Binance Discontinues XLM Staking Support as Stellar Network Successfully Upgrades to Protocol v12


Stellar Network has successfully updated its protocol v12, Stellar Foundation announced on Oct. 28.

This new protocol offers a few stability improvements and implements three Core Advancement Proposals. The first proposal CAP-24 created a new operation that lets you specify how much you want to send unlike just how much a recipient will receive previously.

CAP-25 simplifies the bucket list data structure that makes it easier for node administrators by reducing bucket merge latency and storage cost.

The third proposal CAP-26 disables the current inflation mechanism. The team explains that the mechanism was first created to be an incentive mechanism whereby account holders would collectively direct inflation-generated lumens toward projects built on Stellar. But this isn’t the case now and could further leads to scalability issues in the future.

Now with this proposal, the inflation operation would do nothing. Fees, meanwhile, will go to the fee pool and will be locked there, inaccessible and unused.

Here is a recap of the Stellar Foundcation's changes:

As such, the leading cryptocurrency exchange Binance can no longer support staking for XLM.

The exchange will, however, continue to distribute staking rewards earned from Stellar up until the time of upgrade. Users will receive the October XLM distribution in the first five days of November.

The 11th largest cryptocurrency is currently trading at $0.067 with 24 hours gains of 3.68%, as per Coincodex.

Additionally, the Test Network (Testnet) Reset is on Wednesday, October 30th, 2019 at 9:00 am UTC.

Live Stellar (XLM) Price:

1 XLM/USD =$0.4212 change ~ 2.64%

Coin Market Cap

$9.49 Billion

24 Hour Volume

$428.25 Million

24 Hour VWAP

$0

24 Hour Change

$0.01

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