Binance Launchpool Backs Promising Ethereum Altcoin Project in Upcoming Release
Binance is set to introduce support for a new decentralized finance (DeFi) staking protocol through its Launchpool platform.
The exchange, renowned as the world’s leading crypto platform by volume, reveals that its 49th Launchpool project will be ether.fi (ETHFI), a decentralized and non-custodial Ethereum (ETH) liquid staking platform. Launchpool offers users the opportunity to stake coins in order to farm yet-to-be-launched crypto assets. Binance anticipates the webpage for ETHFI to be accessible within 24 hours before the Launchpool commences. Users will have the option to stake their BNB and FDUSD into separate pools to farm ETHFI tokens over four days. Beginning March 14, 2024, at 00:00 (UTC). ETHFI will be listed on Binance on March 18, 2024, at 12:00 (UTC). With trading pairs including ETHFI/BTC, ETHFI/USDT, ETHFI/BNB, ETHFI/FDUSD, and ETHFI/TRY.
Binance will assign a seed tag to ETHFI, indicative of potential volatility, requiring users holding tagged assets to pass quizzes every 90 days to ensure awareness of trading risks. The ether.fi project aims to offer a secure means of staking ETH while retaining self-custody. Binance Launchpool’s token rewards will comprise 20,000,000 ETHFI. Equivalent to 2% of the maximum token supply of 1,000,000,000.
Clever Robot News Desk 13th March 2024
