By
Godfrey Benjamin
April 29th, 2024
The introduction of XAI comes at a time when Binance is experiencing remarkable growth. At the end of 2023, Binance reported a staggering addition of 40 million new users, marking a 30% increase from the previous year.
Binance, one of the leading crypto exchanges globally, has unveiled Xai (XAI) as the 43rd project on its Launchpool. This unique addition is a gaming blockchain built on top of Arbitrum, marking its debut as the first Layer 3 (L3) project on the Ethereum-based layer-2 scaling solution.
Farming XAI Tokens
Starting from January 5, at 00:00 UTC, users can stake their BNB, FDUSD, and TUSD into separate pools to farm XAI tokens over four days. This presents an exciting opportunity for crypto enthusiasts to actively participate in the growth of the Xai ecosystem.
Following the farming period, Binance is set to list XAI on January 9, 2024, at 10:00 UTC. The trading pairs that will be available include XAI/BTC, XAI/USDT, XAI/BNB, XAI/FDUSD, XAI/TUSD, and XAI/TRY. This move not only provides liquidity to XAI but also opens avenues for traders to explore various trading pairs.
The total supply of XAI tokens is capped at 2,500,000,000. At the commencement of the Launchpool, approximately 11.08% of the total supply, equivalent to 277,118,150 XAI tokens, will be available in the market. Moreover, 3% of the total token supply, representing 75,000,000 XAI, will be allocated as user rewards.
Binance has implemented a transparent reward system by taking numerous snapshots of user balances and total pool balances each hour. This guarantees that users’ rewards are based on their hourly average balances. The accumulated incentives can be redeemed directly into users’ spot accounts at any time, allowing for flexibility and real-time value realization.
While the Launchpool presents an exciting opportunity, it is crucial to note that participation is subject to eligibility based on the user’s country or region of residence. Users must complete their account verification and be from an eligible jurisdiction to farm XAI.
Binance’s Expanding Ecosystem
The introduction of XAI comes at a time when Binance is experiencing remarkable growth. At the end of 2023, Binance reported a staggering addition of 40 million new users, marking a 30% increase from the previous year.
The exchange now boasts over 170 million registered users, verified through the Know Your Customer (KYC) feature. Binance supports 431 digital assets, offering a total of 1,785 liquid trading pairs. Moreover, with 112 fiat currencies supported, the platform also facilitates one of the most robust and seamless off and on-ramping services in the broader digital currency ecosystem.
Despite regulatory challenges in the United States, Changpeng ‘CZ’ Zhao, the founder and former Chief Executive Officer (CEO) of Binance, continues to make waves in the financial world. As of December 27, 2023, CZ ranks 35th on Bloomberg’s Billionaires Index with a net worth of $36.2 billion. The report has it that his wealth grew by about $20 billion despite the regulatory crackdowns faced last year. This reaffirms the resilience and success of Binance’s leadership despite external challenges.
Overall, Binance’s addition of XAI to its Launchpool not only provides users with interesting staking prospects but also illustrates the Binance ecosystem’s constant embrace of innovative projects.