Binance announces Dogs (DOGS) on Launchpool
Binance announces Dogs (DOGS) on Launchpool
Binance, the world’s leading cryptocurrency exchange, has announced the launch of its 57th project on Binance Launchpool – Dogs (DOGS), a memecoin created within the Telegram community.
According to the announcement page, the DOGS token will be available for farming on Binance Launchpool starting on August 23, 2024, providing a new investment opportunity for Binance users who can stake BNB and FDUSD in separate pools to earn DOGS tokens over a three-day period.
The DOGS (page at X) token, inspired by Telegram's mascot Spotty, created by Pavel Durov, the founder of TON, aims to resonate with the platform’s community. Uniquely, the proceeds from token sales are earmarked for charitable causes, including funding orphanages, which ties into the token’s underlying social mission.
The farming period for DOGS tokens will run from August 23, 2024, at 00:00 (UTC) until August 25, 2024, at 23:59 (UTC). During this time, participants will be able to accumulate DOGS tokens by staking their BNB or FDUSD. A total of 22 billion DOGS tokens, representing 4% of the total token supply, will be distributed as rewards through the Launchpool.
The DOGS token, which has a total supply of 550 billion tokens, will see an initial circulating supply of approximately 516.75 billion tokens, or 93.95% of the total supply, when it is listed on Binance.
Trading for DOGS will begin on August 26, 2024, at 12:00 (UTC), with the token being paired against USDT, BNB, FDUSD, and TRY. Binance will apply the "Seed" tag to DOGS, ensuring it is easily identifiable on the platform.
To participate in the DOGS farming event, users will need to complete a Know Your Customer (KYC) verification process. The farming pools have been designed with a hard cap on the amount each user can earn hourly: 25.97 million DOGS in the BNB pool and 4.58 million DOGS in the FDUSD pool.
The rewards distribution for the pools is also split based on the asset in staking – 85% of the DOGS rewards, or 18.7 billion tokens, will be available in the BNB pool, while the remaining 15%, or 3.3 billion tokens, will be in the FDUSD pool.
The daily rewards distributed across both pools will total 7.33 billion DOGS, with the BNB pool offering 6.23 billion DOGS and the FDUSD pool 1.1 billion DOGS.
This launch marks Binance's continued efforts to benefit its users with innovative products and capitalize on the growing popularity of memecoins.
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