Binance unknowingly generates $775k from staking Stellar; will share proceeds with community

Binance has inadvertently been earning staking rewards from Stellar.

After introducing wallet changes recommended by the Stellar team, Binance discovered it had already generated 9,500,000 XLM ($775,000 USD) for staking since Aug. 31, 2018, which it has said it will share between all XLM holders in the Binance community as of July 20.


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The company has now also decided to add staking support for XLM, and will begin distributing rewards to all users who stake XLM tokens in 42 days from now.

Binance estimates the September pay-out will be “worth 10 to 12 months of typical monthly rewards.” 

About Author

Isabel is The Block's London and European reporter. She previously reported for Reuters in Madrid and London, following on from her time as a freelance journalist for the Guardian and the New York Times. She has a Bachelors in War Studies from King’s College London and a Master of Philosophy from the University of Oxford. Conflict of Interest: Edward Woodford, the CEO of SeedCX, is Isabel's brother. She does not report on any issues related to Seed or advise other authors in any regard.