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- Brendan Blumer co-founder and CEO of block.one posted a tweet where he said that when somebody stakes their EOS on an exchange.
- Binance’s focus is to give the rewards back to EOS holders shows that they want to represent the interest of the token holders.
- This tweet came in the light of Binance’s announcement that it will support EOS staking. However, not everyone shared the same eagerness as Blumer.
Brendan Blumer co-founder and CEO of block.one posted a tweet where he said that when somebody stakes their EOS on an exchange, it means you ask the exchange to vote in your place instead.
Remember when you stake your #EOS on an exchange, you are allowing the exchange to vote on your behalf. Binance’s focus on returning rewards back to EOS holders demonstrates their efforts to represent token holder interest. This is EOS governance maturing. Nice job @cz_binance https://t.co/9v1hUgWxyw
— Brendan Blumer (@BrendanBlumer) March 11, 2020
Binance’s focus is to give the rewards back to EOS holders shows that they want to represent the interest of the token holders. This means that the EOS governance is learning and maturing.
The actual tweet is,
“Remember when you stake your #EOS on an exchange, you are allowing the exchange to vote on your behalf. Binance’s focus on returning rewards back to EOS holders demonstrates their efforts to represent token holder interest. This is EOS governance maturing. Nice job @cz_binance.”
This tweet came in the light of Binance’s announcement that it will support EOS staking. However, not everyone shared the same eagerness as Blumer. One user said that those who are planning on staking their DPOS token in Binance need to remember that Binance might use their tokens to corrupt their blockchain. He mentioned that it has already happened in the case of Steem hostile takeover.
But one of the major questions is how this scheme will work. Right now, Binance claims that within a couple of days, the users will be able to enjoy easy staking rewards through the platform’s monthly staking airdrop program.
The staking distribution for the coins is calculated using this formula:
EOS generated by each user = Total EOS staking rewards received by Binance * User EOS holdings ratio
At present, the staking amount would be calculated through the end of April. After which the total amount equal to the EOS staking rewards accumulated during the period gets distributed.
Once this has been done, the rewards would be calculated on a daily basis and will be distributed before the 20th of the month. A user needs to have at least 0.25 EOS in their wallet to be eligible for the coin staking program.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
