Alisa Davidson
Published: August 14, 2024 at 5:45 am Updated: August 14, 2024 at 5:45 am
Edited and fact-checked:
August 14, 2024 at 5:45 am
In Brief
Binance unveiled Toncoin as the 56th project on its Launchpool, enabling users to stake BNB and FDUSD to earn TON.
Cryptocurrency exchange Binance unveiled Toncoin (TON), as the next project on its Launchpool. This new addition enables individuals to stake BNB and FDUSD to receive TON for 20 days. The farming is scheduled to commence at 00:00 UTC on August 15th.
The supported staking pools encompass BNB, providing a total of 6,502,500 TON, and FDUSD, with 1,147,500 TON in rewards. The daily reward distribution is set at 382,500 TON, with the BNB pool providing 325,125 TON and the FDUSD pool offering 57,375 TON.
Additionally, individuals will be offered an option to lock TON in Simple Earn Locked Products to generate a Special APR under Binance’s Super Earn, which offers a total of 1,350,000 TON in incentives over the course of twenty days.
What Is Toncoin (TON)?
The Open Network (TON) represents a Layer 1 Proof-of-Stake (PoS) blockchain that includes several components: Blockchain, Virtual Machine, Payment, DNS, Storage, as well as Sites. TON utilizes a Byzantine Fault Tolerance protocol known as “Catchain Consensus” to achieve network consensus, generate blocks, and validate transactions. Catchain is tailored to the particular needs of TON’s blockchain architecture, including its sharding structure.
Toncoin represents its utility token fueling decentralized applications (dApps) in the TON ecosystem. It is applied for multiple purposes, such as paying transaction processing fees, cross-chain transaction fees, as well as staking payments to ensure blockchain security. Additionally, it covers costs for decentralized data storage, its DNS or Proxy services, along with other fees in TON-based decentralized platforms.
Currently, the total supply of TON is 5,110,422,426 tokens. For the Launchpool rewards, 7,650,000 TON were distributed. Notably, it has established an hourly cap per individual, with 1,354.68 tokens available for the BNB pool and 239.06 tokens for the FDUSD pool.
Disclaimer
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
Alisa Davidson
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
As we delve into the world of cryptocurrency, new projects and opportunities like Toncoin continue to emerge, offering unique ways to engage with the blockchain ecosystem. Binance’s Launchpool initiative has opened doors for users to stake their assets and earn rewards, further incentivizing participation in the decentralized finance space. With Toncoin’s utility token driving functionalities within the TON ecosystem, users have the chance to explore a range of applications and services, from transaction processing to decentralized data storage.
Whether you’re a seasoned crypto enthusiast or a newcomer to the space, keeping up with the latest news and developments is crucial. For more trending articles like this, make sure to check out DeFi Daily News, your go-to source for all things decentralized finance!
