Stellar Lumens News Today – No doubt, Stellar is one of the top projects in the industry. Even as the price of the token suffers from the bearish pressure, the Stellar Development Foundation is working tirelessly to make sure that the Stellar network remains in the spotlight. Yesterday, the largest cryptocurrency exchange per trading volume, Binance, announced that it recently discovered that it has been unknowingly getting staking rewards on the Stellar network. The exchange reported that some changes in parameters on its hot and cold wallet was what led to the staking reward earning. As a sign of good faith, Binance decided to add staking support for Stellar Lumens XLM and share the rewards with the entire community.
Stellar Lumens News Today – Stellar Lumens XLM – Stellar Latest Update Binance Adds Staking Support For Stellar Lumens XLM
According to the announcement on the official Binance handle, XLM worth $775,000 in staking rewards have been accidently or unknowingly credited to Binance. Following the discovery, the exchange announced that the Stellar Lumens tokens will be shared with the entire Stellar community while it would also start supporting staking for XLM. The announcement was as follows;
“Starting July 20, Binance will support staking for Stellar (XLM). Over a 40-day period, Binance will take daily snapshots of XLM balances on your Binance accounts. After that, on September 1, we will tally average user XLM balances based on these snapshots and complete the distribution of your XLM staking rewards.”
Last month, Binance announced that Trust Wallet was now officially available on Binance DEX, it’s official trading platform. Trust Wallet is going to support the lightning network, staking services, and layer-2 payment protocols in the future. In line with the official announcement, the experimental version of the protocol, Polkadot, was released allowing developers to test the governance on the network.
Stellar (XLM) Price Today – XLM / USD
Binance has gotten a lot of backlash following the announcement. Many members of the cryptocurrency community insist that the action was intentional and not accidental. They have been accused of stealing the tokens from their rightful owners and giving back part of the stolen funds as a sign of good faith to get ahead of the situation.
Stellar Lumens News Today – Stellar Lumens Price Prediction 2019 – Current Price Of Stellar Lumens XLM – A Boost For Stellar Lumens?
Whether or not Binance stole the funds, the news about Binance giving out free Stellar Lumens tokens helped give XLM a boost yesterday. The price of the cryptocurrency spiked around the same time as the exchange announced that it would be supporting staking for it.
At the time of writing, the price of Stellar Lumens XLM was $0.088. This means that it is up by 2.77% against the USD and down by 2.13% against the price of BTC. The trading volume over a 24 hour period is $252,861,294 and the market capitalization is $1,741,138,930. Even if the price of Stellar Lumens XLM is currently in green, it is important to know that it is still down significantly from its yearly high of $0.1617 which it reached in May. At the time, several factors like the IBM deal, and the positive sentiment in the market contributed to a rise in the price of Stellar Lumens XLM.
What do you think? Is the boost in the price of Stellar Lumens XLM related to the Binance staking announcement? Share your thoughts in the comment section below.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.