Binance has joined hands with brokerage service providing platform TROY Trade to lend support to the latter’s highly anticipated TROY Token Staking program. The strategically important news about the integration was circulated by the TROY community and Binance through official Twitter posts on their individual handles.
@binance officially supports $TROY Staking!🎊🎊Starting from March.3rd, 2020, @binance users who hold $TROY will begin receiving their shares of the block rewards through TROY staking service. 🎉🎉
Find more details here👇👇👇: https://t.co/2M2ZPgtgL4
— TROY (The Pure Joy of AI) (@TROY_DAO) March 3, 2020
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According to the information given in the official post, the staking program will kickstart from March 3, 2020, at 00:00 AM UTC for its global customer base. During the event, Binance users holding $TROY shall get a golden chance to receive their shares of the block rewards. All the TROY customers will be able to get passive income through the staking program. Following the event, the Binance users will be allowed to indulge in the deposition of their token holdings and rewards earning without requiring to set up their native nodes for satisfying the minimum staking amounts and/or time lengths.
In simple words, staking implies to the process where a crypto owner locks his/her digital assets to support the operations of a blockchain network in lieu of lucrative rewards. The assets are held in a crypto wallet with utmost security and transparency.
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Binance will take snapshots of users’ TROY balances on an hourly basis from the starting date of the staking program. The TROY Staking distribution will be calculated by the following method:
- TROY generated by each user = Total TROY staking rewards received by Binance * User TROY holding ratio.
- User TROY holdings ratio = User TROY holdings / Total TROY staked by Binance.
Pre-Requisites Of Staking Program
- The users holding a minimum of at least 250 TROY will be considered eligible for the staking program participation.
- The initial distribution of TROY staking rewards will be ascertained through to March-end, with the total amount distributed equally to the staking rewards accrued on the assets held during the period.
- The rewards will be distributed monthly prior to the 20th of each month.
- The estimated average annual return yield of TROY staking on Binance is 15%.
