The end of XLM inflation causes Binance to end support for stellar staking

The successful implementation of the Protocol 12 upgrade by the Stellar Foundation resulted in the end of Stellar Lumens (XLM) inflation. As a result, the largest crypto exchange, Binance, has announced that it will not be able to continue using Stellar.

The three core advancement proposals expected by the Stellar Development Foundation in early October were implemented on Monday, October 28th at 1600 UTC after a vote of confidence was passed. This led to the cessation of inflation of XLM tokens.

However, in a post-upgrade announcement from Binance, it was clarified that users will no longer receive an XLM reward on the Binance staking platform after implementation. Binance noted that users who wagered rewards earned by Stellar by the time of the upgrade will be distributed.

The distribution of the XLM batch award for October extends to the first five days of November. After that, the user will no longer receive the reward for stacking on Binance.

Binance will release the stacking program in September 2019 to reward crypto-asset owners who use the proof-of-stake algorithm.

The upgrade indicated by Stellar allows users to specify how much they want to send for cross-border transactions. Before the upgrade was implemented, the amount to be sent on Stellar was set in the recipient’s currency.

In October 2018, Jed McCaleb, the co-founder of Ripple and Stellar, introduced the idea of ​​ending XLM’s inflation. Then the co-founder said in the development team’s public forum:

“Binance distributes the bonuses earned by Stellar up to the time of the upgrade, which took place on October 28, 2019 at 4:00 p.m. (UTC). Users will continue to receive the XLM distribution for October for the first 5 days of November. In the future, users will no longer receive Stellar Rewards. “

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