KEY POINTERS:

• Binance launched IO.NET (IO) as its 55th Launchpool project, whose trading will thrive from  June 11 at 12:00 (UTC).
• Users can stake BNB and FDUSD from June 7 to farm IO tokens, whose elaborated instructions will be available on the Binance website.
• BNB reached its all-time high, surpassing $700, reflecting increased network usage and significant market activity.

Binance has come with an exhilarating announcement, it has unveiled its 55th project on Binance Launchpool. Binance is the first platform to list the IO token whose trading will thrive from 11 June 2024  at 12:00 (UTC).

Binance Launchpool is a decentralized artificial intelligence computing and cloud platform called IO.NET (IO). This innovative platform will lead to an astonishing boom in the AI and cloud computing sectors, offering decentralized solutions, enhancing efficiency and accessibility.

Farming and Mining Details for IO Tokens

Binance users will have a flavorful chance to stake their BNB and FDUSD into separate pools to farm IO tokens. Users have a fine period of 4 days, starting from June 7 at 00:00 (UTC) till June 11 at 12:00 (UTC) for this farming. 

For more profound instructions on the mining activities, the website is anticipated to be updated within five hours of the new project’s announcement. It will provide elaborated guide and timelines for the commencement of mining activities. 

The total initial supply of IO.NET (IO) is placed at 500,000,000 tokens, whose maximum supply is capped at 800,000,000 tokens. Out of which, 95,000,000 IO tokens (19% of the initial total supply) will be in circulation at start. The total volume available for mining is 20,000,000 IO tokens, which represents 4% of the initial total supply.

Personal hourly mining limits are set at 17,708.33 IO for the BNB mining pool and 3,125 IO for the FDUSD mining pool. The distribution of tokens across the pools is also specified, with the BNB pool able to mine a total of 17,000,000 IOs (85%) and the FDUSD pool able to mine 3,000,000 IOs (15%).

BNB Market Performance and Network Activity

Due to this remarkable milestone of Binance, the Binance Coin (BNB) has encountered a hysterical upswing in its value. Reaching its all-time high, BNB has surpassed the $700 mark. This significant event reflects enhanced on-chain activity and increasing network usage. Data from BscScan shows a notable increase in BEP-20 token transfers, which rose from 6.62 million on May 19 to 10.29 million by June 3, indicating a robust 56% surge in daily transfers.

Currently, BNB is priced at $697.88, with a 24-hour trading volume of $1.2 billion. Despite a slight decline of 0.82% in the last 24 hours, BNB has seen a substantial 17.14% price increase over the past seven days.

With a circulating supply of 150 million BNB, the cryptocurrency boasts a market cap of $107.3 billion. This performance highlights Binance’s strong position in the market and the increasing confidence of users and investors in the BNB ecosystem.

Related: Binance Wallet and BTC L2 project BEVM launch an exclusive airdrop

Conclusion

Amidst the thrill of new announcement, BNB coin has reached its all-time high, surpassing the $700 mark. This development in the coin’s performance shows the growing utility and adoption of the BNB network. This new launch did not only mark a significant milestone for IO.NET but also emphasises Binance’s continued commitment to supporting groundbreaking projects in the cryptocurrency space.

Read also: Binance Eyes Nigeria for Crypto Investment Despite Tensions