Binance has announced Dogs (DOGS) as the latest addition to its Launchpool, marking it as the 57th project in the series.
The DOGS token, a meme coin built on the TON blockchain and associated with the Telegram community, will begin trading on August 26. Binance has announced that it will support four trading pairs for this token: DOGS/USDT, DOGS/BNB, DOGS/FDUSD, and DOGS/TRY.
Trading of the DOGS token will start at 12:00 UTC on August 26th when exchanges open. Binance clarified that any claims about its availability before this time are false. Users can also stake and farm DOGS tokens from August 23rd onwards. Two staking pools will be available to users, one with BNB involved and another using FDUSD; these pools can be accessed for three days.
Staking rewards comprise 22 billion out of a total supply of 550 billion DOGS tokens (4%); as such, it should be considered as such according to Binance, where 85% is directed towards the BNB staking pool while another proportion, which constitutes fifteen percent, goes into FDUSD pool respectively. Binance stated that users could collect and claim their rewards hourly.
DOGS Community and Tokenomics
Dogs (DOGS) is different from other meme coins in that it is community-driven. The Telegram community has taken an interest in the project, which gave 81.5% of the total token supply to the community.
Out of this percentage, 73% was given to Telegram users who earned DOGS on the app, and 8.5% was reserved for rewarding traders, content creators, and other future community members.
With a one-year vesting period, 10% of all tokens have been allocated to development team members while another 8.5% will be used as liquid reserves across both centralized and decentralized exchanges.
Upcoming Airdrop and Claiming Process
Binance also announced plans for a DOGS token airdrop. However, this airdrop will not be available to people from many areas, including the United States, Canada, Japan, and the United Kingdom. User activity and balance snapshots taken regularly during the farming period are used to determine eligibility.
From August 23 onward, users can claim their DOGS tokens through supported centralized exchanges or with a non-custodial wallet. Those who choose the latter will need to pay transaction fees in Toncoin. The platform has warned that there might be delays due to high demand during the claiming process.
In its 2024 roadmap, the DOGS project plans to create a Sticker Platform where users can create, customize, and trade dog-themed NFTs using DOGS tokens. The platform is expected to launch in the third quarter of 2024.
Additionally, by Q4 of this year, the project intends to expand customization options and look into potential partnerships with the gaming and blockchain sectors.
DOGS has been getting quite some attention in the crypto space with more than 8 million users already verified for its upcoming airdrop.
