Binance plans to roll out support for a new decentralized finance (DeFi) protocol through its Launchpool platform.
The best crypto exchange platform in the world by volume say the 49th Launchpool project will be ether.fi (ETHFI), a decentralized and non-custodial platform for liquid staking of Ethereum (ETH).
Launchpool allows users to stake coins to farm yet-to-be-launched crypto assets.
Says Binance,
“Binance is excited to announce the 49th project on Binance Launchpool – ether.fi (ETHFI), a decentralized, non-custodial delegated staking protocol. The web page is estimated to be available within 24 hours before the Launchpool begins. Users can stake their BNB and FDUSD in separate pools to farm ETHFI tokens for four days, with farming starting on 2024-03-14 00:00 (UTC).
Binance will then list ETHFI on 03/18/2024 12:00 (UTC) and open trading with ETHFI/BTC, ETHFI/USDT, ETHFI/BNB, ETHFI/FDUSD and ETHFI/TRY trading pairs.”
Binance links a Seed tag to ETHFI. A Seed tag will be applied to lower liquidity tokens that have more potential for volatility, and users who own tagged assets will be required to take quizzes every 90 days to ensure they are aware of the inherent risks involved with trading it.
The ether.fi project aims to provide a secure way to stake ETH while maintaining self-management.
Binance Launchpool’s token rewards are 20,000,000 ETHFI, which is 2% of the maximum token supply of 1,000,000,000.
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Featured image: Shutterstock/cherezoff