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Crypto exchange Binance supports ARK staking

Image by Binance from Twitter

Thu, 16 Apr 2020, 00:12 am UTC

Crypto exchange Binance announced that it just added Ark (ARK) staking on its platform starting Wednesday, April 15, and it will distribute ARK staking rewards in its monthly ARK staking airdrop program.

Binance will be taking live snapshots of user ARK balances. The ARK staking distribution will be calculated as follows:

  • ARK generated by each user = Total ARK staking rewards received by Binance * User ARK holdings ratio.
  • User ARK holdings ratio = Average user ARK holdings / Average total ARK staked by Binance.

Users must hold at least 5 ARK to qualify for staking rewards. The initial distribution of ARK staking rewards will be calculated until May 31, with the total amount distributed equal to the staking rewards accrued during the period.

ARK rewards are calculated daily and distributed monthly. The distributions will be completed before the 20th of each month.

Binance users can move their coins from anywhere and enjoy hassle-free staking rewards. Aside from ARK, Binance supports more coins including TROY, LOOM, ATOM, ONE, TRON, KAVA, Lisk, Tezos, THETA, and ARPA to name a few.

In March, Binance added support for EOS. The EOS rewards were also calculated daily and distributed monthly before the 20th of each month.

Meanwhile, EOS maker announced that it will be starting its staking and voting next month. The firm believed that it’s now ready to use its voting stake.

“Initially, in the coming weeks, we plan to use our voting stake to begin highlighting and voting for many of these candidates, potentially even in rotation, to showcase these organizations’ achievements, values, and network contributions,” announced.

“Our voting approach will evolve over time, and criteria will be added to ensure that the recipients of our votes adhere to the standards we wish to see network-wide. We anticipate staking rewards may become a core component of our approach with the rewards allocated toward the research, formation, and funding of EOS-centric initiatives. During this first voting period will not participate in a staking reward program.”

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