Binance has announced the launch and public trading of IO, a new token from its Launchpool. IO powers the IO.NET ecosystem, a decentralized AI and cloud computing platform, marking the 55th project in Binance’s incubator program. According to the announcement, trading for the new coin will be exclusive to Binance and begins today, June 6, 2024.
There will be an initial supply of 5 0 million IO coins, with a maximum supply of 800 million tokens. During the Launchpool, 20 million tokens were distributed as rewards, accounting for 4% of the total token supply at launch.
Binance informed its users that they can farm the $IO coin by staking i$BNB and $FDUSD. The crypto exchange also warned investors and traders to be cautious of any fake third parties claiming to provide access to the IO.NET coin before the official launch date.
The IO token has multiple uses within the IO.NET network. It can be used to pay for GPU computing power and launch GPU listeners. Furthermore, the network offers suppliers who provide their GPU resources on the network an option to receive payments via $IO tokens, which automatically converts to $USDC.
In the past month, Binance has been involved in several notable developments. One of these is the partnership with Cristiano Ronaldo to release new non-fungible tokens (NFTs) in his “CR7 ForeverZone Collect on.”
Cristiano Ronaldo revealed the development in a recent post on X, noting that the new NFT series, titled “Forever Worldwide: The Road to Saudi Arabia,” launched on May 29 on the Binance exchange platform. Ronaldo’s post highlighted that the series’ NFTs allow fans to own exclusive access to some of the most legendary moments in his football career, along with unique virtual memorabilia.
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