Binance plans to launch support for a new decentralized derivatives exchange altcoin through its Launchpool platform.
The leading global cryptocurrency exchange platform by trading volume announced that its 48th Launchpool project will be Aevo (AEVO), an Ethereum (ETH)-based digital asset exchange that supports options, perpetual futures, and other products within a single margin account. .
Launchpool allows users to produce new assets by staking their coins.
Starting Friday, Binance users will be able to earn AEVO tokens by staking Binance’s native token, BNB, and the stablecoin First Digital USD (FDUSD) in separate pools for five days.
The exchange will then list AEVO for trading on March 13 and apply a seed tag to the asset.
Binance applies seed tags to less liquid tokens that are more likely to fluctuate, and users who own tagged assets must pass a quiz every 90 days to ensure they are aware of the inherent risks associated with trading.
Aevo’s roadmap indicates that the project wants to launch AEVO staking and trading incentives for Aevo exchange traders in the second quarter of 2024. In the third quarter, the project intends to work on ecosystem development and permissionless deployment for layer 2 scaling solutions.
Binance Launchpool’s token rewards amount to 45,000,000 AEVO, which is 4.5% of the maximum token supply. The initial circulating supply of AEVO is 110,000,000.
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