Binance has announced a new project on its Launchpool called Fusionist (ACE), the native token for the Endurance blockchain.
Major crypto exchange Binance has introduced a new project on the Binance Launchpool – Fusionist (ACE). According to an official announcement, the ACE token is the native token of decentralized social blockchain Endurance. The blockchain will house Fusionist, a web3 AAA game.
Binance’s announcement specifies that the total token supply is 147 million ACE. The Launchpool will have an initial circulating supply of 21,969,520 ACE, about 14.95% of the total token supply. There will also be 10,290,000 set aside as Launchpool token rewards, making up 7% of ACE’s total supply.
Farming and Staking for ACE Rewards on Binance Launchpool
Interested users can farm ACE tokens over 5 days from December 13th at 00:00 (UTC), by staking their BNB or FDUSD tokens into separate pools. The farming period will last until 23:59 (UTC) December 17th. Users who stake BNB will share 8,232,000, 80% of the total dedicated Launchpool token rewards. On the other hand, users staking FDUSD get 2,058,000, the outstanding 20% of the Launchpool rewards. Each user has an hourly hard cap of 6,860 ACE in the BNB pool and 1,715 ACE in the FDUSD pool.
Binance plans to officially list ACE on December 18th at 6:00 (UTC). Available trades at the initial listing will be ACE/USDT, ACE/BTC, ACE/BNB, ACE/TRY, and ACE/FDUSD.
As with other launches, Binance will randomly take snapshots of each user’s balance and the pool’s total balance multiple times each hour. This is to calculate users’ average balances and user rewards, which Binance will update each hour. In addition, Binance will keep each pool’s total balance and annual percentage yield (APY) updated in real time. However, users must note that staking tokens in more than one pool at a time is impossible. Instead, users can stake some tokens in one pool and others in another. Regardless, all users will be able to accumulate rewards and claim them directly to spot accounts at any time. In addition, users can unstake their tokens at any time. When the farming period ends, all unclaimed rewards will be automatically deposited in users’ spot accounts, along with staked tokens in each pool.
The Binance Launchpool
Fusionist (ACE) is the 40th project launched on the Binance Launchpool. In October, Binance launched Memecoin (MEME), the 39th project on the Launchpool.
Launched in September 2020, Binance Launchpool allows users to stake tokens and earn new ones for free. Essentially DeFi yield farming, any interested persons can stake an amount under the specified hard cap and earn new tokens simply for locking up their funds in liquidity pools.
Binance Launchpool is similar to Binance Launchpad as they both help to generate support and awareness for new crypto companies. In addition, they both offer users an easy way to gain early access to a new token. However, these two platforms are also quite different. On the one hand, the Launchpad functions as a platform for initial exchange offerings (IEOs), which help projects raise funds. On the other hand, Launchpool essentially helps users earn passive revenue via staking.