Toncoin (TON) will be added as the next project on Binance Launchpool, soon after the asset starts trading on the exchange. TON holders will gain a new source of passive income from Binance’s program.
Binance is adding Toncoin (TON) as the 56th asset in its Launchpool program. The farming for TON tokens will start from August 15 with an initial 20-day trading period. The pool farming session will distribute 7.65M TON to drive adoption.
Depositors will be able to receive TON tokens as a reward, directly into their spot wallets, with no limitations or locks.
Binance Launchpool has helped popularize some of the leading tokens from previous and current market cycles. The addition to the launchpool is not a direct endorsement, although previous tokens have gained exposure. The list of launchpool tokens includes ENA, PENDLE, MANTA and other top narrative assets from the recent bull market.
The TON campaign will distribute tokens to holders of BNB and FDUSD in two separate pools. Even before the pool’s launch, TON already gained some market depth on Binance, where more than 10% of all activity is now concentrated.
Binance took a long time to list TON, citing skepticism about the coin’s stability and its potential usage for scams. TON is widely used for transactions and is integral to the ecosystem of Telegram advertising, as well as mini-apps and tap-to-earn games.
❗️@Toncoin #TON will be the 56th project on Binance Launchpool!
Users will be able to stake BNB and FDUSD tokens into separate pools to farm TON tokens over 20 days, with farming starting on August 15 at 0:00 UTC. Launchpool Hard Cap is 7,650,000 TON.
👉 https://t.co/LjA7BNKl8I pic.twitter.com/fKHwvmP8BW
— 🇺🇦 CryptoDiffer – StandWithUkraine 🇺🇦 (@CryptoDiffer) August 13, 2024
TON returns above $7
TON has shown resilience, recovering from lows under $5 after last week’s market crash. The token recovered to its usual range, growing more than 25% on a weekly basis. The news of the Launchpool campaign helped TON become one of the big gainers among trending Binance tokens. TON rallied up to 12.8% in the past day, on increased searches from traders. TON also rallied due to social media mentions on August 14, the birthday of the Telegram app.
TON traded at $7.14 after most assets also compensated their losses. The additional attention from Binance is solidifying the asset’s position among top coins and tokens. In addition to the pool, Binance will add features to stake TON and earn additional yield, instead of selling the tokens.
The markets also await for the recent Binance listing to take effect beyond the initial hype. TON already has a 2% market depth of $1.8M in its third-largest trading pair after OKX and Bybit. TON already improved its all-time high trading record after reaching $1.02B in daily volumes. The token is now within a small distance of its all-time peak above $8, while outperforming Solana (SOL) on its daily gains.
As a result of the price rally, Toncoin has $600M in total value locked, mostly distributed to Ston.fi and DeDust, the leading DEXs on the platform. The TON token also shows its usual high-level activity, in addition to the off-chain activity on Telegram and in mini-apps. TON is active as an ERC-20 token and a BSC-based token, as well as a native Toncoin asset.
Over the past weeks, the supply of USDT native to the Toncoin chain has also grown, reaching 619M tokens, up from around 500M in June.
Toncoin gains from Hamster Kombat popularity
Hamster Kombat retains its popularity through social media and through its Telegram channel, which is still the leader based on subscriptions and engagement.
More attention is flowing into TON and its ecosystem, while awaiting more clarity on the Hamster Kombat airdrop. The Hamster Kombat app already has a new airdrop section. However, the game has not clarified which activities would translate into a share of the upcoming token generation and airdrop.
Demand for TON is also growing due to the Dogs airdrop. The Dogs community on Telegram has more than 14M subscribers, all waiting for the DOGS token airdrop. Some TON tokens are needed to claim the airdrop on August 20. DOGS will be a Telegram-native token, which will also start trading immediately after the airdrop.
Following the success of Notcoin (NOT), DOGS already gained an OKX listing, after trading in pre-launch futures.
Cryptopolitan reporting by Hristina Vasileva
