Coinspeaker
Binance Adds Toncoin to Its Simple Earn-locked Products
Leading cryptocurrency exchange, Binance expanded its support for the Toncoin (TON) ecosystem. The platform has announced its plans to add the coin to its Simple Earn-locked products. This is a crucial milestone for the ecosystem, considering Telegram faces legal scrutiny across several regions. The Binance announcement has helped to project the TON ecosystem in a better light.
Modalities of the Binance-TON Subscription Plan
According to this move, users who sign up for complete subscriptions to TON on Simple Earn Locked Products during the Promotion Period can get up to 5.9% in APR rewards. Noteworthy, the minimum subscription amount, maximum subscription limits, and duration requirements will significantly affect the APR a user is eligible to receive.
As hinted, this incentive could solidify user appeal. However, the subscription must be between September 3, 10:00 UTC, and September 23, 09:59 UTC. This is the only way to guarantee eligibility. Binance clarified that it is adopting a first-come-first-serve basis to avoid bias and promote transparency. The subscription format is set to follow this sequence.
Binance will distribute the earned rewards daily. Users who lock their TON for 30 days will get a standard APR of 1.20%, or 2.59%, during the promotion period. It is worth noting that the minimum subscription limit Binance sets is 0.1 TON, while the maximum is set at 50,000 coins. Those who lock their TON for 60 days get a standard APR of 1.90% but 3.9% during the promotion period
This group has a maximum subscription limit of 20,000 TONs. The last group, which involves users who lock their tokens for 3 months, will receive a 3.90% standard APR and 5.9% during the promotion period. The minimum subscription limit for these users is 0.1 TON, while the maximum is 200 tokens.
While Telegram has a large user base that might consider this offering, the growing Binance exposure spells positivity for the coin. The partnership might help TON resist the bearish outlook in its ecosystem.
Binance List Multiple TON Trading Pairs
As part of growing support for the TON ecosystem, Binance listed Toncoin with a seed tag last month. On August 8, 2024, four TON trading pairs, TON/BTC, TON/USDT, TON/FDUSD, and TON/TRY, went live on the digital assets trading platform. The seed tag was a strategy for Binance to notify users that TON is still in its early stages of development.
Additionally, the renowned crypto firm announced the inclusion of cross and margin USDC pairs for Toncoin and ten other new cryptocurrencies on its platform a few days ago. The other cryptocurrencies listed include Algorand (ALGO), DOGS, Jupiter (JUP), Arkham (ARKM), Blur (BLUR), Aptos (APT), SuperRare (RARE), Ontology (ONT), Tensor (TNSR), and Renzo (REZ).
Meanwhile, TON has not responded favorably to the news of the Binance support. At this time, the crypto traded at $5.18, down by 0.48% in the past 24 hours.
