Binance Releases July’s First Batch Of Staking Rewards
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Binance Releases July’s First Batch Of Staking Rewards

August 11, 2020      Jyoti Singh

Binance, the world’s largest crypto exchange by market volume has released the first batch of staking rewards for the month of July, as per the company’s announcement made on August 11. The exchange has further notified that in the coming days, it would complete the issuance of the second batch of rewards. 

Total Staking Rewards Distributed

The staking rewards distributed by the exchange are GAS, ONG, VTHO, KMD, ALGO, QTUM, STRAT, TRX, WIN, KAVA, and JST. 

Every month the open-source platform NEO generates GAS which is offered to its holders by Binance. After every monthly distribution, the exchange makes a corresponding announcement for its holders. The exchange calculated the distribution amount of GAS by multiplying its total distribution with the position ratio of NEO. 

The same way the exchange distributed ONG to the Ontology holders every month. It is to be noted that ONG is generated on a daily basis.

Another staking reward distributed by Binance .i.e., VTHO is developed by VET. The exchange in its report stated that if the balance of VET lies under 1 VET then it would not be included for calculating the daily VTHO.

Binance Put Information Regarding Staking Rewards

In May 2020, Binance lent its support to Just (JST) Airdrop Program for TRON holder. The world’s largest crypto exchange has mentioned that at the time of the snapshot if the withdrawal and deposits of TRX are pending then it would not be considered to be the part of TRX balance. Therefore, it has been advised to wait for a few seconds until the payment gets completed at the time of the snapshot.

In July 2019, the exchange integrated Komodo (KMD) on its platform for delivering staking rewards to users on the Binance.  

Binance has uploaded all the details regarding the staking rewards on the Distribution History. The users, who want to verify their staking reward receipt, could go to User Center to look into the Distribution History of staking rewards. 

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Jyoti Singh
Jyoti Singh

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.