Binance’s announcement says that Binance will be supporting ATOM staking from December 5:
The Binance team says that ATOM staking rewards will be distributed as follows:
- Starting at 00:00 UTC on 5 December 2019, Binance will start taking hourly snapshots of users’ ATOM balances (i.e. 24 snapshots each day).
- The following two equations will be used to calculate the ATOM staking distribution:
- “ATOM generated by each user = Total ATOM staking rewards received by Binance * User ATOM holdings ratio”
- “User ATOM holdings ratio = User ATOM holdings / Total ATOM staked by Binance.”
To qualify for staking rewards, users need to have at least 0.5 ATOM.
The first distribution will be calculated up to and including 1 January 2020, “with the total amount distributed equal to the staking rewards accrued on holdings during the period.”
ATOM rewards will be determined on a daily basis (hourly snapshots) and paid out on a monthly basis; staking reward distributions will be completed “before the 20th of each month.”
Binance’s website says that the estimated annual yield for ATOM staking is 8–10%.
Featured Image Courtesy of Binance