The successful implementation of Protocol 12 upgrade by Stellar Foundation brought about the end of the Stellar Lumens (XLM)’s inflation. Hence, the largest crypto exchange, Binance, has disclosed that it won’t be able to continues the staking of Stellar.
The three “Core Advancement Proposals” anticipated by Stellar Development Foundation early October was implemented at 1600 UTC on Monday, October 28, after a vote of confidence was passed. This led to the stoppage of XLM token inflation.
However, an announcement by Binance after the upgrade clarified that users will no longer receive XLM reward on Binance staking platform following the implementation. Binance noted that users staking reward earned from Stellar till the time of the upgrade will be distributed.
The distribution of October XLM stacking reward will extend till the first five days of November, afterwards, user will no longer receive the reward for stacking on Binance.
Binance release the stacking program in September 2019 to recompense holders of crypto assets that operate on Proof-of-Stake algorithm.
The upgrade, as stated by Stellar, will permit users with the ability to specify how much they want to send for cross-border transactions. Before the implementation of the upgrade, amount to be sent on Stellar, is been determined the recipient’s currency.
In October 2018, the idea of putting an end to XLM’s inflation was introduced by Jed McCaleb, the co-founder of Ripple and Stellar. Then, the Co-founder on the development team’s public forum said:
“Binance will distribute staking rewards earned from Stellar earned up until the time of the upgrade, which occurred at 2019/10/28 4:00 PM (UTC). Users will still receive the October XLM distribution in the first 5 days of November. Moving forward, users will no longer receive any Stellar rewards.”
