What is Binance Launchpool?
Binance Launchpool is a platform that allows users to acquire new tokens as rewards by staking their existing cryptocurrencies such as BNB, FDUSD, and other selected tokens. It provides an opportunity for users to farm new coins for free, fostering the development of new projects within or outside of the Binance ecosystem. By participating in Launchpool, users contribute to the project’s liquidity and in return, they receive rewards in the form of newly launched tokens.
Understanding io.net: A Simple Guide
What is io.net?
io.net is a platform that provides powerful AI computing and cloud services. It brings together unused GPU resources to create a network, offering machine learning startups access to vast computing power at much lower costs compared to traditional cloud services.
The IO Token: Key Functions
The IO token is the main currency of io.net and is used in several important ways:
Payment Currency
Used for payments and transaction fees within the io.net ecosystem.
Purchase and supply underutilized GPU computing power.
Deploy GPU clusters.
Staking
Users can secure the network and earn rewards by:
Delegating their $IO tokens to a chosen node.
Staking more $IO tokens to operate their own node.
Governance
IO token holders can participate in the platform's decision-making.
They can propose, vote on, and implement grant proposals.
This helps guide the allocation of funds and strategic direction of the Internet of GPUs Foundation.
io.net aims to create a globally accessible, decentralized cloud computing network. This network will provide affordable, flexible, and open access to computing power for everyone.
With the rapid growth of AI, the demand for GPU computing power has skyrocketed, leading to a significant shortage of GPUs in the public cloud. This results in long wait times, limited options, and high costs.
io.net addresses these issues by pooling GPUs from underused sources such as independent data centers, idle crypto mining farms, and individual users. By doing this, io.net can offer computing power at prices up to 90% lower than those of traditional cloud providers.
IO.NET (IO) Launchpool Information:
- Token Name: IO.NET (IO)
- Total Token Supply at Genesis: 500,000,000 IO
- Max Token Supply: 800,000,000 IO
- Launchpool Token Rewards: 20,000,000 IO (4% of total token supply at Genesis)
- Initial Circulating Supply: 95,000,000 IO (19% of total token supply at Genesis)
- Smart Contract Details: Solana
- Staking Terms: KYC required
- Supported Pools: Stake BNB (rewards of 17,000,000 IO) 85% share rewards and stake FDUSD (rewards of 3,000,000 IO) 15% share rewards of Binance Launchpool.
How to Farm $IO by Staking #BNB and $FDUSD
Users can farm $IO tokens by staking Binance Coin (BNB) and First Digital USD (FDUSD) on the Binance Launchpool. Here's a step-by-step guide to get started:
Log into Binance Account: Ensure you have a registered and verified Binance account.
Go to Binance Launchpool: Navigate to the Launchpool section on Binance’s website or app.
Select the IO.NET (IO) Pool: Find the IO.NET (IO) staking option.
Stake Your Tokens:
$BNB Pool: Choose the BNB pool to stake your Binance Coin.
$FDUSD Pool: Choose the FDUSD pool to stake your First Digital USD.
Start Staking: Enter the amount of BNB or FDUSD you wish to stake and confirm the transaction. Your staked tokens will start earning $IO rewards immediately.
Track Your Rewards: You can monitor the accumulation of your $IO rewards on the Launchpool page.
Important Notice:
Users will be able to stake their BNB and FDUSD into separate pools to farm IO tokens over 4 days, with farming starting from 2024-06-07 00:00 (UTC)
Binance will then list IO at 2024-06-11 12:00 (UTC) and open trading with IO/BTC, IO/USDT, IO/BNB, IO/FDUSD, and IO/TRY trading pairs. The seed tag (will be applied to IO.
Always do your own research to ensure the safety of your funds.
In summary, io.net leverages unused GPU power to provide affordable computing for AI startups, with the IO token playing a crucial role in payments, staking, and governance.
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