Binance announces a program for OMNI token farming with subsequent listing

It is possible to earn new coins by blocking BNB tokens and FDUSD stablecoins

12.04.2024 - 13:42

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2 min

What’s new? Crypto exchange Binance has announced the launch of the 52nd project on the Binance Launchpool token farming platform. It will be the Omni Network Layer 1 (L1) blockchain with native token OMNI, designed to integrate Ethereum network rollups. Starting April 13, 00:00 UTC for four days, users will be able to stake Binance BNB native tokens and FDUSD stablecoins to earn OMNI.

The exchange’s announcement

What else is known? Upon completion of the farming program on April 17 at 12:00 UTC, Binance will list OMNI and open trading of the asset in pairs with bitcoin, BNB, USDT, and FDUSD stablecoins, and Turkish lira. In doing so, Binance will be the first platform to list ENA.

OMNI will be added to the platform with a Seed Tag, which is assigned to new projects and alerts investors to the risks of increased volatility. To access Seed Tag token trading, users will need to pass regular risk awareness tests.

Residents of certain countries and regions, including the United States, Canada, Australia, Japan, New Zealand, the Netherlands, and Crimea, will not be able to participate in the farming program.

The maximum OMNI supply will be 100 million coins, with an initial circulating supply of 10,39% of the maximum. Binance has allocated 3,5 million coins for its farming program, of which 85% or 2,975 million OMNI will be received by BNB pool members, while the remaining 15% (525 000 OMNI) will go to FDUSD pool members.

Binance will restrict access to Binance Link services to users without KYC

Users have until May 20 to complete verification

Omni Network is designed to connect Ethereum rollups into a single unified system, developers can use it to create global applications that by default will have access to all Ethereum users and liquidity. The native token OMNI is used to pay transaction fees and manage the project. The asset can also be staked.

The project raised $18,1 million in two private tokensales, where 20,1% of OMNI’s total offering was sold. The price of the asset in the seed round was $0,18, which increased to $1,5 by the Series A round.

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