The world's largest cryptocurrency exchange Binance announced the Initia (INIT) token as its 68th Launchpool project.
In an announcement made on April 17, Binance reported that it will make the blockchain technology L1 solution Initia (INIT) available to users as its 68th Launchpool project. Users will be able to benefit from airdrop rewards by staking BNB, FDUSD, and USDC for INIT farming operations. A special webpage for INIT will be accessible 12 hours before the Launchpool starts.
INIT will be listed on April 24
Binance will list the INIT token on April 24 at 14:00 UTC with trading pairs INIT/USDT, INIT/USDC, INIT/BNB, INIT/FDUSD, and INIT/TRY. A 'seed tag' will be applied for INIT, and trading bots will also be activated shortly alongside spot trading.
Farming operations through the Launchpool will start on April 18 at 03:00 UTC and will continue until April 23 at 02:59. During this period, users can stake BNB, FDUSD, or USDC to share in a total reward of 30 million INIT tokens. Of the token's total supply of 1 billion INIT, 3% has been allocated for Launchpool rewards.
INIT farming details and reward distribution
25.5 million INIT was allocated to the BNB pool, 1.5 million INIT to the FDUSD pool, and 3 million INIT to the USDC pool as rewards. The maximum hourly limits per user are set at 17,708.33 INIT, 1,041.66 INIT, and 2,088.33 INIT, respectively. The circulating supply at the time of the first listing will be approximately 148.75 million INIT. Tokens earned during the farming period can be transferred to users' spot wallets, and locked assets can be withdrawn at any time.
Binance will support INIT on its own network and added that KYC verification will be mandatory for participation in the Launchpool.
