With Anchor Protocol coming up on Binance Launchpool, the trading platform is further extending its reach as the platform of choice for projects looking to broaden their reach to a global investor base.
The Binance exchange, the biggest crypto brokerage platform in the world by trading volume, has announced it will be listing Anchor Protocol (ANC) on its launchpool platform. Per the exchange, the listing will make it possible for users to farm ANC tokens by staking their Binance Coin, Terra (LUNA), and Binance USD (BUSD).
The farming of ANC will take place for a period of 30 days beginning today, Wednesday 26th. Per the launchpool details shared, there are a total of 1 billion Anchor Protocol tokens with just about 21.35% or 213,538,202 ANC tokens currently in circulation. Launchpool stakers will have the opportunity to earn a total of 2 million ANC coins through the three distinct pools.
The pool with the highest allocation is the Binance Coin pool with 1.4 million designated coins available to farm, and thus makes up a total of 70% of all rewards. The Terra pool comes off with 400,000 ANC coin rewards or 20% of the total allocation while the Binance USD pool takes the remaining 10% with 200,000 ANC coins up for grabs.
The Anchor Protocol listing on Binance launchpool comes with no upper limit for the amount of BNB, LUNA, or BUSD that can be staked by each user, however, interested farmers will need to complete the Know Your Customer (KYC) verification as instituted by the trading platform. Additional details about the launchpool as revealed by Binance include the hourly snapshot of user’s balances and total pool balances which will be used in calculating the rewards to be distributed.
Despite the fact that users’ funds will be locked, farmers can claim their rewards at any time while the farming program is ongoing. Users are to note that their 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.
Anchor Protocol: the Binance 29th Launchpool Candidate
In a bid to maintain its reputation in the digital currency trading ecosystem, and as a formidable backer of innovative projects, Binance is often picky when it comes to the protocols it features on its launchpool, ensuring they are revolutionary enough for its millions of global users.
The choice of Anchor Protocol by Binance is no exception. Anchor Protocol is a savings protocol that offers users low-volatile yields on Terra stablecoin deposits. Arguably one of the thriving ecosystems on the Terra blockchain, and ranks as the top coin in terms of Total Value Locked currently pegged at $8.83 billion according to data from DeFiLlama.
With Anchor Protocol coming up on Binance Launchpool, the trading platform is further extending its reach as the platform of choice for projects looking to broaden their reach to a global investor base.
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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