Binance Launchpool Adds New Decentralized Derivatives Token
Binance has unveiled plans to introduce support for a novel decentralized derivatives exchange token via its Launchpool platform.
The platform has disclosed that its 48th Launchpool initiative will spotlight Aevo (AEVO), an Ethereum-based digital asset exchange that enables users to engage in options, perpetual futures, and an array of other products through a single margin account.
Through the Launchpool mechanism, users can participate by staking their coins to generate new assets.
Starting last Friday, Binance users have a limited five-day opportunity to stake their BNB tokens, the native cryptocurrency of the Binance platform, along with the stablecoin First Digital USD (FDUSD) in separate pools to earn AEVO tokens.
Following this staking period, AEVO tokens will be made available for trading on March 13th, with the addition of a unique seed tag to identify the asset.
READ MORE: Coinbase Adds 3 New Cryptos for Futures Trading
Binance employs seed tags for tokens with potentially lower liquidity, indicating a higher risk of volatility. Holders of tagged assets are required to undergo periodic quizzes every 90 days to ensure they comprehend the associated risks of trading such assets.
Aevo’s roadmap outlines ambitious plans, including the introduction of AEVO staking and trading incentives for Aevo exchange users in the second quarter of 2024. Furthermore, in the third quarter, the project aims to focus on ecosystem development and the implementation of permissionless solutions for its layer-2 scaling mechanism.
Binance Launchpool’s token rewards are expected to include 45,000,000 AEVO tokens, representing 4.5% of the token’s maximum supply. AEVO will initially enter circulation with a supply of 110,000,000 tokens.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
