Binance adds staking support for Harmony

Nikolaos Kostopoulos
Oct 15 · 2 min read

Binance will add support for Harmony staking to its recently launched staking platform, as announced on October 15th.

Starting Oct. 16th, Binance users with $ONE on the exchange will begin receiving their share of the block rewards produced by Harmony Foundational Nodes.

This action is a lightweight staking initiative to get Binance ecosystem familiar with Proof of Stake blockchains. The new service will enable Binance users to deposit their token holdings and earn staking rewards, but without having to set up their own nodes to fulfil minimum staking amounts and/or time lengths.

In the next phases gradually support will be added to validate the Harmony network.

What're the steps to benefit from Binance Staking Airdrop:

  • Starting from 2019/10/16, Binance will begin taking hourly snapshots of user ONE balances at 00:00 AM UTC.
  • ONE Staking distribution will be calculated as follows:

ONE generated by each user = Total ONE staking rewards received by Binance * User ONE holding ratio.

User ONE holdings ratio = User ONE holdings / Total ONE staked by Binance.

  • Users must hold at least 175 ONE in order to qualify for staking rewards.
  • The initial distribution of ONE staking rewards will be calculated through to the end of 2019/11/15, with the total amount distributed equally to the staking rewards accrued on holdings during the period.
  • ONE rewards are calculated daily (hourly snapshots) and distributed monthly prior to the 20th of each month.

For more information please refer to the relevant Binance announcement here:

To learn more about Harmony’s latest developments visit:

Nikolaos Kostopoulos

Written by

Advising governments & interest groups on cryptocurrency & FinTech regulation in the European Union.

Harmony

Harmony

To scale trust for billions of people and create a radically fair economy

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