The staking period will span from December 3rd to January 31st, giving interested participants ample time to get in on the launch process.
Binance, the world’s largest cryptocurrency exchange by trading volume, has announced it will be listing Merit Circle (MC), a decentralized autonomous organization (DAO) that invests in play-to-earn games on its Launchpool. Tagged the 27th project to be featured on the Launchpool, the trading platform said users will be able to farm MC by staking Binance Coin (BNB), MC, and Binance USD (BUSD) respectively.
Of the total supply of 1 billion tokens, as many as 12,500,000 MC are being earmarked for the Launchpool and spread across three distinct staking pools. The first is the BNB pool of which 70% of the scheduled rewards or 8,750,000 MC is billed to be paid out to stakers. There is also the MC pool of 2.5 million allocated shares worth 20% of the total rewards and the last pool is the BUSD pool with the smallest share of 10% or 1.25 million tokens.
The staking period will span from December 3rd to January 31st, giving interested participants ample time to get in on the launch process. The rewards of the staking pools will be paid out on a daily basis with the snapshots of user balances and total pool balances billed to be taken each hour to calculate user rewards, which will also be updated each hour.
Despite the elongated staking period, users can claim their rewards from the pool at any time, and even though one pulls out from either of the staking pools, re-entry can be done provided the launch campaign is still on. Unclaimed tokens will be automatically transferred to each participant’s spot wallets at the end of the staking period.
One of the major ways to determine a crypto project that has come of age is when their tokens make their way to the biggest trading platforms, especially Binance. With MC now featuring on the Launchpool, a larger audience will now be able to back the project at its earliest days.
What Did Binance See in the Merit Circle Project?
Merit Circle is an innovative decentralized autonomous organization (DAO) that invests in play-to-earn games and utilizes the DAO’s NFT assets by lending to players. The game’s players can remarkably increase their earnings through collaboration, education, and tooling. The project is built on the Ethereum blockchain, with the token designed using the ERC20 standard. The token will serve as the protocol’s governance token.
According to the Binance research study on the Merit Circle protocol, starting from 2022 Q1, players and managers will start playing through the Merit Circle dashboard, providing them with the Merit Circle meta-game experience; a game with challenges and rewards layered on top of the native game they are playing. This allows players to play two games in one while earning from both.
There is a lot of revolution going on in the Play-2-Earn metaverse, and Merit Circle is being backed by Binance as it comes off as one of the major players in the ecosystem at the moment.
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.