The cryptocurrency exchange Binance has launched a new platform to farm virtual currencies in the DeFi market called Launchpool. The main goal is to compete with Ethereum (ETH) now that the decentralized finance market is expanding and reaching a large number of users.
Binance Introduces Launchpool
In a recently released blog post, Binance announced the official release of the Launchpool platform. This new product will help users to acquire new tokens rewards for staking their Binance Coin (BNB) and Binance USD (BUSD) tokens.
One of the first projects to be launched on this platform is going to be Bella Protocol (BEL). Users will have the possibility to stake their coins (BNB, BUSD and ARPA) starting on September 9. Binance will also be supporting the BEL digital asset on September 16 at 0:00 AM (UTC). The digital currency will be traded in the following trading pairs: BEL/BTC, BEL/BNB, BEL/BUSD and BEL/USDT.
In order to participate in these new projects, users will have to deposit their funds on the Binance exchange and go to the Binance Savings page. After it, they will have to select BNB, BUSD or ARPA flexible savings with the label “Launchpool.” This will be shown in the description and users will be able to stake their coins in just a few seconds.
The recent announcement has pushed Binance Coin to the 8th position in the market. At the moment, the virtual currency of the Binance exchange surpassed Litecoin (LTC), that has a market capitalization of $3.13 billion.
Binance Coin has now a market cap of $3.2 billion and a price per coin of $22.18. While the market fell in the last 24 hours, Binance Coin was able to resist and move higher.
It is worth taking into consideration that users will be able to un-stake their funds at any moment and participate in other offers immediately after. This would allow individuals to reduce their risk and be sure their funds can be redeemed at any moment on the Binance platform.
At the same time, compared to other DeFi platforms and protocols, Binance will use its existing services to provide similar products to users with its own platform. Binance has also informed that only coins that are on users’ spot wallets will be able to be staked into Launchpool. Additionally, if you stake BNB in Launchpool, you will still receive BNB-holding benefits such as airdrops or launchpad eligibility.
