ALGO Staking Rewards Program on Binance
Published On : 2019-08-21 09:24:18
After the Algorand (ALG) initial staking airdrop, Binance will support the 200 million ALGO staking rewards program. The Algorand Foundation will set aside a 200 Million ALGO Staking distribution across its network over the next two years. This reward will be shared every six months amongst all staking participants on the network.
Starting September 1st, 2019, Binance will participate in this 200 Million ALGO program and distribute any proportional rewards received from this program.
Additional ALGO Staking Rewards Program Rules
Earnings on Binance will be calculated as follows:
- - Starting from September 1, 2019, Binance will begin taking daily snapshots of user ALGO balances for this program at 00:00 AM (UTC).
ALGO generated by each user = Total ALGO staking rewards received by Binance * User holdings ratio.
User ALGO holdings ratio = User ALGO holdings / Total ALGO staked by Binance
- - Users must hold at least 2 ALGO in order to qualify for staking rewards.
- - ALGO staking rewards from this program will be calculated and distributed for the next two years, with the initial distribution period covering 6 months from September 1, 2019 to March 1, 2020.
- These additional rewards will be distributed every six months, with the first distribution date within 1 week of receiving funds from the Staking Rewards Program. Standard ALGO staking rewards are calculated daily and distributed monthly as announced previously here.