Understanding Binance Launchpool
As a crypto exchange, Binance offers its customers a variety of services and products. The services on offer provide customers with several opportunities to increase their portfolio and make more money. Like many other crypto exchanges, Binance offers its users many opportunities to invest in Bitcoin and many other Altcoins.
One of the latest services you will find on Binance is the Binance Launchpool service. This new service allows users to acquire new tokens. To receive these free tokens, users of this service must stake their tokens. The whole process is very similar to yield farming, and users of this service are farming for new tokens by staking their tokens.
Users of this service can join the launchpool by staking tokens like BNB, BUSD, and other coins. In terms of rewards for staking your tokens, users will receive daily tokens based on two factors. The first factor involves the total amount of tokens you have subscribed to receive. The second factor is based on the total number of tokens available in the pool.
Usually, when a new token is listed in the launchpool, users are allowed to farm the new token for a total of thirty days. The farming starts seven days before the new token is listed on the Binance exchange. After the token has been listed, users can trade their new tokens on the Binance exchange for other tokens. Similarly, all-new tokens received from the eighth day can be instantly traded after they are received.
This service is available to everybody who has a Binance account. For users interested in this service, the minimum stake allowed is 0.1 BNB. However, there is no limit on the number of tokens a user can stake. As a result, users can stake as many tokens as they want.
Users who use this service will receive new tokens daily from 00:00 AM and 1:00 AM (UTC). All tokens are deposited into the spot wallet of users.
The Binance launchpool is very flexible, and the tokens users subscribe for are left open. As a result, users will receive new tokens daily after staking their tokens to the launchpool. Similarly, users can add or remove their tokens from a launchpool whenever they want to.
Are you wondering how you can benefit from this new service on the Binance platform? If you want to, we urge you carefully read the instructions below. The first set of instructions is meant for users who exclusively use the Binance exchange desktop site. They are:
- To get started on the desktop site, users must first go to the website’s savings page.
- On the savings page, you will find a variety of new tokens in the launchpool.
- Select the token you wish to farm and click on the transfer button on the token’s right-hand side.
- Input the total amount of tokens you would like to subscribe for and click on the transfer confirmed button at your screen’s bottom right corner.
For users with the Binance mobile app, the instruction above do not apply. You can join a pool and subscribe for a new token by following these steps. They are:
- Find the savings button on your mobile app and click on it. Ou will find a large variety of new tokens on the savings page.
- Click on the subscribe button after you select a token to farm.
- Read the Binance Savings Service Agreement and tick the agreement box if you agree with the terms and conditions of this service
- Next, confirm your purchase by clicking on the confirm purchase button. Once you do that, you will start to receive new tokens daily.
The first token to be hosted on the Binance Launchpool was the Bella protocol (BEL). This token was farmed in three different pools, and users were required to stake their BNB, BUSD, or ARPA tokens to receive the BEL token. The BEL token was listed on 16/09/2020. This token opened trading with trading pairs like BEL/BTC, BEL/BNB, BEL/USDT, and BEL/BUSD.
When writing this article, fifteen new tokens have been farmed and listed via the Binance launchpool service. The tokens include OG, BTCST, LIT, ATM, ASR, REEF, CTK, UNFI, and DODO. Users who farmed these tokens staked various tokens like BNB, BUSD, BTC, CHZ, BAND, SXP, and BETH.
Presently, the ALICE token is being farmed. To farm this coin, users must stake tokens like BNB, BUSD, and CHR to earn the ALICE token. Over thirty days, farmers will be rewarded with 3,000,000.0000 ALICE tokens. The ALICE token has already been listed on the Binance exchange and opened trading on the markets with ALICE/BTC, ALICE/USDT, and ALICE/BUSD.
The Binance Launchpool is a welcome addition to the large variety of products and services Binance currently offers its customers. This service allows users to farm new tokens by staking their tokens.
The Binance Launchpool is available to everybody who has a Binance account. Similarly, users interested in this service can stake as low as 0.1 BNB. There is no limit on the number of tokens a user can stake. As a result, users who want to can stake as many tokens as they want.
The staking process is straightforward, and users who are farming new tokens will receive such tokens daily. These tokens will be deposited into the spot wallet of users. The farming process for new tokens is usually completed within thirty days. However, all new tokens are listed seven days after the farming process has begun. If you have a Binance account, we urge you to try out this new service.