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Binance Introduces Yield Farming-Themed Twist on IEOs with Launchpool

4y ago
bullish:

14

bearish:

5

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Key highlights:

  • Binance has announced Launchpool, a product that allows users to "farm" tokens that will be listed on the exchange
  • The first token to launch on Launchpool is Bella Protocol's BEL
  • Bella Protocol is a project that aims to make DeFi accessible to a wider range of users

Binance announces Launchpool

Leading cryptocurrency exchange Binance has released a new product that seems to be inspired by the recent popularity of “yield farming”. Dubbed “Launchpool”, the service allows Binance users to stake their tokens to “farm” a token that will be listed on Binance. However, Binance’s Launchpool is a centralized service – users stake their tokens through their Binance exchange accounts. However, users will still be able to stake or un-stake their tokens at any time. 

The first token that will be farmable through Launchpool is Bella Protocol’s BEL token. Users will be able to stake their Binance Coin, Binance USD or ARPA to farm BEL. The program will last 30 days, starting with September 9. The BEL token will be made available for trading on Binance on September 16. 

How to farm BEL tokens on Binance?

Bella Protocol is a project from the developers of ARPA that is building a user-friendly platform for participating in popular decentralized finance (DeFi) protocols. The service will also offer subsidized gas fees through a custodian service. According to the project’s website, Bella Protocol will launch the first versions of its Flex Savings and One-Click products in Q4 2020. BEL tokens will be used in Bella Protocol for discounts, collecting fees, governance and other use cases.

As noted by the Binance Research report on Bella Protocol, the project has raised $4.5 million in funding by selling 6% of the total BEL supply to investors in a private token sale.

In total, Binance will distribute 5 million BEL tokens (5 % of the total BEL supply) through the Launchpad program for Bella Protocol. 4.5 million BEL has been allocated to the BNB pool, 450,000 to the BUSD pool, and the remaining 50,000 to the ARPA pool. The amount of BEL tokens users will receive will depend on the length of time they stake their tokens and the size of their stake relative to the size of the respective staking pool. 

4y ago
bullish:

14

bearish:

5

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