Binance Launchpool Introduces IO.NET (IO), Enabling Staking of BNB and FDUSD - Blockchain.News

Binance Launchpool Introduces IO.NET (IO), Enabling Staking of BNB and FDUSD

Luisa Crawford Jun 06, 2024 11:12

Binance unveils IO.NET (IO) on Launchpool, allowing users to stake BNB and FDUSD to farm IO tokens.

Binance Launchpool Introduces IO.NET (IO), Enabling Staking of BNB and FDUSD

Binance has announced the addition of IO.NET (IO) to its Launchpool platform, allowing users to stake Binance Coin (BNB) and First Digital USD (FDUSD) to farm IO tokens. This marks the 55th project to be featured on Binance Launchpool, according to Binance's official announcement.

Farming IO Tokens

Users can begin staking their BNB and FDUSD in separate pools starting from June 7, 2024, at 00:00 UTC, with the farming period lasting four days until June 10, 2024, at 23:59 UTC. A total of 20,000,000 IO tokens, representing 4% of the total token supply at Genesis, will be distributed as rewards during this period. The initial circulating supply of IO is set at 95,000,000 tokens, accounting for 19% of the total supply at Genesis.

Trading and Listing

Following the farming period, Binance will list IO tokens on June 11, 2024, at 12:00 UTC. Trading pairs available will include IO/BTC, IO/USDT, IO/BNB, IO/FDUSD, and IO/TRY. Notably, IO will be tagged with the 'seed tag,' indicating its high volatility and risks.

Supported Pools

Farming rewards will be calculated hourly, and users can claim their rewards at any time. Each pool's annual percentage yield (APY) and total pool balance will be updated in real time. Users can only stake tokens in one pool at a time but can allocate their tokens across different pools as desired. Additionally, users can unstake their funds at any time without delay and switch to other available pools immediately.

Farming Accumulation and Rewards

Users participating in the Launchpool will accumulate rewards hourly, which will be updated each hour. Unstaked tokens and unclaimed rewards will automatically transfer to users' spot accounts at the end of the farming period. Binance will also support the Launchpool via its BNB Vault and Locked Products, enabling users to receive rewards automatically.

Eligibility and Restrictions

Users from certain countries and regions, including Australia, Canada, Cuba, Iran, Japan, the United States, and others, will not be eligible to participate in farming IO due to local regulations and other considerations. Binance has stated that the list of excluded countries may be updated periodically.

As a reminder, users are encouraged to conduct thorough research and understand the risks involved in digital asset investments. The official announcement from Binance can be found here.

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