On June 6, 2024, Binance announced the launch of IO.NET on its Launchpool, creating significant buzz within the crypto community. Binance will be the first platform to list the IO token, with trading set to begin on June 11, 2024, at 12:00 UTC. Available trading pairs will include IO/BTC, IO/USDT, IO/BNB, IO/FDUSD, and IO/TRY. Please be cautious that it’s important to not fall under any offers of selling this token before the official listing date, as they are unauthorized.
What is io.net?
IO.NET is a platform that allows users to rent computing power, similar to the Render network. It is designed to provide the necessary computer power for machine learning tasks, accessible via the cloud at a predetermined price. The IO token serves as the native token of the IO Network, allowing transactions and purchases on the platform to be made with IO, including transaction fees.
Users can also stake IO tokens to earn rewards or deposit them with their chosen node operators to generate profit. On the other hand, users can seamlessly control their GPU nodes through the IO Worker, while the O ID manages their identities within the IO ecosystem.Currently, the development company behind platform, io.net, is primarily responsible for building and managing the platform's products and services.
Tokenomics
IO.NET has raised $40 million through two private token sales, selling 22.65% of the total supply. The total supply of IO tokens is capped at 800 million, with 2.5% of the total supply available for farming on Binance.
How to farm IO on Binance Launchpool?
Starting from from June 7 to June 10, 2024, users can farm IO tokens by staking BNB and FDUSD in separate pools. As BNB is always meant for BNB holders, the reward distribution favors the BNB pool, receiving 85% of the total rewards, while the FDUSD pool gets only 15%.
Farming Details
During the farming period, a total of 5 million IO tokens will be distributed daily, with 4.25 million IO allocated to the BNB pool and 750,000 IO to the FDUSD pool. After the farming period ends, Binance will officially list the IO token on June 11, 2024, at 12:00 UTC, and open trading with pairs such as IO/BTC, IO/USDT, IO/BNB, IO/FDUSD, and IO/TRY. The IO token will also carry the seed tag.
Future Prospects
IO.NET has the potential to significantly impact the blockchain technology landscape, reflecting the innovative spirit of the crypto industry. The anticipation around its launch underscores its potential to become a major player in decentralized computing. For those seeking more information, Binance has already made a comprehensive research report available.
