Stellar News: An Update To The Network Removed Staking, Binance Says

Stellar was recently in the spotlight a couple of weeks ago when the enormous potential of XLM was addressed.

Crypto enthusiasts who need an asset class that can provide a massive profit potential, there are three options that you have at the moment, according to the online publication Smartereum. These are LTC, XLM, and XRP.

Stellar adoption intensifies

More than that, it’s been revealed that the team at the Stellar Development Foundation has revealed the plans to support eight Stellar-based platforms.

After a result that’s based on the community vote, the top three winners are the Stellar wallet LOBSTR, the payments platform StellarPay and the XLM-supported Visa debit card platform GetBlockCard.

An upgrade on the Stellar network removes staking

It seems that the crypto exchange Binance just said that a recent upgrade to the network of Stellar managed to remove staking.

In other words, this move means that XLM hodlers will no longer be able to stake their coins and this will be giving hodlers voting power and also the ability to earn dividends by locking up their funds.

“Binance will distribute staking rewards earned from Stellar earned up until the time of the upgrade, which occurred at 2019/10/28 4:00 PM (UTC),” says Binance.

They continue and explain that “Users will still receive the October XLM distribution in the first 5 days of November. Moving forward, users will no longer receive any Stellar rewards.”

We recommend that you head over to Binance’s blog post and read the complete details on the matter there.

stellar xlm projects - Stellar News: An Update To The Network Removed Staking, Binance Says

XLM in the crypto market

If you’re wondering how Stellar is doing in terms of pricing, well, the crypto market looks good today and XLM is no exception.

The coin is trading in the green at the moment of writing this article and XLM is priced at $0.070174.

The coin is still positioned on the 10th spot on CoinMarketCap.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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