Binance announced the addition of BENQI (QI) to its Launchpool, granting users the ability to start farming from tomorrow.
Multifaceted crypto platform Binance recently announced the addition of yet another project, named BENQI (QI), the twenty-fifth project entry to Binance’s ever-expanding Launchpool. It is a decentralized non-custodial liquidity market protocol that is resident on Avalanche.
According to Binance, users will be able to stake their BNB, AVAX, and BUSD into separate pools. This is so that they can farm QI tokens within the next month, starting from tomorrow November 16th, according to an official statement.
Also listed on Binance’s website are the intricate details of BENQI. These include total supply (7,200,000,000 QI), circulating supply (631,000,000 QI) which is just under 9% of total supply, and Launchpool supply (22,000,000 QI). In addition, Binance also shed light on how users may interact and use the new token. These include token reward formula, stake rules, as well as in-house operational guideposts.
Binance Launchpool Before BENQI
The Binance Launchpool has been busy in recent times, debuting one token after another. Earlier this year in June, it added the Automata Network (ATA) to its platform, offering token rewards of up to 40 million ATA as an added incentive to users. The said amount represented just 4% of the total token supply.
ATA is the native token of Automata Network and has a maximum total supply of 1 billion tokens. The network launched early this year in March and functions as a decentralized service protocol. In addition, it comes equipped with a middleware service layer that dApps across various blockchain platforms can use to enhance their functionality. Chief among these is the aiding of privacy and facilitating a smooth cross-platform integration.
Two months before the ATA launch, Binance’s Launchpool onboarded Bitcoin Standard Hashrate Token (BTCST). Among its many attributes, BTCST also functions as a leveraged token for Bitcoin. It locks in dual profits for its holders whenever the market happens to be on a bull run. BTCST can also serve as a cloud mining platform deployed on the Binance Smart Chain. It is currently considered one of the most secure DeFi projects.
Late last year in 2020, the Binance Launchpool also introduced notable projects such as Unifi Protocol DAO (UNFI), and Venus (XVS).
How Binance’s Launchpool Works
The Binance Launchpool permits users to use their already existing tokens to farm or earn additional tokens for free. Furthermore, the number of tokens earned daily is in direct proportion to the number of tokens subscribed to the pool.
Users get to earn tokens over a set period, usually thirty days, with tokens calculated on an hourly basis. In addition, users can choose to harvest any pending rewards at any given time. At the moment, anyone with a Binance account is eligible to participate in the Launchpool.