The entire SANTOS listing will be featured in two different pools including the BNB pool which will pay out 80% of the estimated 1.5 million SANTOS token reward, and the BUSD pool with a 20% reward allocation.
In its characteristic manner of supporting Football clubs with plans to launch fan tokens, Binance exchange has unveiled plans to list Santos FC fan token (SANTOS) on its Launchpool on the 26th of November, 2021. According to the announcement from the world’s largest exchange by trading volume, users will be able to stake their BNB and BUSD into separate pools to farm SANTOS tokens over 30 days, with farming starting from 2021-11-27 00:00 AM (UTC).
Following the staking period, the trading platform said it will list the token, built on the Binance Smart Chain in the Innovation Zone at 2021-12-01 11:00 AM (UTC) and open trading with SANTOS/BTC, SANTOS/TRY, SANTOS/BRL, and SANTOS/USDT trading pairs respectively. The Launchpool will dole out a total of 1,500,000 SANTOS tokens as rewards, representing 5% of the token’s total supply.
Accessing the SANTOS token will require users to undergo Know Your Customer (KYC) procedures, a requirement that is essential as the trading platform is exploring ways to align with local regulations across the board. The entire SANTOS listing will be featured in two different pools including the BNB pool which will pay out 80% of the estimated 1.5 million SANTOS token reward, and the BUSD pool with a 20% reward allocation.
The trading platform said tokens can only be staked in one pool at a time. For example, User A cannot stake the same BNB into two different pools at the same time but can allocate 50% of their BNB into pool A and 50% into pool B. As a means to drive flexibility in its processes, Binance will allow users the leverage to unstake their funds at any time with no delay and participate in any other available pools immediately.
Binance Launchpool: Democratizing Sports Token Crowdfunding
Binance has been making a unique difference in helping various sports teams around the world raise capital through crowdfunding. While the majority of the tokens being launched by Binance including AC Milan FC Fan Token, Manchester City FC fan token, and Barcelona FC tokens, are being built on the Chiliz blockchain, the Binance exchange-backed BSC is now been relied upon by the new crop of fan tokens being launched today.
Beyond securing funds in a decentralized manner, the clubs raising funds this way often use the underlying tokens as a way to connect with their fans around the world. By holding these tokens, fans can participate in restricted aspects of the club’s governance which may include selecting jerseys for players.
The drive around the sports club fan tokens is in line with an all-encompassing drive surrounding digital collectibles or Non-Fungible Tokens (NFTs). By holding a club’s token, users legitimately become an integral part of the club with some economic benefits.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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