Binance Launchpool Adds Dogs Meme Coin, Starts Trading on August 26
Binance has announced Dogs (DOGS) as the latest addition to Launchpool, making it the 57th project on the chain.
DOGS, a meme coin built on the TON blockchain and linked to the Telegram community, will begin trading on August 26. Binance has announced that it will support four trading pairs for the coin: DOGS/USDT, DOGS/BNB, DOGS/FDUSD, and DOGS/TRY.
DOGS token trading will begin at 12:00 UTC on August 26 when exchanges open. Binance has clarified that any claims of availability before this time are false. Users will also be able to stake and farm DOGS tokens from August 23 onwards. Two staking pools will be available for users, one with BNB and one with FDUSD; these pools will be accessible for three days.
The staking rewards comprise 22 billion of the total supply of 550 billion DOGS tokens (4%); thus, they should be considered as such according to Binance, with 85% going to the BNB staking pool while the other fifteen percent goes to the FDUSD pool respectively. Binance stated that users can collect and claim their rewards every hour.
DOGS and Tokenomics complex
Dogs (DOGS) differs from other coins in that it is community-driven. The Telegram community has shown interest in the project, providing 81.5% of the total token supply to the community.
Of this percentage, 73% was given to Telegram users who earned DOGS on the app, and 8.5% was reserved to reward merchants, content creators, and other future community members.
With a one-year maturity period, 10% of all tokens are allocated to development team members while another 8.5% will be used as liquid reserves across centralized and decentralized exchanges.
Airdrop and the upcoming claim
Binance has also announced its plans to distribute DOGS tokens. However, this distribution will not be available to people from many regions, including the US, Canada, Japan, and the UK. Snapshots of user activity and balances taken regularly during the farming period will be used to determine eligibility.
From August 23 onwards, users can claim their DOGS tokens through supported centralized exchanges or using a non-custodial wallet. Those who choose the latter will need to pay transaction fees in Toncoin. The platform warned that there may be delays due to high demand during the claim process.
On the 2024 roadmap, the DOGS project plans to create a sticker platform where users can create, customize, and trade dog-themed NFTs using DOGS tokens. The platform is expected to launch in Q3 2024.
Additionally, by Q4 of this year, the project intends to expand customization options and explore potential partnerships with the gaming and blockchain sectors.
DOGS has been getting a lot of attention in the crypto space with over 8 million users already verified for the upcoming airdrop.
