Simultaneously, Binance has introduced CyberConnect (CYBER) as the 37th project on Binance Launchpool.
By Godfrey Benjamin
Updated
3 mins read
Binance, the world’s biggest crypto exchange has announced the debut of Sei (SEI), a cutting-edge layer 1 blockchain designed for the exchange of digital assets, as the 36th project on Binance Launchpool.
Binance highlighted in an official statement that Sei is a revolutionary blockchain protocol designed to address the challenges faced by digital asset exchanges.
With a primary focus on optimizing the exchange of digital assets, Sei aims to revolutionize the way users trade and transact in the crypto space. Its advanced architecture and innovative features set the stage for a seamless and efficient digital asset trading experience.
To celebrate the introduction of Sei, Binance is offering users a unique opportunity to participate in the farming of the tokens through Binance Launchpool. Binance is allocating 300,000,000 SEI tokens as Launchpool rewards.
Users can stake their Binance Coin (BNB), TUSD (TrueUSD), and FDUSD (Frax Dollars) into separate pools for 30 days. The farming process is scheduled to begin on August 2, 2023, at 00:00 (UTC). Notably, users will be required to complete the Know Your Customer (KYC) verification process to participate in the SEI Launchpool and stake their tokens,
By staking their assets in the Binance Launchpool, participants are poised to earn SEI tokens as rewards, contributing to the growth and development of the Sei network while also reaping the benefits of their involvement.
Following the successful farming period, Binance said it will list SEI tokens on its platform on August 15, 2023, at 12:00 (UTC). Trading of SEI will commence with three trading pairs: SEI/BTC, SEI/USDT, and SEI/BNB. Moreover, SEI will be labeled with the Seed Tag, indicating its status as a newly listed project on Binance.
The total supply of SEI tokens is set at 10,000,000,000. At the commencement of the Launchpool, an initial circulating supply of 1,800,000,000 SEI tokens will be available in the market. This portion represents 18% of the total SEI token supply.
According to the announcement, snapshots of user balances and total pool balances will be taken multiple times each hour to calculate users’ hourly average balances and rewards. Rewards will be updated every hour, allowing users to accumulate and claim their rewards directly to their spot accounts at any time.
Simultaneously, Binance has introduced CyberConnect (CYBER) as the 37th project on Binance Launchpool. CyberConnect is a revolutionary Web3 social network that empowers developers to create cutting-edge social applications on the blockchain.
Binance noted in an official statement that users can stake their BNB, TUSD, and FDUSD into separate pools for a duration of 30 days after which they will earn CYBER tokens in a manner similar to that of SEI. The farming process is also scheduled to begin on August 2, 2023, at 00:00 (UTC).
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.