On August 23, 2019, Binance announced about listing TomoChain (TOMO), a Proof-of-Stake Blockchain that features a 150-masternode architecture. Until now, after recording some achievements of TOMO, Binance will be adding support for TomoChain (TOMO) staking starting from April 18, 2020, and will distribute TOMO staking rewards as detailed below.
Binance to list second BEP-2 token TomoChain and now support staking
TomoChain was selected as the second BEP-2 community listing project, meaning the altcoin had a daily trading volume of at least $ 50,000 on the Binance DEX each day over the last month.
#Binance Lists Second #BEP2 Community Listing Project – @TomoChainANN ( $TOMO)https://t.co/ZjBX072glO pic.twitter.com/usVfWEyPSt
— Binance (@binance) August 23, 2019
TomoChain notably leverages a proof-of-stake voting (PoSV) consensus for near-zero fees and instant transaction confirmations. The project aims to improve on the current design of the Ethereum network with novel techniques including double validation, staking via smart-contracts, and uniform randomization processes. This system allows for 2 second block times and over 2,000 transactions per second.
TomoChain supports all EVM-compatible smart contracts, protocols, and atomic cross-chain token transfers and is beginning to onboard dApps onto the platform. A focus of TomoChain dApps has been the project’s mobile application, which allows investors to stake their tokens for daily rewards actively and recently added dApp browser functionality.
Monthly TOMO staking airdrop program
#Binance Will Support @TomoChainANN $TOMO Stakinghttps://t.co/rJVK2Mc0lR pic.twitter.com/kRBO4ny52U
— Binance (@binance) April 17, 2020
Starting from 2020/04/18 at 00:00 AM UTC, Binance will begin taking live snapshots of user TOMO balances. Binance will distribute TOMO staking rewards as detailed below:
TOMO Staking distribution will be calculated as follows:
- TOMO generated by each user = Total TOMO staking rewards received by Binance * User TOMO holdings ratio.
- User TOMO holdings ratio = Average user TOMO holdings / Average total TOMO staked by Binance.
- Users must hold at least 5 TOMO to qualify for staking rewards.
- The initial distribution of TOMO staking rewards will be calculated through to 2020/05/31, with the total amount distributed equally to the staking rewards accrued during the period.
TOMO rewards are calculated daily and distributed monthly. Distributions will be completed before the 20th of each month. At press time, TOMO prices have increased by more than 14% in the past 24 hours.
Source: CoinMarketCap
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