Binance supports EOS staking
Binance supports EOS staking
Blockchain

Binance supports EOS staking

By Alfredo de Candia - 11 Mar 2020

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Binance announced that they’re supporting the staking of the EOS crypto:

Starting March 13th, Binance will take a snapshot of all accounts that hold EOS. EOS tokens will be distributed based on the rewards received by Binance, and the total will be staked in the following way:

  • EOS per user = total staking reward received by Binance * the user’s hold rate
  • User hold rate = average of user’s EOS / total average of EOS staked by Binance

To participate in this program, users must have a minimum of 0.25 EOS which, at the current price, corresponds to just over $3. The rewards will be distributed in the following month, before the 20th of each month.

The Cryptonomist predicted Binance’s entry into this sector as early as last month when an EOS account was registered with 15 million votes. In the last few hours, this number has been increasing and currently, the account in question has over 60 million votes, placing it in position 43, receiving a reward of 117 EOS per day.

On the EOS blockchain, the first 62 Block Producers (BP) are entitled to receive an incentive to produce blocks (details on how the distribution to BPs takes place can be found in the free book Mastering EOS, available on Amazon).

Unfortunately, this can’t be seen in a positive way as users are in fact leaving their cryptocurrencies, in this case EOS, on the centralized exchange which can use them as they wish, even helping to take control of a blockchain, regardless of the purpose. This is what happened with Steem, a case involving Binance itself, helping and then apologizing for the mistake they made. Hopefully, history won’t repeat itself in this case.

Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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