By
Chainwire
July 1st, 2024
The expected trading pairs are IO/BTC, IO/USDT, IO/BNB, IO/FDUSD, and IO/TRY. The launch would utilize the Solana network as its smart contract platform.
Leading digital asset service provider Binance has unveiled its 55th Launchpool project featuring the decentralized Artificial Intelligence computing and cloud platform IO.NET (IO). The new development marks a crucial milestone for the innovative platform which has set its focus on establishing its position in the AI and cloud computing sectors.
IO.NET Joins Notcoin, Ethena, And Others on Binance
IO.NET is largely recognized for the decentralized solutions that it offers alongside the efficiency and accessibility that come with them.
As an innovative hub, gaining Binance’s attention is marked to trigger a pivot for the IO token. The cryptocurrency exchange plans to list the IO token, making it the first platform to do so. IO trading on Binance is scheduled to commence on June 11 at 12:00 (UTC).
The expected trading pairs are IO/BTC, IO/USDT, IO/BNB, IO/FDUSD, and IO/TRY. The launch would utilize the Solana network as its smart contract platform.
This Launchpool listing underscores Binance’s commitment to supporting innovation and creativity in the digital asset ecosystem. Since the beginning of 2024, the exchange has supported more than ten projects on its Launchpool program. A few of them are Xai (XAI), Manta (MANTA), AltLayer (ALT), Ethena (ENA), and Notcoin (NOT), the most recent before IO.NET.
Binance listing is often considered a major validation for crypto projects. As an exchange with millions of users, IO.NET is on track to benefit from this dedicated community and exposure. The listing is also expected to boost its price right from launch.
IO Farming and Mining to Commence in Earnest
As it was with the other Launchpool projects, farming of IO tokens will commence as soon as possible. Binancians get to stake their BNB and FDUSD into different pools to farm IO tokens. This will take about four days, starting from June 7 at 00:00 (UTC). Markedly, the farming period is designed to help users get early access to the IO tokens as well as to incentivize participation in the IO.NET ecosystem.
Detailed instructions and timelines for the commencement of mining activities are accessible through the website of the project.
The project has set aside a total initial supply of 500,000,000 IO tokens, with the maximum supply capped at 800,000,000 tokens. For a start, only 19% of the initial supply, approximately 95,000,000 IO tokens, will be released into circulation. Then for mining, the total volume available is 20,000,000 IO tokens, representing 4% of the initial total supply.
The hourly mining limits for personal effort are pegged at 17,708.33 IO for the BNB mining pool and 3,125 IO for the FDUSD mining pool. According to the modalities set in place, the distribution of tokens across both pools is also specified. The BNB pool has the capacity to mine as much as 17,000,000 IOs, which is 85% of the total volume available for mining. On the other hand, the FDUSD pool can mine 3,000,000 IOs (15%).