Algorand is a new cryptocurrency utilizing a “Byzantine Agreement on Steroids” consensus protocol that proposes a solution for blockchain scalability, long transaction confirmation times, and the high energy consumption with Proof-of-Work (PoW) blockchains.
Binance will start staking their Algorand (ALGO) cold and hot wallets, starting from July 27, 2019 and will automatically airdrop staking rewards monthly to ALGO holders. An additional 220,000 ALGO from prior staking activities will also be distributed to ALGO holders. To qualify for staking rewards simply hold a minimum of 2 ALGO in your Binance wallet and receive free ALGO based on the total staking rewards by Binance. Staking is done automatically by Binance, so there’s no manual action required.
- Create an account on Binance.
- Hold a minimum of 2 ALGO in your Binance wallet to qualify for staking rewards.
- Binance will take daily snapshots starting from 2019/07/27 at 00:00 AM UTC and distribute rewards monthly.
- ALGO staking distribution will be calculated as follows:
- ALGO generated by each user = Total ALGO staking rewards received by Binance * User ALGO holdings ratio.
- User ALGO holdings ratio = User ALGO holdings / Total ALGO staked by Binance.
- Rewards will be calculated daily and distributed on the 5th of every month. The initial distribution of ALGO staking rewards will be calculated up until 2019/09/01 and the average user ALGO balances will be calculated based on the daily snapshots and the staking rewards will be distributed on September 1st, 2019.
- An additional 220,000 ALGO from prior staking activities will also be distributed to ALGO holders based on their average daily holdings.
- Staking is done automatically by Binance, so there’s no manual action required.
- For more information see this Binance post.
Tokens per Claim
- Airdrop ended 2019-08-31
- Total value: 200,000,000 ALGO
Algorand is airdropping a total of 200,000,000 ALGO to ALGO holders. Hold a minimum of 25 ALGO in your Algo wallet and register your ALGO wallet by August 31st, 2019 via a microtransaction of 0.000001 ALGO to receive the rewards.
- Hold a minimum of 25 ALGO in your ALGO wallet. You can get yours for Android/IOS.
- Register your wallet by submitting a microtransaction of 0.000001 ALGO to address: “ZGP25YTZL3NF43SQZREMH5BRBTJEXHWPL6TSQDCGJWPEN4XJTIHVOZSOLA” no later than block number 1618450, which is expected to happen between August 31 and September 1, 2019.
- The snapshot of the wallet balance will be taken when the deadline block is reached.
- The minimum balance must be maintained from the start until the end of the airdrop period.
- The rewards will be distributed over the course of four 6-month periods for a total of two years as mentioned below:
Period Distribution Dates Amount of Rewards to be distributed Period 1 March 1, 2020 50,000,000 Period 2 September 1, 2020 50,000,000 Period 3 March 1, 2021 50,000,000 Period 4 September 1, 2021 50,000,000
- The reward is calculated by the number of AlGO for that period (50,000,000) divided by the total number of ALGO across all qualifying wallets.
- For more information regarding the airdrop see this post.