The world's largest cryptocurrency exchange Binance has announced the Initia (INIT) token as its 68th Launchpool project.
In a statement made on April 17, Binance announced that it will make Initia (INIT), a Layer 1 solution of blockchain technology, available to users as the 68th Launchpool project. Users will be able to benefit from airdrop rewards by staking BNB, FDUSD, and USDC for INIT farming operations. A special web page for INIT will be accessible 12 hours before the Launchpool starts.
INIT will be listed on April 24
Binance will list the INIT token on April 24 at 14:00 TR time with trading pairs INIT/USDT, INIT/USDC, INIT/BNB, INIT/FDUSD, and INIT/TRY. A 'seed tag' will be applied for INIT, and alongside spot trading, trading bots will be activated shortly.
Farming operations through Launchpool will start on April 18 at 03:00 TR time and continue until April 23 at 02:59. During this process, users will be able to stake BNB, FDUSD, or USDC to share in a total reward of 30 million INIT tokens. 3% of the token's total supply of 1 billion INIT is allocated for Launchpool rewards.
INIT farming details and reward distribution
A total of 25.5 million INIT is allocated to the BNB pool, 1.5 million INIT to the FDUSD pool, and 3 million INIT to the USDC pool. The maximum hourly limits per user are set at 17,708.33 INIT, 1,041.66 INIT, and 2,088.33 INIT, respectively. The circulating supply during the initial listing will be approximately 148.75 million INIT. The tokens obtained during the farming period can be transferred to users' spot wallets, and locked assets can be withdrawn at any time.
Binance added that it will support INIT on its own network and that KYC verification will be mandatory for participation in the Launchpool.