The leading cryptocurrency exchange Binance has announced IO.NET as the next project featured on their Binance Launchpool staking platform.
Until June 10, you can earn IO.NET tokens on Binance simply by staking your BNB or the FDUSD stablecoin. You can withdraw the coins you’ve staked at any time and keep the NOT token rewards.
You can earn IO tokens on Binance Launchpool between June 7 (00:00 UTC) and June 10 (23:59 UTC). The amount of token rewards you earn will depend on how many coins you stake.
Earn IO Tokens on Binance
Binance plans to distribute 4% of the initial total IO token supply to users on Launchpool. This translates to 20 million NOT tokens out of an initial total supply of 500 million IO tokens. The token's maximum supply is defined at 800 million.
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 IO 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.
In addition to featuring the IO token on its Launchpool platform, Binance will also be listing the token for trading on the Binance exchange. The token will be available for trading starting on June 11 at 12:00 UTC in trading pairs against BTC, USDT, BNB, FDUSD, and TRY.
It is worth noting that Binance will be listing IO with the “Seed Tag”, which is used to label crypto projects that are still very early in their development. Cryptocurrencies with this tag were previously known in the “Innovation Zone.” The purpose of the Seed Tag is to let users know that the cryptocurrency might be more volatile and risky compared to most other cryptos listed on the exchange.
What is IO.NET (IO)?
IO.NET is a decentralized platform designed to provide computing power for use in AI (artificial intelligence) applications. The IO.NET platform sources GPU power provided by users across the globe who are compensated in return for connecting their GPUs to the network. The payments are settled on the Solana blockchain, which provides almost instant and low-cost transactions.
IO.NET is designed to tackle the limited availability and high cots which are currently plaguing companies that utilize artificial intelligence and machine learning technologies. The network aims to reduce costs and increase availability by tapping into underutilized sources of GPU power (examples include independent data centers, cryptocurrency mining operations, and networks such as Render). The system is facilitated by a DePIN (decentralized physical infrastructure network).
The IO.NET platform features the Solana-based IO token, which is the medium for payments and transaction fees in the IO.NET ecosystem. The IO token can also be staked, either directly or through delegation, to boost the IO.NET network's security and earn rewards in return. In addition, the token has a governance function by providing access to governance in the IO Grants DAO.
How to earn IO tokens on Binance Launchpool
If you want to earn IO.NET 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 IO token 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 "Launchpad & Launchpool."
Then, find the available IO.NET 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.
Please note that the following image shows the interface for a previous project featured on Binance Launchpool (Renzo), since the Binance hasn't yet updated their site to display the IO.NET Launchpool campaign.
As a final note, here’s a quick breakdown of key dates and information about the IO.NET Launchpool campaign:
IO.NET Launchpool Start Date June 7, 2024, 00:00 UTC End Date June 10, 2024, 23:59 UTC BNB Pool Daily Rewards 4.25 million IO FDUSD Pool Daily Rewards 750,000 IO Listing Date June 11, 2024, 12:00 UTC
