- One of the leading multinational company Binance joins hands with Tezos to bring them on their platform.
- To attract users in the trade of XTZ, Binance has decided to give certain rewards to the user on the bases of its trade cycles.
Binance, one of the largest Digital exchange companies, has decided that it will be adding a new cryptocurrency on its platform Tezos (XTZ). The trading of Tezos will be starting from December 4, 2019, on the Binance’s platform. Certain rewards are also announced on the trading of Tezos from their platform.
The users can redeem the rewards by providing the live snapshot of the trading days, from that the company will calculate the reward of the user and the rewards will be distributed every 20th day of the month. Circulation of the first reward cycle will occur on January 20, 2020.
Criteria of XTZ distribution
As the program initialize from the date December 4, 2019, Binance itself will start collecting data about the users holding XTZ in their accounts from 00:00 A.M. (UTC)
The process of calculation of rewards will be on the following criteria
Rewards given to each user will be according to the amount of XTZ held by the user.
Rewards for the user = total XTZ reward given to the user for holding the XTZ * ratio of the user’s XTZ holdings.
Ratio of the user’s XTZ holdings = amount of XTZ stacked by the user/ total amount of XTZ stacked by the Binance.
The user must be having at least 1 XTZ in their account to be eligible for redeeming the reward.
The calculation for the reward will be done up to December 19, 2019, for the first cycle of reward distribution, trades after that will be calculated in the next month’s distribution cycle.
The thing with the rewards is that it takes time to get matured and it takes roughly 3 weeks to get matured so the rewards will be distributed only after the maturation of the reward which will be in the following month from when the reward has been counted.
To explain the process, there is an example; if a user holds XTZ in the period of December 4, 2019, to December 19, 2019, he will be receiving his first reward on the date January 20, 2020.