Weekly Stellar inflation rewards are now live on Poloniex
On May 14th, we announced that we have begun the process of claiming Stellar inflation rewards for eligible Poloniex customers. Today, we have officially distributed over 408,000 Stellar Lumens to those customers, representing Stellar inflation distributions from the last 3 weeks.
Going forward, a weekly Stellar inflation snapshot will occur every Monday at 8pm ET and eligible users will receive their Stellar inflation distribution each Tuesday. This is a free service offered by Poloniex & Circle to enable our customers to benefit from the unique properties of the Stellar network while maintaining the ability to trade.
To learn more about how Stellar inflation works, check out our guide to Stellar inflation.
Stellar inflation on Poloniex
Stellar has a unique inflationary mechanism that issues new Lumens to existing holders based on a weekly vote. Lumen holders vote on which addresses the Stellar protocol should distribute inflation to by voting for a specific destination address. 1 Lumen = 1 vote. Any destination address that receives at least .05% of the weekly votes will receive inflation rewards proportionate to the number of votes submitted.
As stated in our announcement on May 14th, we recently began the process of voting for our Stellar hot wallet using funds in cold storage addresses. To date, we have participated in weekly votes occurring on May 20th, May 27th and June 2nd.
As of today, the following weekly totals have been distributed to Stellar Lumen holders on Poloniex:
- Monday June 2nd: 137,354 Stellar Lumens
- Monday May 27th: 135,760 Stellar Lumens
- Monday May 20th: 135,612 Stellar Lumens
Who is eligible?
If you’ve held a balance of at least 1 Stellar Lumen as of 8pm ET during any of the above three dates (and you’re a fully-verified customer in good standing), you will find your Stellar inflation reward total in your deposit history. Each week that you continue to maintain a balance going forward, you will see Stellar inflation rewards in your deposit history each Tuesday.
Rewards are distributed proportionate to the total amount of Stellar Lumens you hold on Poloniex. For example, if you hold 1% of the total Stellar balance on Poloniex when the snapshot occurs on Monday, you will receive 1% of the total inflation rewards received from that week’s vote on Tuesday. If you have questions about Stellar inflation or the criteria for eligibility on Poloniex, please take a look at our Help Center article, and don’t hesitate to get in touch with our support team.