Binance Unveils New Token IO.NET on Its Launchpool Platform

Binance, a leading global cryptocurrency exchange, has officially announced the addition of IO.NET (IO), a decentralized AI computing and cloud platform, to its Binance Launchpool. This marks the platform’s 55th project, allowing users to stake BNB and FDUSD to farm IO tokens. Starting June 7, 2024, at 00:00 UTC, Binance users can stake their BNB and FDUSD in separate pools to earn IO tokens over four days. This initiative is part of Binance’s ongoing efforts to bring innovative projects and rewarding opportunities to its user base.

IO.NET introduces a total genesis token supply of 500 million IO, with a maximum supply cap set 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.

The Launchpool will require participants to complete KYC verification, adhering to Binance’s security and regulatory compliance standards. The staking caps are set at 17,708.33 IO for the BNB pool and 3,125 IO for the FDUSD pool, calculated hourly.

Supported Pools and Rewards Distribution

The farming period is scheduled from June 7 to June 10, 2024, with daily rewards distributed across the BNB and FDUSD pools. Users can claim these rewards directly to their spot accounts anytime during the event. Following the staking period, Binance will list the IO token on June 11, 2024, at noon UTC. The trading pairs available at launch include IO/BTC, IO/USDT, IO/BNB, IO/FDUSD, and IO/TRY.

The Binance BNB Vault and Locked Products will integrate with the Launchpool, allowing users who have staked BNB in these products to participate and receive new token rewards automatically. This integration ensures users enjoy seamless benefits while engaging with multiple Binance services.

Due to varying local rules and regulations, participation in the Launchpool is subject to eligibility based on the user’s country or region of residence. Notably, users from countries like the USA, Canada, Japan, and others are excluded from farming IO tokens. Binance emphasizes the importance of users completing account verification and ensures all participants are from eligible jurisdictions to maintain compliance and security standards.