The world’s largest Cryptocurrency exchange Binance is backing the TON network with a major announcement regarding the project’s native coin. The crypto trading firm announced that the token will have a space in the platform’s earning options.
As such, TON holders will have the option to participate in the token locking product through simple-earn. This option allows them to earn returns on their funds. The move becomes a key boost for TON amid the current situation it is facing.
Binance supports TON at a delicate moment
Toncoin is one of the fastest growing coins in recent months and is emerging as one of the projects with the greatest potential. The coin managed to sneak into the top positions in market capitalization in a matter of months and has a huge user base.
The latter is largely due to its close relationship with Telegram. The encrypted messaging app has approximately 1 billion users worldwide. Thus, TON’s mini-apps, such as tap-to-earn games, owe their popularity to this platform.
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Although TON is a decentralized network, its dependence on Telegram is almost absolute. Essentially, without Telegram, TON becomes a network with few differences from the multitude of multipurpose blockchains that exist now on the market. Hence, the arrest of Pavel Durov and the charges against him put the token on the ropes.
Added to this is a recent investigation in South Korea against Telegram for complicity in the proliferation of deepfake sex videos. It is in the midst of this complex moment that Binance is supporting TON with this move towards yield options. With this, the exchange encourages investment in the currency with rewards for those who hold it.
Here’s how the TON yield option breaks down in Binance’s simple-earn product. Source: Binance
Some advantages of the new TON option
In Binance’s announcement of this new option, some advantages for token holders are detailed. Thus, the yield (APR) ranges between 2.59% and 5.9% during the promotional period and depends on the amount of coins locked. For example, up to 200 TON, the yield will be 5.9%, up to 20,000 TON it will be 3.9% and up to 50,000 TON the APR will be 2.59%. As already mentioned, this yield is limited only to the promotional period.
The promotional period runs from September 3 to 23. In this way, the exchange becomes a powerful stimulus for the adoption of the currency, which could prevent it from losing support at $5.
Outside the promotional period, the APR ranges from 2.90%, 1.90% and 1.20% in the same order from lowest to highest in terms of the amount of tokens locked. However, the latter also presents itself as an attractive option, considering the strong appreciation capacity of TON.
At the time of writing, the price of the TON coin is $4.93 per unit and continues to decline. Its 24-hour performance is -4.58% and -9.91% in the last week ending this Tuesday.
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