Binance Launchpool to Introduce Support for New Decentralized Derivatives Exchange Altcoin
Binance, the leading global cryptocurrency exchange, has announced its plans to support a new decentralized derivatives exchange altcoin through its Launchpool platform. The 48th project on Launchpool will be Aevo (AEVO), an Ethereum-based digital asset exchange that offers options, perpetual futures, and other products within a single margin account.
What is Binance Launchpool?
Binance Launchpool is a platform that allows users to stake coins in order to farm new assets. Users can stake Binance’s native token, BNB, and the stablecoin First Digital USD (FDUSD) in separate pools for five days starting from Friday to earn AEVO tokens.
Listing and Seed Tag
Following the staking period, Binance will list AEVO for trading on March 13th and apply a seed tag to the asset. Seed tags are applied to tokens with lower liquidity that have the potential for higher volatility. Users who own assets with seed tags are required to pass quizzes every 90 days to ensure they understand the associated risks.
Aevo’s Roadmap
Aevo has outlined its roadmap, which includes plans for AEVO staking and trading incentives for Aevo exchange traders in the second quarter of 2024. In the third quarter, the project aims to focus on ecosystem development and permissionless deployments for its layer-2 scaling solution.
Binance Launchpool Token Rewards
Binance Launchpool will distribute a total of 45,000,000 AEVO tokens as rewards, which represents 4.5% of the token’s maximum supply. The initial circulating supply of AEVO will be 110,000,000 tokens.
Hot Take: Binance Launchpool Expands Support for DeFi
Binance’s decision to introduce support for a new decentralized derivatives exchange altcoin through its Launchpool platform reflects the exchange’s commitment to expanding its offerings in the decentralized finance (DeFi) space. By allowing users to stake their coins and farm new assets, Binance is providing opportunities for investors to participate in the growing DeFi ecosystem. The addition of Aevo as the 48th project on Launchpool demonstrates Binance’s dedication to supporting innovative projects and promoting the development of decentralized exchanges.
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