Binance has announced the news about its new integration with ARPA Chain, which serves as a leading blockchain-supporting computation network. The globally acclaimed exchange will add support for ARPA Chain (ARPA) staking, which is all set to kickstart from March 6, 2020. The staking event will be succeeded by the distribution of ARPA staking rewards for the customers agreeing to participate in the staking program.
The strategic news was made official for the global customer base of the exchange through a Twitter post by the Binance community on their handle.
#Binance Will Support @arpaofficial Chain (ARPA) Stakinghttps://t.co/bGEndX2v1m pic.twitter.com/aT2gNMnESt
— Binance (@binance) March 5, 2020
Details about the monthly ARPA Staking Airdrop Program
- For qualifying as an eligible participant, the users need to be in possession of a minimum of 60 ARPA.
- The initial rewards will be calculated through March 31, 2020. The total distributed amount will be equivalent to the staking rewards accrued during the prescribed period.
- Binance will start taking live snapshots of the ARPA balances in the accounts of the users participating in the staking program from March 6, 2020, at 00:00 AM UTC.
- The procedure followed by the exchange to calculate the staking distribution shall be as follows:
ARPA generated by each user = Total ARPA staking rewards received by Binance * User ARPA holdings ratio.
- User ARPA holdings ratio = Average user ARPA holdings / Average total ARPA staked by Binance.
- The rewards will be calculated daily and will be disbursed to the participants on a monthly basis before the 20th of each month.
