Binance, a prominent cryptocurrency exchange on a global scale, has officially declared the inclusion of IO.NET (IO), a decentralized AI computing and cloud platform, into its Binance Launchpool. This represents the 55th project on the platform, offering users the opportunity to stake BNB and FDUSD in order to farm IO tokens. Commencing on June 7, 2024, at 00:00 UTC, Binance users can stake their BNB and FDUSD in separate pools to acquire IO tokens over a period of four days. This move is part of Binance’s continuous efforts to introduce innovative projects and lucrative opportunities to its user community.
IO.NET presents a total genesis token supply of 500 million IO, with a maximum supply cap established at 800 million IO. For the Launchpool, 20 million IO tokens (equivalent to 4% of the total initial supply) will be distributed as rewards to participants. To take part in the Launchpool, participants must undergo KYC verification, adhering to Binance’s strict security and regulatory standards. The staking caps for the BNB pool and FDUSD pool are set at 17,708.33 IO and 3,125 IO respectively, calculated on an hourly basis.
The farming period is set to run from June 7 to June 10, 2024, with daily rewards distributed among the BNB and FDUSD pools. Users have the option to claim these rewards directly to their spot accounts at any point during the event. Following the staking period, Binance will officially list the IO token on June 11, 2024, at noon UTC. The trading pairs available at launch will include IO/BTC, IO/USDT, IO/BNB, IO/FDUSD, and IO/TRY.
The Binance BNB Vault and Locked Products will be integrated with the Launchpool, enabling users who have staked BNB in these products to participate and automatically receive new token rewards. This integration ensures that users can seamlessly enjoy the benefits of engaging with multiple Binance services.
As regulations and rules vary across different regions, eligibility to participate in the Launchpool is contingent upon the user’s country or region of residence. Notably, users from countries such as the USA, Canada, Japan, and others are excluded from farming IO tokens. Binance underscores the significance of users completing account verification to ensure all participants are from eligible jurisdictions, thereby upholding compliance and security standards.