Binance Adds Support for Ark (ARK) Staking
On April 14, 2020, Binance announced they will begin supporting Ark (ARK) staking. On April 15th at 00:00 AM UTC, Binance will start taking snapshots of ARK balances for each user.
Earning staking rewards on Binance does not require any action from crypto owners. The rewards will automatically be distributed to those users that own Ark.
How are the ARK rewards determined?
To qualify for rewards, users must hold 5 ARK.
ARK staking rewards will be distributed based on the total ARK staking rewards received by Binance multiplied by the user’s ARK holdings ratio.
Rewards are calculated daily but distributed monthly before the 20th of each month.
What is staking?
Staking is defined by Binance as the process of holding funds in a crypto wallet in a way that supports the operations of a blockchain network. By supporting the network, users are rewarded on a regular basis.
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