- Over $250 million in Binance Coin has been staked to farm Bella Protocol (BEL) tokens
- Binance launched its newest launchpool feature to offer a secure way of yield farming
- The aim of launchpool is to allow investors to stake BNB, BUSD and other tokens to farm other tokens belonging to new projects
Bella Protocol (BEL) token farming on the Binance Launchpool platform was officially launched today, September 9th, at 0:00 UTC. Since then, investors on the platform have staked over $250 Million in Binance Coin (BNB) – in less than 24 hours – to get a chance at farming BEL tokens. The team at Binance captured this milestone via the following tweet.
— Binance (@binance) September 9, 2020
A quick glance at the Bel Protocol (BEL) launchpool page reveals that the following digital assets have been staked thus far.
- 11,075,858 Binance Coin (BNB) – Approximately $262.94 Million using $23.74 per BNB
- 57,697,617 Binance USD (BUSD) – Approximately $57.697 Million
- 114,016,303 – ARPA Chain (ARPA) – Approximately $4.56 Million using $0.04 per ARPA
Binance LaunchPool: A Secure Way to Farm New Assets
In the months of August and September, the crypto exchange of Binance has ventured into the DeFi industry by listing multiple DeFi tokens. To keep up with the warp speed at which Yield Farming is evolving, the exchange decided to launch Binance Launchpool as a secure way for investors on the platform to farm new assets.
Binance aims at providing a safer way for investors to venture into DeFi and Yield farming without the additional risks as seen with the collapse of Yam Finance (YAM) and the SushiSwap (SUSHI) debacle. In line with the current processes of Yield Farming, investors on Binance launchpool have the freedom to unstake their digital assets anytime they please.
In the case of BEL protocol (BEL), staked assets will be recorded over a 30 day period with rewards in BEL allocated daily and depending on which pool the user decides to participate in.
BEL will also be listed on the 16th of this month and trading open for BEL/BTC, BEL/BNB, BEL/BUSD and BEL/USDT pairs.