Binance, a prominent global cryptocurrency exchange, has officially revealed the inclusion of IO.NET (IO), a decentralized AI computing and cloud platform, on its Binance Launchpool. This announcement signifies the platform’s 55th project, enabling users to stake BNB and FDUSD in order to farm IO tokens. Starting on June 7, 2024, at 00:00 UTC, Binance users will have the opportunity to stake their BNB and FDUSD in separate pools to earn IO tokens over a four-day period. This initiative is part of Binance’s continuous commitment to introducing 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 of 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. Participants in the Launchpool must undergo KYC verification, following Binance’s strict security and regulatory compliance protocols. Staking caps are set at 17,708.33 IO for the BNB pool and 3,125 IO for the FDUSD pool, calculated on an hourly basis.
Supported Pools and Distribution of Rewards
The farming period is slated to run from June 7 to June 10, 2024, with daily rewards distributed across the BNB and FDUSD pools. Users have the ability to claim these rewards directly to their spot accounts at any time during the event. Following the staking period, Binance will list the IO token on June 11, 2024, at noon UTC. 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, allowing users who have staked BNB in these products to participate and automatically receive new token rewards. This integration ensures that users can benefit seamlessly while engaging with various Binance services.
Due to differing local regulations and laws, participation in the Launchpool is contingent upon eligibility based on 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 importance of users completing account verification and ensuring that all participants are from eligible jurisdictions in order to uphold compliance and security standards.