What is Binance Launchpool? Binance Launchpool was established by Binance to help new and potential projects attract capital from the community. So what is it about Binance Launchpool that attracts so much attention from the community? Everyone, let’s find out in the article below.
To understand more about Binance Launchpool, people can refer to the article:
- What is Binance Launchpad? Instructions to Join Binance Launchpad From A to Z
What is Binance Launchpool?
Overview of Binance Launchpool
Binance Launchpool was introduced to the community by Binance in September 2020 and is a platform that allows users to deposit BNB or BUSD (currently converted to TUSD) or tokens depending on the rules of other Launchpool events. each other to earn project tokens completely free of charge.
This means, for example, there is Binance Launchpool deployed for project A and uses 10M A tokens for Launchpool participants. Everyone will contribute assets to the pool and on the closing date, 10M A tokens will be divided among participants at the rate of contribution to the pool. So the more assets in the pool, the larger the amount of tokens and the pool will have no limit.
Why are people confused by Binance Launchpool?
There are a number of factors that make people interested in joining Binance Launchpool, including:
- Binance is a reputable exchange and has existed in the crypto market for a long time through many market collapses. So sending a large amount of money to Binance is not a big problem for users.
- Binance Launchpool includes many quality and high-growth projects such as My Neighbor Alice, Alpha Finance Venus, Mobox, Galxe, Radiant Capital,…
- Users do not have to spend money to own tokens, which is different from Binance Launchpad.
- Users can join Binance Launchpool easily through the Binance wallet and do not need in-depth knowledge of the crypto market.
Difference between Binance Launchpad and Binance Launchpool
Binance Launchpad is a user who will buy the project’s IEO (the project’s first token issuance) by owning and converting BNB to tokens at a relatively low purchase price at the IEO round.
Binance Launchpool is a user who participates in staking assets (BNB, TUSD) to jointly receive a pool of project tokens without losing anything. Projects participating in Binance Launchpool are often projects that have issued tokens but want to deploy additional marketing programs to the community.
Advantages & disadvantages of Binance Launchpool
|
Advantage |
Defect |
|---|---|
|
High profitability makes more people participate => quality projects want to deploy on Binance Pool => return to step 1. Good loop. |
For those with little capital participating, the profits received are not high. Difficult to motivate new participants. |
|
Important in creating use cases for BNB, thereby helping BNB grow well in the long term |
BNB’s price is getting higher and higher, making it difficult for retail investors to participate |
|
Users only have to lock liquidity without losing money to buy tokens. That means it’s free for anyone holding BNB, TUSD,… |
– |
|
Easy to join by anyone. |
– |
Instructions for Joining Binance Launchpool
Step 1: Register an account
To join Binance Launchpool, the first step is to prepare a KYC account (the KYC process requires CCCD, Passport, Selfile,…). If you do not have a Binance account, you can support Weakhand with the link here.
To register for a Binance account, you should complete all the steps to increase the security of your account such as:
- Register the owner’s phone number.
- Register for main email.
- Use Google Autheciator.
- Using Face ID on iPhone avoids losing your phone.
- Use withdrawal password.
Step 2: Search for the Binance Launchpool area on Biannce
After logging in to the Binance exchange, you will see on the toolbar many functions that you will give Earn and then give Binance Earnings.
After entering the Binance Earn area, look down at the toolbar below and hover over Farming then select Launchpool.
At Biannce Launch Pool, people will choose ongoing projects to participate in.
Step 3: Participate in staking
Once everyone has chosen the Launchpool they want to join, they will simply stake the assets that Binance and the project require to receive rewards. For example, if you have BNB, you can choose BNB Pool. If you have TUSD, you can choose TUSD Pool, or you can join both.
Step 4: Receive tokens from Binance and make investment decisions
After receiving tokens from Binance Launchpool, people can sell or continue to hold.
The Future of Binance Launchpool
The future of Binance Launchpool certainly depends on Binance. If Binance continues to maintain its position, Binance Launchpool will certainly still maintain its position. I believe that Binance Launchpool will continue to launch more great projects in the near future.
Summary
Binance Launchpool has become an important piece of the investment and profit puzzle for everyone participating in the crypto market.
