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Looks like Binance is on a product launch spree these days and is expending time and resources on researching into new-age products to disrupt the world of cryptocurrencies. Very recently we came across the launch of the Binance smart chain, it has now introduced a Launchpool where users will be able to acquire new token rewards.
How?
Users can earn rewards in return for staking BNB, BUSD, and other tokens. The first project to be helmed on the launch pool will be the Bella Protocol (BEL). The product will allow users to stake their BNB, BUSD, or ARPA tokens in three different pools to farm BEL tokens over a period of 30 days beginning from 9th September this year. Binance will eventually list BEL at 2020/09/16 6:00 AM (UTC) and also begin trading for BEL/BTC, BEL/BNB, BEL/BUSD, and BEL/USDT trading pairs.
The details of the launch pool details are:
- Token Name: Bella Protocol (BEL)
- Launchpool token rewards: 5,000,000 BEL (5% of Total Token Supply)
- Total Token Supply: 100,000,000 BEL
- Private Sale Token Price: 1 BEL = 0.75 USD
- Staking Period: 2020/09/09 0:00 AM (UTC) to 2020/10/09 0:00 AM (UTC).
The BEL project is a vision in mind constructed to fix the complex user experience related issues concerning DeFi assets. For instance, the need and requirement to shift and hop among different protocols and platforms for higher yields have to be smooth enough. The news comes on the heels of Binance’s very recent mainnet launch of its smart-contract-enabled blockchain and introduction of staking for its BNB token. Previous to these two product ideation and actioning, Binance also launched a DeFi -like a platform which would allow trades through an automated market maker exchange.
Staking has been projected as a great way to earn passive income. It sure does involve committing a good amount of funds as collateral in an existing protocol in order to increase the liquidity of the protocol but it also brings voting rights so that one can take and make decisions surrounding governance issues. Stakers provide liquidity and earn rewards in Decentralized projects in the form of interest ranging up to 10%. It can also be much higher depending on the DeFi rate. In the case of Launchpool, Binance is offering BEL rewards at 1% for users staking APRA. It is offering 9% for staking BUSD and it has also claimed a huge 90% in the case of staking BNB.
Staked token balances will be recorded each hour for 30 days in a row after the staking period starts getting an average daily staking balance for each day. Rewards that are allocated to each pool will be split evenly every day for the 30-day period. Each participant’s reward will be calculated every day based on the ratio of BNB staked compared to BNB staked in each pool.