Binance Launchpool: an overview of the staking platform for “farming” DeFi tokens from the Binance crypto exchange
Binance Launchpool is a new feature within the Binance exchange that allows members to receive token rewards by staking their assets (currently BNB, Binance USD, ARPA, or ONT). The distribution of new tokens is uneven – for example, the reward for staking BNB will be the highest.
The Bella Protocol and Wing DeFi projects are the first to be presented at Launchpool. Subsequently, they are included in the listing of the exchange. The Btcnewsweb.com editors will tell you more about these projects and the essence of the platform itself.
What is Binance Launchpool. Working conditions.
With the Binance Launchpool functionality, users can stake their cryptocurrencies and generate additional income in the form of new DeFi tokens. This is done from the Binance Earn page, under the Flexible Terms tab. To get to it, you need to go to the “Finance” – “Binance Earn” section on the official website binance.com.
Calculation of remuneration using the example of the Bella Protacol project
How the reward is calculated (using the BEL token farming as an example): every hour the system registers BNB, BUSD, ARPA and ONT balances, and repeats this for thirty days from the start of staking, thereby calculating the average daily balance for each day. During the 30-day period, rewards allocated to any of the pools will be evenly redistributed every day. For example, 5,000,000 * 90% / 30 = 150,000 BEL daily will be distributed among BNB holders. The reward is calculated based on the ratio of a particular participant’s BNB tokens in the pool to all BNB tokens (similarly with other cryptocurrencies).
✅ The reward is calculated every day from 3:00 to 4:00 (Moscow time) for the previous day.
✅ At any desired moment, the participant can withdraw or redistribute his funds.
✅ BNB tokens located in Launchpool will continue to bring benefits to the owner (taken into account in airdrops, give access to token sales, etc.).
✅ Only tokens located on spot wallets are counted in Launchpool.
✅ No KYC verification required.
In order for the existing balances to be counted, the user needs to open a deposit for any amount after the start of the distribution of a token and until the end of the billing period (30 days). Otherwise, he will not be eligible for additional rewards.
How to use Binance LaunchPool
The process of obtaining tokens is organized as simply as possible:
✅ Log in and click in the top menu “Finance”, then “Binance Earn” (Finance -> Binance Earn).
✅ The Flexible Terms tab should be open.
✅ Click “More” to see a complete list of available farming projects.
✅ Select one of them and click “Add Assets” (Transfer).
✅ Click “Staking” and enter the amount to be involved. Confirm the transfer.
At the top of the page, the system shows useful information related to LaunchPool – information about bonus tokens, their total supply, information about projects. You can see the amount of BNB already held at the moment, the total number of pool rewards, the farming period, the estimated annual percentage yield.
Information about open deposits is available in the section “Wallet” – “Earn” – “Launchpad“. In this section, deposits can be closed:
First projects launched on Binance LaunchPool
The Bella Protocol is the basis for a whole range of DeFi products related to simple and convenient decentralized banking. The whole architecture is based on the concept of maximum simplicity, so that most actions can be done in one click. Bella provides a range of automated services, accepts commissions, and works with both novice and experienced members.
✅ DeFi + CeFi hybrid financing.
✅ Flexible decentralized money market.
✅ Liquidity mining.
✅ Subsidized Gas Fee (Bella pays 100% commission initially).
✅ Discounts for BEL token holders, as well as the ability to vote for changes in the project.
✅ Step-by-step instructions for novice users.
✅ Automated diversification of strategies to increase profits and reduce risks.
✅ Integration with other platforms.
✅ Referral bonuses.
Most mobile banking operations are carried out in 1 click, without waiting for approval or copying and pasting token addresses. The project team includes experienced “veterans” of the blockchain industry, engineering, cryptography and finance.
The BEL token is available for trading on Binance starting September 16, 2020.
Bella Protocol project page on Binance LaunchPool: https://launchpad.binance.com/ru/lottery/15954e22173249078a1d5bb3a3ebe606
Wing is a DeFi lending platform that supports cross-blockchain and decentralized product collaboration. Wing’s governance model and risk control mechanism are focused on maximizing the value of the relationship between lenders and borrowers. In addition, Wing showcases innovative credit assessment tools.
✅ Flash pool for borrowing, lending and insurance. Supports a range of core assets (ONT, USDT, ETH, wBTC, DAI, etc.) and helps mitigate risks.
✅ Rewards in WING tokens for activity in the flash pool.
✅ The planned launch of a new lending pool where users with OScore (a credit rating system based on data from the Ontology blockchain) can deposit assets whose value is 80% or more than the value of the borrowed assets.
✅ Wing DAO, that is, decentralized management of the platform – any WING token holder can make proposals for improving the system or vote for them. The changes mainly concern the addition or removal of assets, methods of adjusting interest rates.
The WING token is also available for trading on Binance starting September 16, 2020.
WING project page on Binance LaunchPool: https://launchpad.binance.com/ru/lottery/b4ba8c5d25ae41aab7a2de0457082651
Binance is currently actively promoting decentralized finance, and the new LaunchPool system confirms this. This is a good opportunity to get additional income in promising tokens, in addition to the standard staking. There is every reason to believe that the project will continue to develop, connecting new cryptocurrencies and tokens.