Ethereum stakers can now farm DODO tokens on Binance.
Three pools will distribute one million tokens in 14 days.
BNB and DODO prices are skyrocketing to all-time highs
Investors who used Binance to bet on ETH 2.0 can now use their staking tokens thanks to the exchange’s latest Launchpool project.
Binance, the giant of Bitcoin Era exchanges, has just announced its latest project to encourage the farming of DODO, a decentralized exchange based in China and operating on the Binance Smart Chain .
According to the announcement , the seventeenth project on Binance’s crypto incubation platform will be open for farming for 14 days, starting February 19. During this period, just over one million DODO tokens will be distributed.
Users will be able to stack Binance (BNB), Binance “wrapped” Ethereum (BETH), and BUSD tokens in separate pools to generate DODO tokens.
The DODO project is said to be more advanced than the usual decentralized exchanges like Uniswap , because it can respond in real time to market trends and liquidity constraints. It attracted big names in venture capital in a $ 5 million seed round in October 2020.
Deposit BETH to farm DODO
Until now, Binance users who staked ETH on Beacon Chain received their equivalent in BETH, plus any winnings. These funds remained inactive, placed in wallets and only earning a portion of the rewards from ETH 2.0 staking, minus the share of the exchange.
This new farming allows users to obtain compound rewards on an asset already in staking, using BETH to acquire DODO tokens.
However, it is the BNB pool that will take the lion’s share with 60% of the rewards (641,710 DODO). The BETH pool will get 30% (320,855 DODO), while the stablecoin BUSD pool will get the remaining 10% (106,951 DODO).
At the time of writing, just hours after the announcement of the incentives, 10 million BNB were in staking, or just over 90,000 BETH and 215 million BUSD.
The other Launchpool farms currently in operation are for LIT, a decentralized cross-chain identity aggregator built on Substrate – the code that powers Polkadot. The latest initiative is SafePal, a decentralized and secure crypto portfolio and management platform. More than 11 million BNB have been deposited in SFP farms
BNB and DODO soar to historic records
The new staking and farming measures did wonders for the price of Binance Coin ( BNB ), which hit an all-time high of $ 283 on February 19.
This massive move sent the price of BNB up 40% that day. This propelled it to third place on the market cap charts, overtaking Tether and Polkadot with a market cap of $ 34 billion.
The price of the DODO token of the same name has almost doubled in the past 24 hours. It went from $ 2.45 to $ 5.30, its all-time high, in the early morning hours of February 19.