Binance comes off with a thrilling announcement, unveiling its 55th project on Binance Launchpool, a decentralized artificial intelligence computing and cloud platform called IO.NET (IO). This innovative platform is set to make significant strides in the AI and cloud computing sectors, offering decentralized solutions that enhance efficiency and accessibility.

Binance will be the first platform to list the IO token, with trading set to commence on June 11 at 12:00 (UTC). This launch not only marks a significant milestone for IO.NET but also highlights Binance’s continued commitment to supporting groundbreaking projects in the cryptocurrency space.

Farming and Mining Details for IO Tokens

Users of Binance will have the opportunity to stake their BNB and FDUSD into separate pools to farm IO tokens over a period of four days, starting from June 7 at 00:00 (UTC). This farming period is designed to provide users with early access to IO tokens and to incentivize participation in the IO.NET ecosystem.

The website is expected to be updated within five hours of this announcement, providing detailed instructions and timelines for the commencement of mining activities. The total initial supply of IO.NET (IO) is set at 500,000,000 tokens, with a maximum supply capped at 800,000,000 tokens. Of this, 95,000,000 IO tokens (19% of the initial total supply) will be in circulation initially. 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%).

Also Read: VanEck Raises Ethereum (ETH) Price Target To $22,000 On ETF Hype

BNB Market Performance and Network Activity

Amid the excitement of the IO.NET launch, Binance Coin (BNB) has experienced a significant surge in value, surpassing the $700 mark to reach an all-time high. This milestone reflects heightened 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.

This uptick shows the growing utility and adoption of the BNB network. 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.

Also Read: Crypto Stocks Record Inflows As Bitcoin Moves Past $71,000

The post Binance Announces 55th Launchpool Project IONET (IO) appeared first on CoinGape.

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