- Binance announced CyberConnect (CYBER) as the newest addition to its Launchpool platform, offering staking opportunities for BNB, TUSD, and FDUSD token holders.
- The CYBER farming period is set to start on August 2, 2023, and last for a month, with Binance allocating 3 million CYBER tokens for distribution through this program.
Binance to Enable CYBER Token Farming for BNB, TUSD, and FDUSD Holders
Binance, a leading cryptocurrency exchange, has made an exciting announcement for holders of Binance Coin (BNB), TrueUSD (TUSD), and FDUSD. It has added CyberConnect (CYBER) to its Launchpool platform, opening up opportunities for eligible users to farm CYBER tokens by staking their BNB, TUSD, and FDUSD tokens. This decision will likely spur interest among users looking for new staking opportunities on Binance.
Starting on August 2, 2023, at 00:00 UTC, users can begin farming CYBER tokens for a duration of 30 days, ending on August 31 at 23:59 UTC. Following this, CyberConnect will be listed on Binance on August 15, with trading pairs including BTC, USDT, and BNB.
Distribution of CYBER Tokens: A Closer Look
Under this initiative, Binance will distribute a total of 3 million CYBER tokens, which equates to 3% of the total CYBER token supply of 100 million. The tokens will be allocated as follows: 2.4 million for BNB stakers, 450,000 for TUSD stakers, and the remaining 150,000 for FDUSD stakers. The amount of CYBER tokens that each user will receive will be calculated based on their stake’s size in relation to the respective staking pool’s size, along with their staking duration.
CyberConnect (CYBER): An Introduction
CyberConnect is a web3 social network that enables developers to build social applications while empowering users to maintain control over their digital identity, content, and interactions. It introduces the CYBER token for governance and voting on protocol improvements, and as a payment method for CyberID and gas fees.
The platform comprises several key components, including CyberAccount, CyberGraph, and CyberNetwork. With $25 million raised from private token sales and an additional $5.4 million from a public sale, the total CYBER token supply is 100 million, with approximately 11.04% expected to be in circulation upon listing.
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The Process: How to Farm CYBER Tokens on Binance
To begin farming CYBER tokens on Binance, users will first need to verify their identity on Binance. Once that process is complete, they can then deposit BNB, TUSD, or FDUSD tokens to stake on the platform. The staking process can be initiated by selecting “Earn” from the menu on the Binance interface, and then navigating to “Launchpad”.
After the staking has begun, users can monitor their progress in the “Launchpool” section, where the CYBER farming pools will be visible. Depending on their preference, users can select the TUSD Pool, FDUSD Pool, or BNB Pool.
The announcement of this program led to a surge in the price of BNB, underscoring the potential impact such initiatives can have on the digital asset market.
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