Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
Hard/BTC, Hard/BUSD, Hard/BNB, Hard/USDT trading pair will soon be opened after the token will be listed into the innovation zone on November 6, 2020, at 6 AM (UTC).
Binance has announced the introduction of Hard Protocol as the 7th project on the Binance Launchpool. The Launchpool platform was created by Binance to make it easier for users to farm new digital assets as well as get rewards in the form of tokens for staking BNB and other known assets. After introducing its first project called Bella protocol on the Lauchpool where users could farm Bel Tokens for 30 days after staking ARPA, BNB, and BUSD, Binance has finally come out with its 7th project.
Details of the Hard Protocol on Binance Launchpool
Hard protocol, which represents the token name has a total supply of 80 million HARD and a maximum total supply of 200 million HARD. The initial circulating supply of the token has been said to be 29 million HARD representing 34% of the total supply. The Launchpool token reward has been fixed at 6 million HARD representing 7.5% of the total tokens.
The whole scheme is expected to be done over 30 days with users being able to stake BNB, BUSD, and Kava tokens into separate pools. The farming is expected to start from November 3, 2020, exactly at 0:00 AM (UTC).
According to the announcement, 3,600,000 HARD rewards which represent 60% of the tokens have been made available for users who stake BNB tokens. 1,800,000 HARD rewards representing 30% of the token have been assigned to the Kava stake and finally, 600,000 HARD rewards have been assigned to the BUSD stake. The whole process will end on December 3, 2020, exactly at 0:00 AM (UTC). Hard/BTC, Hard/BUSD, Hard/BNB, Hard/USDT trading pair will soon be opened after the token is listed into the innovation zone on November 6, 2020, at 6 AM (UTC).
Users need to note that tokens would only be launched in one pool at a time with each pool annual percentage and total pool balance being updated in real-time. Users’ rewards will be calculated every hour. Snapshots on the total pool balances and user balances will be taken every hour to aid in calculating the reward.
At the end of each farming period, all unclaimed rewards and token staked in each pool would be transferred to the spot account. Users will qualify for standard benefits such as airdrops, VIP benefits, and launchpad eligibility for staking BNB into Launchpool as indicated by Binance.
Binance has over the years strived to bridge the Centralized Finance and the Decentralized Finance industry by taking advantage of the Binance Smart Chain. Its goal to make a big impact in the DeFi ecosystem led them to introduce the Venus Protocol as the fourth project on its Launchpool. The idea was to complete the DeFi based lending and credit system on its BSC. This would ensure that there is a fast and low-cost transaction as users borrow through the submitted collateral to the market.