Binance Supported LOOM Staking – Hold LOOM To Earn Rewards
Binance will be adding support for Loom (LOOM) staking, starting from 2020/01/04 and will distribute Loom staking rewards as detailed below:
Binance Supported LOOM Staking
- Starting from 2020/01/04 at 00:00 AM UTC, Binance will begin taking live snapshots of user LOOM balances.
- LOOM Staking distribution will be calculated as follows:
LOOM generated by each user = Total LOOM staking rewards received by Binance * User LOOM holdings ratio.
- User LOOM holdings ratio = Average user LOOM holdings / Average total LOOM staked by Binance.
- Users must hold at least 60 LOOM in order to qualify for staking rewards.
- The initial distribution of LOOM staking rewards will be calculated through to 2020/01/31, with the total amount distributed equal to the staking rewards accrued during the period.
- LOOM rewards are calculated daily and distributed monthly. Distributions will be completed before the 20th of each month.
— Binance (@binance) January 3, 2020
You can read tutorial of Binance staking at: Binance Staking Tutorial