Binance, the largest cryptocurrency exchange by trading volume has recently announced its already scheduled move to add support for the staking of Kava Labs’ digital token KAVA.
This update was published on Binance official website on 17th December 2019. This is scheduled to commence on 18th December 2019.
In the report, Binance itemized the detailed distribution process of the monthly KAVA staking rewards. On the starting date, the exchange will commence hourly snapshots of user’s KAVA balances at 00:00 AM UTC.
In order to participate in this KAVA staking reward, each user must hold at least 1 KAVA. The initial distribution of KAVA staking rewards will be summed up until 31st January 2020.
Binance added that “…the total amount distributed equal to the staking rewards accrued on holdings during the period.”
KAVA rewards will be calculated on a daily basis and distributed every month. As usual, the distribution will be fulfilled before the 20th of each month.
How the 30,000 KAVA Airdrop Came About
According to the report, Binance has received 30,000 KAVA, relatively $31,000, in initial staking rewards from operating a validator on the Kava network.
So, the exchange has resolved to distribute these accrued staking rewards to its customers, coupled with the distribution of 10,000 KAVA each for the first three months of the Airdrop Program.
The reward each participating user will receive depends on the amount of KAVA captured during the daily snapshot of the Staking Airdrop. As earlier mentioned, users must hold at least 1 KAVA to qualify for the staking rewards.
Before Binance added support for KAVA staking, the exchange had added support for some other digital coins, and their reward process is as well ongoing.