Binance is planning on rolling out support for a new decentralized finance (DeFi) staking protocol via its Launchpool platform.
The top crypto exchange platform in the world by volume says its 49th Launchpool project will be ether.fi (ETHFI), a decentralized and non-custodial Ethereum (ETH) liquid staking platform.
Launchpool allows users to stake coins to farm yet-to-be-launched crypto assets.
Says Binance,
“Binance is excited to announce the 49th project on Binance Launchpool – ether.fi (ETHFI), a decentralized, non-custodial delegated staking protocol. The webpage is estimated to be available in 24 hours, before the Launchpool starts. Users will be able to stake their BNB and FDUSD into separate pools to farm ETHFI tokens over four days, with farming starting from 2024-03-14 00:00 (UTC).
Binance will then list ETHFI at 2024-03-18 12:00 (UTC) and open trading with ETHFI/BTC, ETHFI/USDT, ETHFI/BNB, ETHFI/FDUSD and ETHFI/TRY trading pairs.”
Binance is attaching a seed tag to ETHFI. A seed tag is applied to lower-liquidity tokens that have more potential for volatility, and users who own assets with tags are required to pass quizzes every 90 days to ensure they’re aware of the inherent risks associated with trading them.
The ether.fi project aims to provide a safe and secure way to stake ETH while retaining self-custody.
Binance Launchpool’s token rewards will amount to 20,000,000 ETHFI, which is 2% of the maximum token supply of 1,000,000,000.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/cherezoff
