Binance to launch SEI token farming on Binance Launchpool

The cryptocurrency exchange Binance will add the Sei Network (SEI) token to Binance Launchpool for farming via staking of BNB, TUSD and FDUSD. 

Users will be able to join SEI pools for 30 days—from August 2 to August 31.

According to the company’s announcement, the amount of coins allocated for farming is 300 million SEI (3% of the total supply). For each pool, a different daily reward is provided:

• BNB — 8 million SEI;
• TUSD — 1.5 million SEI;
• FDUSD — 500,000 SEI.

The asset’s main listing is scheduled for August 15 at 15:00 (Kyiv/Moscow Time).

In April, the Sei Network team raised $30 million at a valuation of $800 million. According to the developers, more than 120 projects have already been built on the network.

Simultaneously in Binance Launchpool will appear the native Web3-network CyberConnect (CYBER) token. Users will be able to farm the asset on similar terms with an allocation of 2.4 million CYBER (2.4% of the total supply).

The token listing on the main platform is also slated for August 15.

Back in June, Binance’s venture arm announced investments in five “most effective projects”: Bracket Labs, DappOS, Kryptoskatt, Mind Network and zkPass.

As of the end of Q1 2023, assets under management by the exchange’s investment arm were valued at $9 billion.