Binance Launchpool
Binance is one of the biggest centralised crypto exchanges out there and it offers an impressively wide range of features for its users. One of these is its Launchpool, something I started using for the first time earlier this month, and I thought it worthwhile making this the subject of today’s post, as it offers a simple and handy way to build up a portfolio of projects at zero cost.
The Launchpool on Binance gives you the chance to earn coins in projects by staking. The process is very simple. You click your way through to the Launchpool page, check out the projects on offer, the APR available and the coins you can stake, then stake your preferred coins against the chosen project. The farming pool normally runs for 30 days and you can claim your rewards whenever you like, even daily if the mood takes you. In most cases you get a choice of 3 coins you can stake in order to farm, one of these always being BNB, and there are always at least two options. The APR varies for each of these options, so you do need to consider this when deciding which coin to stake with.
At the time of writing there are three projects you can farm:
Benqi Finance (QI), a decentralised non-custodial liquidity market protocol that runs on Avalanche.
Manchester City FC fan token (CITY), the Premier League football club, built on the Chiliz Chain.
Mines of Dalarnia (DAR), a play-to-earn adventure game that runs on the Binance Smart Chain.
The APR available across the three of these varies between 3.73% and 10.66%. Looking at some of the projects that have finished recently, the APR varies between 1.00% and 56.43%.
It’s also worth noting that sometimes Binance provides an opportunity to then stake the new coins you’ve farmed, which is a nice way of adding further to your portfolio. For example, as part of their locked staking option, you can currently earn 43.82% for locking up your DAR for 10 days.
Personally, I will be using the Launchpool as a way to build a portfolio of coins that I’ll hold long-term, in the hope that some of them turn into big, big winners. This only needs to happen with one or two to make the whole exercise worthwhile and, in the meantime, I get to learn about some new projects I might not otherwise have bumped into.
If you are new to Binance, then find out more here.
Until tomorrow…
Renaissance Man
Why this Diary?
I thought it might be an interesting exercise, as much for myself as anyone else, to keep a diary of my interests and activities in the land of the blockchain and all things crypto, so I’m going to give it a go at writing a short diary entry each day for the current month, November 2021. It will give me something to look back on and assess and it might offer up some entertainment and topics of interest to anyone who happens to read it.
The Usual Disclaimer
Please don’t take any of the above as financial or investment advice. It is intended to be nothing other than a little entertainment and information sharing. Always, but always, do your own research before committing your money to anything.