Binance has officially announced the 56th project on its Launchpool platform—Toncoin ($TON )
, a decentralized and open Layer-1 blockchain that offers robust integration with Telegram. Starting from August 15, 2024, users will have the opportunity to participate in the Toncoin Launchpool, where they can stake BNB and FDUSD tokens to farm TON over a twenty-day period.
Toncoin (TON): A Decentralized Blockchain with Telegram Integration
Toncoin (TON) is the native utility token of The Open Network (TON), a Layer-1 blockchain ecosystem that leverages a Proof-of-Stake algorithm. Deeply integrated with Telegram, TON is designed to enhance the usability of blockchain technology, making it accessible and efficient for a wide range of applications. With a total supply of 5,110,422,426 TON, Toncoin is poised to become a critical component of decentralized services on the TON platform.
Launchpool Details: Stake BNB and FDUSD to Earn TON
The Toncoin Launchpool will allow Binance users to stake BNB and FDUSD tokens in separate pools to farm a total of 7,650,000 TON. The farming period will run from August 15, 2024, 00:00 UTC, to September 3, 2024, 23:59 UTC. Users must complete KYC requirements to participate in staking, and there will be hourly hard caps for each user:
BNB Pool: 6,502,500 TON in rewards (85% of total rewards)
FDUSD Pool: 1,147,500 TON in rewards (15% of total rewards)
The BNB pool has an hourly hard cap of 1,354.68 TON per user, while the FDUSD pool is capped at 239.06 TON per user.
Binance Super Earn: Special APR for Locked TON
In conjunction with the Launchpool, Binance has introduced "Binance Super Earn," a new feature allowing users to earn a Special APR by locking TON in Simple Earn Locked Products immediately after the token’s listing. This initiative provides a unique opportunity for early adopters to maximize their returns on TON.
Toncoin Use Cases and Core Components
Toncoin serves multiple purposes within the TON ecosystem, including:
Transaction Fees: Paid to TON validators as "gas" for processing transactions and smart contracts.
Staking: Validators deposit TON to validate transactions, generate new blocks, and earn rewards.
Payments: Used for services on TON-based applications, secure data storage (TON Storage), and purchasing blockchain-based domain names (TON DNS).
Private Browsing: Supports secure internet browsing via TON Proxy.
Notable components of the TON network include:
TON Payments: A lightning-fast network that allows parties to open payment channels, with off-chain transactions recorded only when the channel is closed, enhancing speed and efficiency.
TON Nominator: A service enabling Toncoin holders to lend assets to validator nodes, with smart contracts ensuring the fair distribution of earned Toncoin.
TON DNS and TON Storage: These services offer decentralized domain registration and secure file storage on the TON blockchain.
Conclusion
The integration of Toncoin into Binance Launchpool marks a significant milestone for the TON ecosystem, further enhancing its utility and adoption. With its deep integration with Telegram and a wide array of use cases, Toncoin is set to play a vital role in the decentralized internet landscape. As the Launchpool and Binance Super Earn programs roll out, users have a prime opportunity to engage with this innovative project and earn rewards in the process.