Binance is planning on rolling out support for a new decentralized derivatives exchange altcoin via its Launchpool platform.
The top global crypto exchange platform by volume says its 48th Launchpool project will be Aevo (AEVO), an Ethereum (ETH)-based digital asset exchange that supports options, perpetual futures, and other products within a single margin account.
[adinserter block="1"]Launchpool allows users to stake coins to farm new assets.
Starting on Friday, Binance users will have five days to stake BNB, Binance’s native token, and the stablecoin First Digital USD (FDUSD) in separate pools to farm AEVO tokens.
The exchange will then list AEVO for trading on March 13th and apply a seed tag to the asset.
Binance applies seed tags 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.
Aevo’s roadmap indicates the project wants to launch AEVO staking and trading incentives for Aevo exchange traders in the second quarter of 2024. In the third quarter, the project wants to work on ecosystem development and permissionless deployments for its layer-2 scaling solution.
Binance Launchpool’s token rewards will amount to 45,000,000 AEVO, which is 4.5% of the token’s max supply. AEVO will have an initial circulating supply of 110,000,000.
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