The leading cryptocurrency exchange, Binance, has announced Toncoin as the next project featured on their Binance Launchpool staking platform. The exchange has also introduced a new feature called Binance Super Earn, which allows stakers to earn a special APR for a limited time.
Until September 3, you can earn Toncoin (TON) tokens on Binance simply by staking your TON, BNB, or the FDUSD stablecoin. You can withdraw the coins you’ve staked at any time and keep the TON token rewards.
You can earn TON on Binance Launchpool between August 15 and September 3. The amount of token rewards you earn will depend on how many coins you stake.
Earn TON Token on Binance
Binance plans to distribute 0.15% of the total TON token supply to users on Launchpool. This translates to 7.65 million TON tokens (worth about $48.5 million at current rates) out of a total supply of roughly 5.11 billion tokens.
85% of these rewards will be distributed to BNB stakers, while the FDUSD staking pool will receive 15%. However, this doesn’t necessarily mean that you will earn more TON if you stake BNB rather than the stablecoin. It all depends on how big your stake is relative to the size of the entire staking pool.
Introducing Toncoin $TON on #Binance Launchpool and Super Earn!
Lock your tokens and earn Special APR rewards.
Find out more 👉 https://t.co/Y8vHwg2a92 pic.twitter.com/3m1khH1APB
— Binance (@binance) August 13, 2024
Usually, Binance lists tokens of projects on the Launchpool platform after the end of their respective campaigns. This time around, that won’t happen, as Binance listed TON very recently on August 8th.
What is The Open Network (TON)?
The Open Network (TON) is a blockchain-based platform originally developed by the team behind Telegram, a popular messaging app. TON was designed to enable fast, secure, and scalable transactions, with the ultimate goal of supporting a wide range of decentralized applications (dApps) and services.
The project managed to reach many of its early goals. TON integration within the Telegram messenger is ever more prevalent and allows developers to build Web3 mini apps that are supported by blockchain. In addition, Telegram messenger comes with a TON wallet that allows users to send money from one another and participate in various DeFi use cases, like staking TON and USDT, and more.
It’s worth noting that the project was originally envisioned as the Telegram Open Network, intended to provide a blockchain infrastructure that could support Telegram’s vast user base with a native cryptocurrency called “Gram.” Telegram’s involvement with TON faced significant regulatory challenges, particularly from the U.S. Securities and Exchange Commission (SEC), which argued that the sale of Gram tokens constituted an unregistered securities offering. Due to these issues, Telegram officially stepped back from the project in 2020, and the community-led TON Foundation has taken over the development since then.
TON to benefit from a higher APR introduced by Binance Super Earn
Binance announced that TON would be listed on Binance Super Earn, a new platform that allows users to earn higher-than-average rewards (referred to as Special APR) by staking newly listed tokens through Simple Earn Locked Products. This opportunity is typically available right after the tokens are listed on Binance and is fully sponsored by the respective token projects.
Key features of Binance Super Earn:
- The Annual Percentage Rate (APR) offered through Super Earn is generally higher than the typical rates on other Simple Earn Locked Products. This is because the rewards are funded by the token projects themselves as a promotional incentive to encourage users to hold and stake their newly listed tokens.
- Super Earn is available for a short period after the token’s listing and may include tokens distributed through airdrops, Launchpool, or other Binance events.
- Users can subscribe to Super Earn products by selecting the desired token and duration on the Binance platform. If they choose to redeem their positions early, they can do so, but they will forfeit any accrued rewards.
- Super Earn products are marked with a “Special Offer” tag on the Binance Simple Earn page, making them easy to identify.
How to earn TON tokens on Binance Launchpool
If you want to earn Toncoin farming rewards, you’ll need a Binance account.
Create Binance Account
Please keep in mind that only users who complete an identity verification process with Binance are eligible to participate in Toncoin farming on Binance Launchpool.
Once your account is ready, you’ll need some BNB or FDUSD tokens to stake. If you already own these tokens, you can deposit some to your Binance account. Otherwise, Binance offers plenty of ways to buy them with crypto or fiat.
After your account is verified and loaded with BNB and/or FDUSD, go to the menu on the top side of the Binance interface and select “More.” Then, go to “Launchpool.”
Then, find the available Toncoin farming pools. Depending on which tokens you want to stake, select the FDUSD Pool or BNB Pool. Then, follow the instructions provided by the exchange.
Note that the Launchpool for Toncoin was not yet opened at the time of writing this article. The screenshot shows the pools for Omni Network, a project listed on Binance Launchpool relatively recently.
As a final note, here’s a quick breakdown of key dates and information about the Toncoin Launchpool campaign: