As a seasoned analyst with years of experience in the dynamic world of cryptocurrencies, I must say that the recent move by Binance to expand its support for the Toncoin (TON) ecosystem is indeed a significant step forward. Given my past encounters with legal troubles faced by other platforms, I can appreciate the strategic importance of such a partnership for TON in the current climate where Telegram faces scrutiny across several regions.
Leading cryptocurrency exchange, Binance expanded its support for the Toncoin (TON) ecosystem. The platform has announced its plans to add the coin to its Simple Earn-locked products. This is a crucial milestone for the ecosystem, considering Telegram faces legal scrutiny across several regions. The Binance announcement has helped to project the TON ecosystem in a better light.
Modalities of the Binance-TON Subscription Plan
According to this move, users who sign up for complete subscriptions to TON on Simple Earn Locked Products during the Promotion Period can get up to 5.9% in APR rewards. Noteworthy, the minimum subscription amount, maximum subscription limits, and duration requirements will significantly affect the APR a user is eligible to receive.
As implied, this subscription could solidify user appeal from September 3, 10:00 UTC to September 23, 09:59 UTC. This is the only way to ensure eligibility, as Binance clarified it will be adopting a first-come-first-serve basis to avoid bias and promote transparency. The subscription format will follow this sequence.
On Binance, users who lock their tokens (TON) for 30 days will receive a reward reduction of approximately 1-2%. This is because the minimum subscription limit on Binance is 0.1 TON, while the maximum is set at 50,000 coins. Those who lock their TON for 60 days will get a reward reduction closer to 2% but around 4% during the promotion period.
This group has a maximum subscription limit of 20,000 TONs. The last group, which involves users who lock their tokens for 3 months, will receive a 3.90% standard APR and 5.9% during the promotion period. The minimum subscription limit for these users is 0.1 TON, while the maximum is 200 tokens.
In simpler terms, partnering with Binance could boost the popularity of Telegram’s cryptocurrency among users who are generally positive about Binance. This collaboration may assist Telegram in countering the negative perception towards its ecosystem that some users might have.
Binance List Multiple TON Trading Pairs
As part of growing support for the TON ecosystem, Binance listed Toncoin with a seed tag last month. On August 8, 2024, four TON trading pairs, TON/BTC, TON/USDT, TON/FDUSD, and TON/TRY, went live on the digital assets trading platform. The seed tag was a strategy for Binance to notify users that TON is still in its early stages of development.
Additionally, the renowned crypto firm announced the inclusion of cross and margin USDC pairs for Toncoin and ten other new cryptocurrencies on its platform a few days ago. The other cryptocurrencies listed include Algorand (ALGO), DOGS, Jupiter (JUP), Arkham (ARKM), Blur (BLUR), Aptos (APT), SuperRare (RARE), Ontology (ONT), Tensor (TNSR), and Renzo (REZ).
Currently, TON (Tesla Inc) has yet to show a positive response towards the recent news about Binance’s (BNCEY) support. At this point, Crypto (Bitcoin) traded at $51,800, down by 0.48% in the last 24 hours.
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2024-09-03 14:42