- Binance Terminates XLM Staking Support and Stake Reward
- Stellar Upgrades to its Latest Version 12
Recent update on Binance shows that Binance users will no longer receive XLM rewards for staking, the exchange has announced that it has terminated Stellar (XLM) staking due to the recent upgrade by Stellar to Version 12. Going by the press release by the company, the upgrade has led to the suspension of the inflation program of the crypto project that makes it impossible for Binance to give stake rewards on its staking program from now onwards.
The Binance staking program was initially launched at the end of September 2019 to reward holders of cryptocurrencies that run on the Proof-of-Stake (PoS) algorithm. It was stated that such networks will necessitate the holders of a specific amount of the cryptocurrency in a process known as staking to help authenticate transactions on the network and get rewarded similar to mining on a Proof-of-Work network such as Bitcoin.
Stellar Upgrades to its Latest Version 12
With the Binance program, no minimum prerequisite is issued so anyone with any amount of eligible Proof-of-Stake crypto-assets can earn rewards just by depositing such crypto holdings on the exchange. Also, Users on Binance do not need to run any nodes or time constraint is required to earn rewards which are issued monthly.
On 28th October 2019, Stellar announced its recent upgrade to its network, Stellar has been upgraded to version 12. The upgrade happened after validators voted for it, it upgrades thus far came with numerous features, one of which was the removal of the inflation program. Other enhancements to the network include History buckets performance upgrade by removing Bucket Shadowing and making Path Payment Symmetrical.
As an influence of this upgrade, holders of XLM can no longer partake in Binance’s staking reward program going forward. However, the staking reward for October will be issued to all XLM holders within the first five days of November 2019 before their accounts are permanently closed for staking.
Stellar (XLM) Price Today – XLM / USD
Surprisingly, staking is still on, as the company stated that there were 12 coins on the staking program and now that Stellar is gone, the company states that the program is remaining 11. Thus, holders of such coins can still stake their crypto holdings and get monthly rewards as usual. Therefore, XLM holders who want to continue staking may have to think through owning some of these coins that is if they do not have them.