Binance Will Support Algorand (ALGO) Staking & Launch a 220,000 ALGO Initial Staking Reward Airdrop

     |      2019-07-29

Fellow Binancians,

Binance will be adding support for Algorand (ALGO) staking, starting July 27, 2019. Algorand rewards will be in addition to the staking rewards Binance already supports, including NEO (GAS), Ontology (ONG), VeChain (VTHO), Tron (BTT),  Stellar (XLM) & Komodo (KMD).

Binance will distribute Algorand staking rewards as detailed below:

Monthly ALGO Staking Airdrop Program

  • Starting from July 27, 2019, Binance will begin taking daily snapshots of user ALGO balances at 00:00 AM UTC.
  • ALGO Staking distribution will be calculated as follows:
    ALGO generated by each user = Total ALGO staking rewards received by Binance * User holdings ratio.
    User ALGO holdings ratio = User ALGO holdings / Total ALGO staked by Binance.
  • Users must hold at least 2 ALGO in order to qualify for staking rewards.
  • The initial distribution of ALGO staking rewards will be calculated up until September 1st, 2019, with the total amount distributed equal to the staking rewards accrued on holdings during the period.
  • ALGO rewards are calculated daily and distributed monthly. Distributions will be completed before the 5th of each month.

220,000 ALGO (~$135,000 USD) Initial Staking Reward Airdrop

Binance discovered that we had previously been staking Algorand, receiving a total of approximately 220,000 ALGO (approximately $135,000 USD). Binance has decided to distribute these staking rewards to our users along with the first disbursement of the Algorand Staking Airdrop Program on September 1, 2019. The amount received will be calculated proportionally from the same daily snapshots for the Staking Airdrop. Users must hold at least 2 ALGO in order to qualify for the promotion.

Move your coins to Binance from anywhere and enjoy hassle-free staking rewards. Other rewarded coins supported by Binance are:

Thank you for your support!

Binance Team

2019/07/26