Automata Network (ATA): Binance Announces New Project on Its Launchpool

UTC by staff writer · 3 min read
Automata Network (ATA): Binance Announces New Project on Its Launchpool
Photo: Binance / Twitter

The Binance Launchpool will offer token rewards of up to a whopping 40 million ATA representing just 4% of the total token.

Prima crypto exchanger Binance has announced the introduction of the Automata Network (ATA), a starling 20th project which it will support under its Launchpool platform. The previous project, the Alien Worlds (TLM) was launched successfully in April 2021 and there’s no doubt that this twentieth project will be equally successful.

ATA is the native utility token of the Automata Network. The network, launched in March 2021 is a decentralized service protocol with a middleware service layer for dApps across various blockchain platforms aiding privacy while making cross-platform integration smooth e.g integration into Ethereum and Polkadot platforms.

It is being planned for use in e-voting, geode allocation and Miner Extractable Value (MEV) Minimization in which it utilizes the most recent cryptography and privacy-securing algorithms, along with Trusted Execution Environments (TEE).

Automata on Binance Launchpool

Automata which represents the token name has a maximum total supply of 1 billion tokens. The initial circulating supply of the ATA is about 172, 252,000 which amounts to 17.2% of the total supply of token. The Launchpool will also offer token rewards of up to a whopping 40 million ATA representing just 4% of the total token.

The whole duration for farming is expected to be about thirty days. During this period, users will be able to wager BNB, BUSD, and DOT into different pools with no limit on the number of tokens that can be staked. The farming will run from midnight, 2nd June 2021 to 11:59 pm, 1st July 2021.

Based on the announcement, 28, 000,000 ATA rewards which amount to 70% of the utility tokens will be made available for users that stake BNB tokens. 4,000,000 ATA will be given in rewards to users who wager BUSD representing 10% of the assigned tokens. Lastly, 8,000,000 ATA in rewards has been assigned to the DOT stake making up 20% of the available tokens. The entire scheme will end by July 1, 2021, at exactly 11:59 pm (UTC).

As a result, it will soon be possible to have ATA/BTC, ATA/BUSD, ATA/BNB, and ATA/USDT trading pairs on Binance even as the exchange announces its plan to list Automata in its innovation zone by June 7, 2021, by 06:00 AM (UTC)

Important users must note that staking of tokens can only occur in one pool per time with balances both for the user and the total pool calculated hourly. The annual percentage yield is also derived annually. Rewards will also be calculated hourly with users having the opportunity to claim these rewards anytime they wish into their spot accounts.

Staked tokens and unclaimed rewards that remain even after the farming period has ended officially will be automatically transferred into the users’ spot account. For staking BNB into the Launchpool, users will also be eligible for regular benefits like airdrops, VIP benefits, and eligibility for the launchpad.

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