The leading crypto exchange, Binance has announced that it would introduce Toncoin to its Simple Earn Locked Products range.
The timing of this strategic announcement has significantly drawn interest within the crypto community. It came when Telegram, the messaging platform integrated with the blockchain network TON, was under intense legal examination.
Binance Offers Up to 5.9% APR on Toncoin Locked Products
Binance officially announced the inclusion of Toncoin (TON) in its Simple Earn Locked Products within its platform.
According to the announcement, Binance users who fully subscribe to TON during the promotion period can earn Annual Percentage Rate (APR) rewards of up to 5.9%. This initiative aims to bolster user interest and engagement among crypto community members.
Additionally, to ensure eligibility for these rewards, Binance specified that subscriptions must be completed within a specified timeframe, which spans from September 3 at 10:00 UTC to September 23 at 09:59 UTC.
The exchange also clarified that the subscription process operates on a first-come, first-served basis. This likely added an element of urgency for eager participants.
Several factors will determine the exact APR a user can earn. These factors include the minimum subscription amount, maximum subscription limits, and the specific duration of the locked product.
Binance further detailed that rewards will be distributed daily, ensuring participants see a steady return on their investments over time.
Following the initial announcement, Binance provided further details about the products available under the new Toncoin (TON) offerings. Also, the exchange outlined the different earning opportunities available to users who lock their TON tokens for a fixed period.
For instance, Binance offers users who lock their TON for 30 days a standard Annual Percentage Rate (APR) of 1.20%. However, during the promotional period, this rate significantly boosts to 2.59%, making it more attractive to potential investors.
Binance also set clear parameters regarding subscription limits. The minimum amount required to participate is 0.1 TON, making the offer accessible even to users with smaller holdings.
Meanwhile, it caps the subscription limit at 50,000 TON tokens, ensuring the promotion is available to more users.
Binance also introduced additional options with distinct reward structures for users interested in locking their Toncoin tokens for longer durations. For instance, it offers a standard Annual Percentage rate of 1.90% to users who lock their TON for 60 days.
However, Binance elevates this rate to 3.9% during the promotion period, providing a compelling incentive for users. The minimum subscription available for this particular offer is 0.1 TON, while the maximum subscription limit is 20,000 TON tokens.
Similarly, Binance revealed that locking TON for 90 days yields even more lucrative rewards. Under standard conditions, users can earn 3.90% APR, but this rate impressively jumps to 5.9% during the promotion period.
However, users must subscribe to a minimum of 0.1 TON, while the maximum is capped at 200 tokens.
This comprehensive announcement by Binance has captured the attention of the crypto community and shone a spotlight on Toncoin, the native cryptocurrency of the Open Network blockchain.
The Token’s turbulent journey is partly due to ongoing legal challenges faced by Telegram and its CEO, Pavel Durov.
Telegram has continued to confront legal obstacles across multiple jurisdictions. Recent reports show that South Korean authorities have launched investigations into Telegram to determine its role in spreading sexually explicit deepfake content.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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