Stellar Lumen’s (XLM) price jumped about 9% just after Binance’s Tweeted about adding support to Stellar staking.

XLM price at the time of writing

Binance exchange is adding support for Stellar (XLM) staking, starting from July 20th, 2019. This comes a day after Poloniex distributed over 1.2M Stellar Lumens it’s customers via Stellar inflation rewards.

Binanse will also launch a 9,500,000 XLM Initial staking reward airdrop. The first distribution of XLM staking rewards will be on September 1st, 2019. The disbursal of the additional 9,500,000 XLM airdrop will coincide with the first distribution of XLM staking rewards, in accordance with users’ average daily holdings.

#Binance Will Support @StellarOrg ( $XLM) Staking & Launch a 9,500,000 XLM Initial Staking Reward Airdrop.



Users holding XLM on Binance may expect to receive a 1st staking reward amount equivalent to roughly 10-12 months worth of staking rewards!https://t.co/JcIJ3S1y1L pic.twitter.com/IFPQEpyhR8 — Binance (@binance) July 18, 2019

What is Stellar?

The Stellar network is an open source, distributed, and community owned network used to facilitate cross-asset transfers of value. Stellar aims to help facilitate cross-asset transfer of value at a fraction of a penny while aiming to be an open financial system that gives people of all income levels access to low-cost financial services. Stellar can handle exchanges between fiat-based currencies and between cryptocurrencies. Stellar.org, the organization that supports Stellar, is centralized like XRP and meant to handle cross platform transactions and micro transactions like XRP. However, unlike Ripple, Stellar.org is non-profit and their platform itself is open source and decentralized. Through the use of its intermediary currency Lumens (XLM), a user can send any currency that they own to anyone else in a different currency.

Stellar USD price chart for the last 7 days: