By
Chimamanda U. Martha
April 25th, 2024
Binance will be the first exchange to introduce OMNI, with trading initiating on April 17, 2024, allowing Binance users the exclusive chance to obtain OMNI tokens before their availability on other platforms.
Binance, the world’s leading cryptocurrency exchange, has announced that Omni Network (OMNI) is the 52nd project on its Launchpool platform. The strategic move shows Binance’s continued commitment to supporting innovative blockchain projects.
OMNI is a layer 1 blockchain platform designed to streamline the Ethereum rollup ecosystem by integrating it into a unified system. Operationally rollups offer a solution to scale Ethereum, focusing on boosting transaction speed and reducing costs. With a dedicated platform for rollups, OMNI’s primary goal is to optimize the overall scalability and operational efficiency of the Ethereum network.
OMNI Launchpool Offers Exclusive Token Farming
The Launchpool event offers Binance users a chance to engage in farming OMNI tokens by staking their Binance Coin (BNB) and BUSD Stablecoin (FDUSD) holdings. Starting from April 13, 2024, for four days until April 16, 2024, this event provides an exceptional opportunity for participants to grow their OMNI token portfolio.
Notably, Binance will be the first exchange to introduce OMNI, with trading initiating on April 17, 2024, allowing Binance users the exclusive chance to obtain OMNI tokens before their availability on other platforms. Furthermore, Binance will offer multiple trading pairs for OMNI, including OMNI/BTC, OMNI/USDT, OMNI/BNB, OMNI/FDUSD, and OMNI/TRY.
For transparency, Binance has outlined the maximum token supply of 100,000,000 OMNI, the initial circulating supply (10.39% of the maximum), and the Launchpool token incentives (3.5% of the total). In order to protect user security, participation in Launchpool requires Know Your Customer (KYC) verification.
Currently, participants from Australia, Canada, Cuba, Crimea, Iran, Japan, New Zealand, Netherlands, North Korea, Syria, USA, and some regions of Ukraine are ineligible. Exclusions may vary due to local regulations.
BNB Staking Strategy for Maximum Rewards
Tokens can only be staked in one pool at a time. For instance, User A cannot stake an identical BNB token across two distinct pools concurrently. However, they may allocate 50% of their BNB to pool A and the remaining 50% to pool B. Users retain the ability to unstake funds at any time, without delay, and participate in other available pools immediately.
“Users will be able to unstake their funds at any time with no delay and participate in any other available pools immediately,” said Binance
Binance BNB Vault and Locked Products will support the Launchpool. Users who have staked their BNB in BNB Vault and Locked Products will automatically participate in the Launchpool, and receive new token rewards. If there are more than one Launchpool projects running concurrently, users’ BNB assets in BNB Vault and Locked Products will be split and allocated into each project equally.
The launch of OMNI on Binance Launchpool signifies a growing interest in layer 1 blockchain solutions designed to optimize the Ethereum ecosystem. The success of OMNI will likely hinge on its ability to effectively aggregate rollup functionalities and enhance the scalability of the Ethereum network.