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Binance to list the DOGS token as its 57th launchpool project, offering staking and farming rewards.
Binance has announced the 57th project on its launchpool Dogs (DOGS). DOGS is a Ton-based meme coin integrated on Telegram. The exchange company noted that they will be the first to get the token listed, with trades set to kick off on August 26. DOGS tokens will be listed alongside four trading pairs, which include BNB, FDUSD, TRY, and USDT.
Prior to the listing date, participants can farm DOGS tokens, which will start on August 23 and run for three days. Within this period, users will be allowed to stake BNB and FDUSD in separate staking pools, which will earn them DOGS tokens as rewards. Binance explained:
“Users will be able to stake their BNB and FDUSD into separate pools to farm DOGS tokens over three days, with farming starting from 2024-08-23 00:00 (UTC).”
Participation in the launchpool program is subject to eligibility based on the participant’s country of residence. Users in countries such as Australia, Canada, Cuba, the Crimea Region, Iran, and many more will not be able to participate in farming DOGS.
However, they noted that should there be a change in regulation in any of these countries, the list will be updated and such a country will be added.
The total supply of DOGS tokens stands at 550 billion, with 22 billion (4% of the total) allocated for launchpool token rewards. 18.7 billion DOGS (85%) has been earmarked for staking BNB, and 15% (3.3 billion DOGS) for staking FDUSD. Thus, users can earn up to approximately 25.97 million DOGS per hour by staking BNB and 4.58 million DOGS per hour by staking FDUSD.
Binance to Support Airdrop Distribution
Binance will also support the distribution of the DOGS airdrop claims for eligible users. However, certain countries and regions are excluded from participating in the airdrop, including Canada, Cuba, the United States, and more. Binance stated:
“Users residing in the following countries or regions will not be able to participate in airdrop distribution: Canada, Cuba, Crimea Region, Cyprus, Georgia, Iran, Ireland, Japan, Luxembourg, Netherlands, North Korea, Singapore, Syria, United Kingdom, United States of America and its territories (American Samoa, Guam, Puerto Rico, the Northern Mariana Islands, the US Virgin Islands), Uruguay, Uzbekistan and Venezuela.”
Snapshots of user balances and pool balances will be taken at different times in order to accurately calculate user rewards, which will be updated each hour.
Participants can claim their earned DOGS rewards directly to their spot account at any moment during the farming phase. Users are also given the chance to unstake their funds at any time and participate in any available pools immediately. Tokens staked in each pool and any unclaimed rewards will be automatically transferred to each participant’s spot account once the farming period ends.
