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Binance will be supporting ARK coin staking

By Inkarias - 2020-04-15

Following the vision around staking that the company has tried to implement since several months after adding supports for numerous well-known cryptocurrencies, Binance will now be adding support for Ark coin staking starting from today, the 2020/04/15 and will distribute ARK staking rewards following the rules stated below:

The Ark staking program is based on a monthly calendar and, starting from 2020/04/15 at 00:00 AM UTC, Binance will begin taking live snapshots of all users ARK balances. The second step of the program after collecting the different snapshots will be the distribution which will be organized as follows:

Formulas:

1) ARK generated by each user independently = Total ARK staking rewards received by Binance * User ARK holdings ratio.

2)User ARK holdings ratio = Average user ARK holdings / Average total ARK staked by Binance.

Furthermore, users wishing to take part in the staking program must hold a minimum of 5 ARK in order to qualify for the staking rewards. The initial distribution of ARK staking rewards will be calculated through to 2020/05/31, with the total amount distributed equal to the staking rewards accrued during the period by the different participants. In more details, ARK rewards are calculated daily and distributed monthly. Distributions will be fully completed before the 20th of each month by the team.

More details about this new program and existing crypto staking supports can be found at the official page of Binance at https://www.binance.com/en