The cryptocurrency exchange Binance has announced the launch of a new product that will allow users to earn rewards in the form of new tokens for staking BNB, BUSD and other coins. The first project on Launchpool will be Bella Protocol (BEL).
Introducing Launchpool, a Secure Way to Farm New Assets — Farm Launchpool’s First Project, @BellaProtocol Protocol $BEL By Staking #BNB, #BUSD or $ARPA Tokens.https://t.co/VVPoWbbI3A
— Binance (@binance) September 6, 2020
Users will be able to stake BNB, BUSD or ARPA in three separate pools to farm BEL for 30 days, starting September 9.
On September 16, Binance will open trading of the token in pairs with BTC, BNB, BUSD and USDT.
A total of 5,000,000 BEL — 5% of the total supply — will be allocated for staking rewards on Launchpool.
The reward allocations by pool will be as follows:
- BNB — 4,500,000 BEL (90%);
- BUSD — 450,000 BEL (9%);
- ARPA — 50,000 BEL (1%).
There is no need to undergo KYC, and there is no deposit-size limit, Binance said.
Users will be able to withdraw their assets from Launchpool at any time “without delay,” the statement said.
Bella Protocol created by the ARPA project team. It is positioned as an aggregated user interface for existing DeFi protocols. In August, Bella Protocol raised a total of $4.5 million in a private token sale, representing 6% of the BEL supply. The sale price was $0.75 per coin.
Earlier, the Binance Chain launched the mainnet of Binance Smart Chain, which enables creating smart contracts and earning on staking the BNB token.
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