Stimulating the cryptocurrency market with an exciting announcement, Binance introduced the 55th project on the Launchpool platform: IO.NET (IO). This decentralized artificial intelligence (AI) computing and cloud platform is poised to make significant strides in the artificial intelligence and cloud computing sectors. IO.NET, which offers decentralized solutions that increase efficiency and accessibility, will meet users for the first time with Binance Launchpool.
Binance exchange introduced the 55th Launchpool project: It will be listed on June 11
The cryptocurrency market was in great excitement when Binance announced the IO.NET (IO) platform as its 55th Launchpool project. IO.NET, a decentralized artificial intelligence (AI) computing and cloud platform, is preparing to take important steps in the artificial intelligence and cloud computing sectors. IO.NET, which offers decentralized solutions that increase efficiency and accessibility, will meet users for the first time with Binance Launchpool.
Binance will be the first platform where the IO token will be listed. Buying and selling transactions will begin on June 11, 2024 at 15:00 CET. This launch is not only a significant milestone for IO.NET, but also highlights Binance’s commitment to supporting groundbreaking projects in the cryptocurrency market.
Farming details for IO token
Binance users will have the opportunity to mine IO tokens by staking their BNB and FDUSD into separate pools over a four-day period starting at 03:00 UTC on June 7, 2024. This mining period is designed to provide users with early access to IO tokens and encourage participation in the IO.NET ecosystem.
The platform’s website is expected to be updated within five hours of this announcement, providing detailed instructions and a timeline for the start of mining activities. While the total supply of IO.NET (IO) is determined as 500,000,000 tokens, the maximum supply is limited to 800,000,000 tokens. Of this amount, 95,000,000 IO tokens (19% of the total supply) will initially be in circulation in the market. The total amount of tokens allocated for mining is 20,000,000 IO, which corresponds to 4% of the total supply.
Hourly mining limits have also been determined. The hourly limit for the BNB mining pool is set at 17,708.33 IO, and for the FDUSD mining pool is set at 3,125 IO. The token distribution between the pools is also predetermined, while the BNB pool has a total mining authority of 17,000,000 IO (85%), the FDUSD pool has a mining authority of 3,000,000 IO (15%).
BNB price performance and network activity
As the excitement of the IO.NET launch continues, Binance Coin (BNB) also recorded a significant increase in value. Rising above $700, BNB reached an all-time high. This milestone demonstrates increased on-chain activity and rising network usage. BscScan data reveals a significant increase in BEP-20 token transfers. The number of daily transfers increased from 6.62 million on May 19 to 10.29 million as of June 3, a strong increase of 56%.
This increase shows that the usefulness and adoption of the BNB network is increasing. As you can see in the chart above, the BNB price is currently at $697.88 and the 24-hour trading volume is $1.2 billion. Although there was a slight decrease (0.82%) in the last 24 hours, the BNB price increased by 17.14% in the last week. With a circulating supply of 150 million BNB, the cryptocurrency has a market cap of $107.3 billion. This performance reveals Binance’s strong position in the market.
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