Binance Launches Omni Network Staking on Launchpool

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Binance has declared the introduction of the 52nd project on Binance Launchpool, Omni Network (OMNI). Omni Network stands out as a layer 1 blockchain aimed at consolidating Ethereum’s rollup ecosystem into a cohesive unit. In anticipation of the Launchpool, Binance has confirmed the webpage will go live approximately five hours before the event begins.

Binance has proudly announced that it will be the first platform to list the Omni Network token, with trading set to commence on April 17, 2024, at 12:00 UTC. Investors are cautioned against any premature offerings of the token, as any claims to sell before the scheduled date are not legitimate. Binance urges users to conduct thorough research to safeguard their investments.

Staking, Launchpool and Rewards

Starting from April 13, 2024, at 00:00 UTC, users will have the opportunity to stake their BNB and FDUSD into designated pools to farm OMNI tokens over a span of four days. The exciting new listing will enable trading with multiple pairs including OMNI/BTC, OMNI/USDT, OMNI/BNB, OMNI/FDUSD, and OMNI/TRY. OMNI is tagged as a Seed Token for this launch.

The Omni Network Launchpool is offering a total of 3,500,000 OMNI tokens as rewards, which amounts to 3.5% of the maximum token supply. The initial circulation will be over 10 million OMNI tokens. Binance stipulates KYC compliance for participation, and the staking terms include an hourly hard cap per user to ensure fair distribution. Notably, BNB pool participants can accrue up to 3,098.95 OMNI, while those in the FDUSD pool can obtain 546.87 OMNI.

The rewards are primarily distributed in the BNB pool, with a sizeable 85% allocation, while the FDUSD pool offers the remaining 15%. Each pool’s APY and total balance will be dynamically updated, ensuring transparency. Rewards accrual and claims, along with staking and unstaking processes, are designed for user flexibility and efficiency.

Binance has provided access to the research report and explored various resources like the official website, whitepaper, blog, and Telegram channel. Moreover, the Launchpool mechanism encompasses real-time snapshots for calculating rewards and allows for instant participation in alternate pools upon unstaking. 

Certain regions, including the USA, Canada, and Japan among others, are restricted from participating in OMNI farming due to varying local regulations. This list may undergo updates, and users are advised to check for eligibility based on their location. Binance also underscores that standard benefits associated with holding BNB will remain applicable to those staking in the Launchpool.

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