Binance Exchange announced its 55th Launchpool project, IO.NET. Users can farm IO tokens by staking BNB and FDUSD before trading begins on June 11.
Binance has made an exciting announcement. The 55th Launchpool project on Binance is a decentralized artificial intelligence computing and cloud platform dubbed IO.NET (IO). With decentralized solutions that improve accessibility and efficiency, this innovative platform is poised to make substantial progress in the AI and cloud computing sectors.
Trading of the IO token will commence on June 11 at noon (UTC) on Binance. In addition to establishing IO.NET, this launch emphasizes Binance’s ongoing dedication to fostering innovative initiatives in the cryptocurrency sector.
Details on the Farming and Mining of IO Tokens
Beginning at 00:00 (UTC) on June 7, users can stake their BNB and FDUSD in distinct pools to farm IO tokens over four days. The purpose of this farming period is to encourage users to participate in the IO.NET ecosystem and to provide them with early access to IO tokens.
The Binance website is anticipated to be updated within five hours of this announcement. This update includes comprehensive instructions and timelines for the commencement of mining activities. The initial supply of IO.NET (IO) is 500,000,000 tokens, with a maximum supply of 800,000,000. Initially, 95,000,000 IO tokens (19% of the total initial supply) will be in circulation. The entire volume of IO tokens available for mining is 20,000,000, equivalent to 4% of the initial total supply.
The BNB mining pool has a personal hourly mining limit of 17,708.33 IO. The FDUSD mining pool has a personal hourly mining limit of 3,125 IO. The BNB pool is capable of mining a total of 17,000,000 IOs (85%), while the FDUSD pool is capable of mining 3,000,000 IOs (15%). Additionally, the distribution of tokens across the pools is specified.
Network Activity and Market Performance of BNB
Binance Coin (BNB) has experienced a substantial increase in value, surpassing the $700 threshold to achieve an all-time high amid the enthusiasm surrounding the IO.NET launch. This milestone is indicative of the growing network usage and increased on-chain activity. BscScan data indicates a 56% increase in daily transfers, with BEP-20 token transfers rising from 6.62 million on May 19 to 10.29 million by June 3.
The BNB network’s increasing utility and adoption are demonstrated by this increase. BNB has experienced a substantial 17.14% price increase over the past seven days despite a minor decline of 0.82% in the last 24 hours.
The market capitalization of the cryptocurrency is $107.3 billion, with a circulating supply of 150 million BNB. This performance emphasizes the increased confidence of users and investors in the BNB ecosystem and Binance’s strong market position.
