Binance Launchpool to Support New Decentralized Finance (DeFi) Staking Protocol
Binance, the world’s leading cryptocurrency exchange, is set to introduce support for a new decentralized finance (DeFi) staking protocol through its Launchpool platform. The 49th project on Binance Launchpool will be ether.fi (ETHFI), a decentralized and non-custodial Ethereum (ETH) liquid staking platform.
What is Binance Launchpool?
Binance Launchpool is a platform that allows users to stake their coins in order to farm upcoming crypto assets. It provides an opportunity for users to earn rewards by participating in new projects before they are officially launched.
About ether.fi (ETHFI)
ether.fi (ETHFI) is a project that aims to offer a secure and self-custodial way to stake Ethereum (ETH). It provides users with the ability to earn rewards by staking their ETH while still maintaining control of their assets.
The Launchpool Process for ETHFI
- Users will be able to stake their BNB and FDUSD into separate pools in order to farm ETHFI tokens over a four-day period.
- Farming for ETHFI will start on March 14, 2024, at 00:00 (UTC).
- After the farming period, Binance will list ETHFI on March 18, 2024, at 12:00 (UTC).
- Trading pairs for ETHFI will include ETHFI/BTC, ETHFI/USDT, ETHFI/BNB, ETHFI/FDUSD, and ETHFI/TRY.
Seed Tag for ETHFI
Binance will attach a seed tag to ETHFI. A seed tag is assigned to tokens with lower liquidity that have the potential for greater volatility. Users who own assets with seed tags will be required to pass quizzes every 90 days to ensure they understand the risks associated with trading these assets.
Binance Launchpool Token Rewards
The token rewards for Binance Launchpool’s support of ETHFI will amount to 20,000,000 ETHFI tokens. This represents 2% of the maximum token supply, which is set at 1,000,000,000.
Conclusion
Binance is expanding its support for decentralized finance (DeFi) by introducing a new staking protocol through its Launchpool platform. The upcoming project, ether.fi (ETHFI), aims to provide a secure and self-custodial way for users to stake Ethereum (ETH) and earn rewards. By participating in Launchpool, users can farm ETHFI tokens before they are officially listed on Binance. This opportunity allows crypto enthusiasts to get involved in exciting new projects and potentially earn significant rewards.
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