XLM at Binance
Binance is the most influential trade and exchange platform in the world when it comes to cryptocurrencies. It’s earned staking rewards from the Stellar Lumens (XLM) blockchain and cryptocurrency project now that some parameters changed for cold and hot wallets.
A couple of days ago, Binance announced in its blog that the platform earned an XLM staking rewards at the tune of XLM 9,50 million (USD 775.000) unknowingly. It happened because the project’s cold and hot wallets’ parameters changed about a year ago. When that occurred, the platform immediately decided to add Stellar Lumens’ XLM staking support and share all those rewards with the whole community. In the company’s words:
“Starting July 20, Binance will support staking for Stellar (XLM). Over a 40-day period, Binance will take daily snapshots of XLM balances on your Binance accounts. After that, on September 1, we will tally average user XLM balances based on these snapshots and complete the distribution of your XLM staking rewards.”
Only last month the platform released its official wallet. It’s called Trust Wallet, and it’s based on the company’s decentralized exchange platform, Binance DEX. According to the firm’s original plans, the wallet includes support for layer-2 payment protocols like Bitcoin’s Lightning Network soon and also for staking services.
During the previous week Polkadot, a blockchain interoperability protocol introduced its own canary network which goes by the name of “Kusama” which is an experimental edition of the platform’s protocol. It’s supposed to allow developers to build and use a para chain that will test Polkadot’s governance system. That includes staking and other features in a real environment.
Stellar Lumens native cryptocurrency is called Lumen (XLM), and it’s trading at $0.092982 as we write this. It’s capitalized at $1.822 billion, which is enough for it to be the 11th in the world by market capitalization. It’s gained 4.85% in the previous 24 hours.
The Stellar Lumens blockchain project started life as a fork from Ripple. Both projects were founded by the same person, Jed McCaleb of eDonkey fame, and it’s considered to be Ripple’s most direct competition in the cryptocurrency market. It’s IBM’s blockchain of choice.
That means that every blockchain project that IBM is developing is going to use Stellar Lumens’ blockchain. If you remember what Big Blue’s strategic partnership did for Intel and Microsoft, you’ll appreciate how important it is for Stellar Lumens to have IBM as a partner.
Keep an eye open for Stellar Lumens. It’s a blockchain project with excellent fundamentals that could go bullish at any time. It has fascinating use cases as a means to settle international payments (just like Ripple) but also as a retail coin that you will be able to use to pay for any goods and services you can think of even in brick-and-mortar businesses everywhere in the world.
The team’s leadership has been working particularly hard to achieve adoption in Africa because it’s one of the zones in the world in which the traditional system is not very developed. In Africa, as well as in South America, it’s more common for people to have a mobile phone than to own a bank account. That’s why those geopolitical zones are a significant opportunity for blockchain technology to make a difference.
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