Binance, a leading cryptocurrency exchange, has recently announced that the Omni Network (OMNI) will be the latest project featured in its Launchpool. This initiative allows Binance users to stake their BNB and FDUSD tokens to earn OMNI rewards prior to the network’s official listing on the platform.
Staking Window Opens for Binance Users
Starting from April 13, 2024, Binance users will have the opportunity to begin staking their BNB and FDUSD tokens. This staking period will serve as a precursor to Omni Network’s listing scheduled for April 17, 2024. Binance is set to be the first exchange platform to introduce OMNI to the cryptocurrency market.
Trading Pairs and Launch Details
Upon listing, Binance will offer multiple trading pairs for OMNI, including OMNI/BTC, OMNI/USDT, OMNI/BNB, OMNI/FDUSD, and OMNI/TRY. The launchpool is designed to distribute 3,500,000 OMNI tokens, which accounts for 3.5% of the network’s maximum token supply. The initial circulating supply will be over 10 million OMNI, with Ethereum as the underlying smart contract platform. To participate in staking, Binance mandates a Know Your Customer (KYC) verification process.
Launchpool Token Distribution
The reward structure for the Launchpool is heavily weighted towards BNB stakers, who will receive 85% (2,975,000 OMNI) of the rewards, while FDUSD stakers will obtain the remaining 15% (525,000 OMNI). The staking cap per user is set at 3,098.95 OMNI for BNB and 546.87 OMNI for FDUSD, calculated on an hourly basis.
Implications for the Reader
- Binance’s first exchange to list OMNI, highlighting a possible early mover advantage for interested investors.
- Staking opportunity for BNB and FDUSD holders to acquire OMNI before the broader market, potentially at a more favorable rate.
- KYC compliance ensures a secure staking process, aligning with regulatory standards.
With the Omni Network set to join the ranks of cryptocurrencies traded on Binance, the Launchpool project presents users with a strategic opportunity to expand their portfolios and engage with new blockchain projects in a regulated and incentivized environment.