Stake BNB & FDUSD to farm AI power on Binance IO.NET launch

Binance, a leading market for cryptocurrency trading, recently introduced its new product, IO.NET (IO), in a Launchpool section. It is Binance’s 55th project to be featured in this section. The pre-sale of IO tokens is also a good opportunity for users to acquire tokens before they can be traded in the market.

IONET is a revolutionary decentralized computing platform that can harness the unused GPU capacity of computers around the world by utilizing them for AI processing and the distribution of cloud services. Its goal is to meet the growing demand for affordable and easily accessible AI computing resources, particularly for startup companies and developers who require powerful machine learning capabilities but cannot afford expensive services.

From June 7, 2024, at midnight UTC, to June 10, 2024, at 11:59 pm UTC, users can engage in farming with IO tokens. They are able to use their BNB or FDUSD to contribute to the development of IO.NET and receive IO tokens in return. During this time period, stakers will also receive 20 million IO tokens, which is equal to 4% of the initial supply.

When staking, BNB and FDUSD can be staked in two different pools by stakers. Prospective investors may find this appealing because the BNB pool has a higher reward percentage, 85%, and a higher hourly reward limit.

Following the staking event, Binance plans to list the IO tokens on its platform on June 11, 2024, at 00:00 UTC. This means that after that, users can swap IO tokens for various pairs, such as IO/BTC, IO/USDT, IO/BNB, IO/FDUSD, and IO/TRY. These newly listed IO tokens will have a ‘seed tag’ written beside them to indicate that they have only recently entered the market and thus come with higher risks and volatility.

However, not everyone will be able to participate in this exciting new venture. Some restrictions and issues bar some residents of certain countries and territories, including Australia, Canada, Cuba, Iran, Japan, and the United States, from accessing the IO token farming program. Interested participants can check their official announcement of the areas that they do not allow on their platform for more details.

It is also worth mentioning that Binance strongly underlines the importance of introducing research and understanding the embedded risks in cryptocurrencies. The Launchpool project, with the help of IO.NET, became one of the possibilities for changing the existing approach to AI computing power and can be considered as a significant step made on the edge of crypto and technological development. Investing is always a delicate concern, and people should be cautious and informed before investing.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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