As a seasoned crypto investor with a knack for meme coins and a penchant for Binance, this latest announcement about DOGS has certainly piqued my interest. Having navigated through countless projects on various exchanges, I’ve learned to recognize the potential in innovative ideas integrated within familiar platforms, such as Telegram.
Binance has revealed that the 57th project on its Launchpool is called Dogs (DOGS). This meme coin operates on the Ton blockchain and has been incorporated into Telegram. The company announced that they will be the initial platform to list the token, with trading commencing on August 26. The DOGS tokens will be available for trading alongside four pairs: BNB, FDUSD, TRY, and USDT.
Before the token listing date, which is set for August 23, participants can start farming DOGS tokens. This event will last for a duration of three days. During this timeframe, users will have the opportunity to deposit BNB and FDUSD into separate staking pools. These deposits will earn them DOGS tokens as rewards, according to Binance’s explanation.
“Starting August 23rd, 2024 at midnight UTC, users can deposit their BNB and FDUSD into different pools to earn DOGS tokens through a farming process that will continue for three days.”
Eligibility for the Launchpool program depends on the user’s country of origin. Unfortunately, users residing in countries like Australia, Canada, Cuba, Crimea Region, Iran, and several others are not permitted to engage in DOGS farming.
In case regulations shift in any of these nations, the list may get revised and an additional country could be incorporated.
As a researcher examining the DOGS token supply, I found that the total circulation is 550 billion tokens. Out of this, 22 billion (around 4%) are reserved for Launchpool token rewards. The vast majority, approximately 18.7 billion DOGS (about 85%), are earmarked for staking Binance Coin (BNB). Moreover, about 3.3 billion DOGS (or roughly 15%) are set aside for staking FDUSD. This means that users could potentially earn around 25.97 million DOGS per hour by staking BNB and approximately 4.58 million DOGS per hour by staking FDUSD.
Binance to Support Airdrop Distribution
As an analyst, I’m sharing that Binance is set to facilitate the distribution of DOGS airdrop rewards for eligible users. Yet, it’s important to note that certain countries and regions are not allowed to participate in this airdrop, such as Canada, Cuba, the United States, among others, as per Binance’s statement.
As an analyst, I’d like to clarify that individuals living in Canada, Cuba, Crimea Region, Cyprus, Georgia, Iran, Ireland, Japan, Luxembourg, Netherlands, North Korea, Singapore, Syria, the United Kingdom, the United States of America and its territories (American Samoa, Guam, Puerto Rico, the Northern Mariana Islands, the US Virgin Islands), Uruguay, Uzbekistan, and Venezuela are not eligible to participate in the airdrop distribution.
As a crypto investor, I understand that my account balances, both personal and within any pools, are regularly captured at various points in time for precise reward calculation purposes. These calculations get updated every hour to ensure fairness and transparency in the distribution of rewards.
During the farming stage, participants have the flexibility to collect their accrued DOGS rewards directly into their individual accounts at any given moment. Furthermore, users are granted the option to withdraw their deposited funds whenever desired and promptly join any accessible pools. Any tokens staked within each pool, along with unclaimed rewards, will automatically be transferred to each participant’s account upon conclusion of the farming phase.
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2024-08-21 14:45