In the announcement which was made on Sunday by Binance, clients on the Binance Launchpool would be allowed to stake using Binances native token, BUSD, and dollar-pegged stablecoin USDT.
Furthermore, Binance said it will also provide users the opportunity of staking with the new ARPA coin to get interests and rewards. According to the announcement, the first project that would take place on the yield farming platform is Bella Protocol. The new Bella Protocol was the recipient of nothing less than $4m in a seed funding round which was hosted by Arrington XRP Capital.
Binance aims to list new BEL token on its platform
The main purpose of the BEL project is to eliminate every technical issue that arises in the usage of decentralized finance projects like trying to search which yield farming project is giving off the best rewards.
Users on the Binance Launchpool platform would be able to gather massive rewards by staking on three different pools over 30 days. In the weeks that would follow, Binance would provide pairing options for BEL on its official platform which would see the token pair with assets such as BTC, BNB as well as USDT.
The New Binance Launchpool to reward users based on coins staked
This new Binance Launchpool platform is being announced at the back of the recent success enjoyed by Binance on its launch of the smart contract blockchain and the launch of staking for its native token. Furthermore, Binance also launched a new platform that has the properties of the DeFi platform which allows traders to take place through AMM( Automated Market Marker).
Stakers on the platform would be eligible to earn massive rewards to the tune of 10% with the reward rate going higher. In the new yield farming, Binance says rewards on staking would be given based on the coin used with 1% rewards going for ARPA users, 9% for BUSD, and 90% for stakers who use BNB.