16.07.2024

What is causing the fantastic growth of Binance Coin token?

Binance Coin token renewed all-time highs after cryptocurrency exchange Binance launched a profitable farming program on the DODO platform for ETH stakers.

Binance Coin (BNB), the proprietary token of the Binance exchange, has confidently entered the top three largest assets in the cryptocurrency market. BNB hit an all-time high of $ 337 on February 20, according to trading data. Within a month, its price has risen by more than 500%.

As a result, the capitalization of BNB exceeded $ 40 billion. This allowed it to knock out Tether from the top 3, the total value of stablecoins of which is $ 32 billion. Back in January, BNB was in 10th place on the list, and before that it occupied even lower positions.

Investors who contributed coins to staking ETH 2.0 through Binance can now use them for passive earnings in the next crypto exchange project.

BNB and DODO skyrocket to all-time highs

New staking and pharming programs pushed BNB to record levels: on February 19, the coin hit $ 267 and firmly settled in third place in the capitalization rating. At the time of writing, BNB is trading at $ 263.

During the day, the token has risen in price by more than 40%. The current market capitalization of the asset exceeds $ 34 billion.

The DODO token has doubled in price in 24 hours. The price jumped from $ 2.45 to $ 5.30.

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Sow BETH – reap DODO

Binance, the world’s largest cryptocurrency exchange, has offered users to earn tokens from a Chinese decentralized exchange that recently launched on Binance Smart Chain.

The message says that the seventeenth crypto incubator project Binance will open pharming for 14 days starting February 19. Over this period, just over a million DODO tokens will be distributed.

Users will be able to place Binance Coin (BNB), Ethereum wrapped on Binance (BETH) and BUSD in separate liquidity pools and earn DODO tokens.

Until recently, exchange users who placed Ethereum on the Beacon Chain received the equivalent in BETH plus profits. These amounts were idle in wallets, bringing owners only rewards for staking ETH 2.0 minus the exchange commission.

The new initiative will allow additional staking profits to be generated by using BETH to generate DODOs.

However, it is the BNB pool that will receive the lion’s share of the rewards – 60% (641,710 DODO). The BETH pool will receive 30% (320,855 DODO) and the BUSD stablecoin pool will receive the remaining 10% (106,951 DODO).

At the time of publication, just hours after the launch of the program, 10 million BNB, just over 90,000 BETH and 215 million BUSD had been shipped.

Who are DODO?

The project claims to be the next generation decentralized exchange as it is able to respond to market changes and liquidity constraints in real time. In October 2020, as part of a seed round, the project attracted venture capital investments in the amount of $ 10 million.

The trading volume on the exchange exceeded $ 100 million.

Launchpool also runs profitable farming (pharming) programs for the LIT, a decentralized cross-platform identity aggregator built on top of Substrate. A pharming program for SafePal, a decentralized cryptocurrency wallet and governance platform, has recently ended. Users have posted over 11 million BNB on SFP farms.

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