• Binance introduces Toncoin as the 56th project on its Launchpool, allowing users to farm TON by staking BNB and FDUSD.

• The farming period starts on August 15 and runs for 20 days, with rewards distributed hourly.

Binance, the world’s largest cryptocurrency exchange by trading volume, has introduced Toncoin (TON) as its latest addition to the Binance Launchpool. On August 13, Binance announced that Toncoin would be the 56th project listed on the platform after IO. NET (IO). The Open Network (TON) is a Layer 1 blockchain that was initially created by the founders of the Telegram messaging service. 

As of 2024, TON has become popular in the blockchain world, with almost 900 million active users on Telegram. This has been made possible by its integration with Telegram. 

Binance Explains Staking Rules and Reward Distribution

From August 15th, Binance users will be able to farm Toncoin by staking BNB and FDUSD in two distinct pools. This farming period will remain in operation for the next 20 days up to September 3. In addition,  in this period, Binance users can earn rewards in Toncoin, where a total of 7,650,000 TON will be allocated for this Launchpool event.

The token rewards are about 0. 5% of the total emission of Toncoin, which is 5,110,422,426 TON. As for the rewards, 85% of them will go to the BNB stakers, and the other 15% will go to the FDUSD stakers. 

According to Binance, users are allowed to stake tokens in only one pool at a time. For instance, a user cannot stake the same BNB in different pools at the same time. However, they can split their BNB into different pools to invest in. The rewards will be calculated on an hourly basis, and users will be able to transfer TON directly to their spot accounts at any time. Additionally, any unclaimed rewards will be credited directly to the users’ spot accounts at the end of the farming period.

Toncoin Holds Unique Position in Launchpool

This is significant because TON was already listed on Binance prior to its addition to Launchpool, unlike other tokens that have been added in the past. What’s more, the exchange started trading Toncoin on August 8 and made trading pairs of TON/BTC, TON/USDT, TON/FDUSD, and TON/TRY available. 

This prior listing is a plus for Toncoin since those who have interacted with the token before have another chance to earn it through the Launchpool program. Furthermore, Binance’s decision to include Toncoin in this manner reflects the increasing focus on the TON blockchain and its possibilities for expansion. 

In a parallel move, Binance has announced the delisting of six tokens: These include PowerPool (CVP), Ellipsis (EPX), ForTube (FOR), Loom Network (LOOM), Reef (REEF), and VGX Token (VGX). The exchange will delist the tokens on August 26, 2024, citing changes in industry standards or the tokens not meeting certain criteria as reasons. PowerPool, one of the delisted projects, stated that the decision was unexpected and that Binance had not informed them of the delisting despite PowerPool submitting reports to the Binance post-listing team.