Binance Adds Staking Support for Harmony (ONE)

On Tuesday (October 15), Binance announced staking support for Harmony (ONE), one of the cryptoassets that had its public token sale on Binance Launchpad (Binance's IEO platform) earlier this year.

Binance's Staking Platform

Binance announced on September 26 the official launch of its Staking platform, which provides a super easy way to earn staking rewards just by "depositing and holding funds" on Binance.

Binance defines "staking" as "the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network."

Here is what Binance Co-Founder and CEO Changpeng Zhao (aka "CZ") said about the exchange's staking service on September 27:

Until today, here were the cryptoassets supported for staking: Algorand (ALGO), Fetch.AI (FET), Elrond (ERD), Komodo (KMD), NEO, Ontology (ONT), Qtum (QTUM), Stellar Lumen (XLM), Stratis (STRAT), and Vechain (VET).

Here are a few things worth noting about Binance's staking service:

  • It is free -- Binance does not charge any fees for staking.
  • It has no "lock-up period" -- you can sell you coins or withdraw them at any time to stop receiving staking rewards.
  • You can trade any portion of your coins while staking (obviously, this will affect your staking balance).

Staking Support for Elrond (ERD)

Binance announced this news via the following tweet:

Binance's staking support for Elrond (ERD) starts on Wednesday (October 16).

The Binance team said that ERD staking rewards would be distributed as follows:

  • Starting at 00:00 UTC on 16 October 2019, Binance will start taking hourly snapshots of users' ONE balances (i.e. 24 snapshots each day).
  • The following two equations will be used to calculate the ONE staking distribution:
    • "ONE generated by each user = Total ONE staking rewards received by Binance * User ONE holdings ratio"
    • "User ONE holdings ratio = User ONE holdings / Total ONE staked by Binance."

To qualify for staking rewards, users need to have at least 175 ONE.

The first distribution will be calculated up to and including 15 November 2019, "with the total amount distributed equal to the staking rewards accrued on holdings during the period."

ONE rewards will be determined on a daily basis (hourly snapshots) and paid out on a monthly basis; staking reward distributions will be completed by the 15th of each month.


Featured Image Courtesy of Binance