I was usually updated on new projects on the Binance Launchpool but this time, I was almost late on The Open Network token, Toncoin (TON). Farming started a week ago and it was not until the other day that I discovered it. Real life has certainly changed how I go about my online stuff, lol!
The good thing is that the BNB staked on the BNB Vault is automatically eligible. And yes, I'm still keeping some stables (FDUSD) on my Spot Wallet for trading (which unfortunately I haven't done in a long while) or Launchpool staking, so it remained idle until I manually staked it upon learning of the ongoing farming activity.
Anyway, it's not too late as there are still 13 days left to participate and earn some TON by staking in any one or both of the active pools, i.e. FDUSD and BNB (Not Financial or Investment Advice).
Launchpool Details
- Farming Period: 20 Days, starting from the 15th August (00:00 UTC) to 3rd September (23:59 UTC)
- Total Rewards (Airdrops): 7.650 million TON
- Eligibility: KYC required, certain jurisdictions are not allowed.
- Staked assets (BNB or FDUSD) can be withdrawn at any time (unless in the Locked Products category.
Supported Pools
✅FDUSD Pool
- 15% of the total rewards or 1,147,500 TON are allocated for this pool. About 57,375 TON are shared by all FDUSD stakers daily.
- 239 TON as the maximum hourly reward per user (hard cap).
- Over 1.719 billion FDUSD are currently staked by 95k participants.
✅BNB Pool
- 85% of the total Airdrops or 6,502,500 TON are allotted for this pool, with a daily distribution of 325,125 shared by all who staked BNB.
- The hard cap or maximum hourly airdrop per user is 1,354 TON.
- As of this writing, over 18.2 million BNB are staked in this pool by over 1.6 million users/participants.
- Binance BNB Vault and Locked Products are supported so anyone with BNB on these will automatically earn TON which are then credited to their Spot Wallets.
Project & Token Information
The Open Network (TON) is a Layer-1 blockchain ecosystem integrated with Telegram. It is a combination of various components such as TON Blockchain, TON Network, TON Storage, TON Proxy, TON DHT, and TON Services.¹
💠Token Name: Toncoin (TON)
💠Current Total Token Supply: 5,110,782,043 TON (with 0.6% annual inflation rate)
💠Current Circulating Supply: 2,518,269,894
Use cases:
Toncoin is the native currency of The Open Network and has various utilities:
Staking: Validators will need to stake TON to be eligible to validate transactions and generate new blocks and coins.
According to statistics from the project, there are 586,176,749 TON currently staked by validators.
Users can also participate in securing the network by joining Nominator pools.
Use as Payment:
- For cross-chain transaction fees
- To validators for processing transactions and smart contracts.
- For services provided by apps built on the platform (TON Services)
- For storing data securely in a decentralized way (TON Storage)
- For registering blockchain-based domain names
- For secure and private internet browsing (TON Proxy)
Source
TON can be stored (and even bought or sold) in different wallets like TON Wallet, SafePal, Tonkeeper, Wallet, Ledger, TrustWallet, Coin98, Tangem, etc.
More information about the project and its roadmap can be found on its Whitepaper.
Summing Up
TON is on its 7th day since it launched on the Binance Launchpool where users can stake BNB or FDUSD to get a share of the allotted airdrops. The numbers of users in the two staking pools are huge, hence the rewards would not be too much unless one has large amounts of BNB or FDUSD staked.
The token (Toncoin or TON) is already listed on various CEXes (Binance, Kucoin, OKX, Bybit, Gateio, Bitfinex, etc) and also on DEXes (Uniswap V3, PancakeSwap V3) and currently trading at around 6.50 (TON/USDT). It currently has over $16.4 billion market capitalization and is ranked #8 on CMC.
NOTE: Leaving assets on CEX and staking them to earn airdrops are not risk-free. The crypto golden rule (Not your keys, not your crypto) still applies.
DISCLAIMER: DYOR. For infotainment only. Not an investment or financial advice.
[Info Sources: TON / Binance / Whitepaper] /Coinmarketcap
Lead photo created on Canva. Logos and images from Binance and TON. The screenshot is linked directly to its source. No copyright infringement intended. 21082024/23:10utc
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