500,000 XLMs worth $ 775,000 in their wallets, earned by it on the cryptocurrency stacking.
In August 2018, the Binance team followed the recommendations of the Stellar team and changed certain parameters of cold and hot wallets. This change allowed us to unconsciously receive rewards for stacking from August 31, 2018, the company writes.
When we discovered this, we made two decisions: immediately add support for the XLM stacking and share the awards earned with the entire community.
July 20 at Binance will be the possibility of stacking Stellar (XLM). For 40 days, the exchange will daily record user account balances. On September 1, Binance will distribute the awards due to users based on the average daily balance of their accounts at the previous stage.
In addition, among these users will be further distributed 9.5 million XLM, earned by the exchange from August 31, 2018. Thus, on September 1, users participating in the XLM stacking, in addition to the basic payment, will receive a bonus proportionally distributed between them.
Although the rewards for stacking varied over time as the wallets grew, during the first distribution, XLM holders can count on a reward equivalent to stacking results for 10-12 months.
To participate in the program, the user must keep at least 10 XLM on his account. In the future, the distribution of awards will be held until the 5th day of each month.
In addition to XLM, Binance supports the stacking and distribution of awards in NeoGas for holders of NEO, Ontology Gas for holders of Ontology, VTHO for holders of VeChain, and BitTorrent tokens for holders of TRON.
The XLM rate on the background of this news rose by 16%.