Binance Debuts 31st Project On Binance Launchpool: Details
- Binance has debuted a new project on the Binance Launchpool, called Hashflow (HFT), a decentralized exchange connecting traders with professional market makers.
- Users will be able to stake their BUSD and BNB tokens in the liquidity pools in order to farm HFT tokens over 30 days.
- The Hasflow development team has planned a “5% issuance to the DAO treasury per year after 4 years upon token launch, or this can be disabled by DAO voting.”
Binance, the world’s largest crypto exchange in terms of trading volume, has debuted a new project on the Binance Launchpool, called Hashflow (HFT), a decentralized exchange connecting traders with professional market makers, and the goal is to put the project in front of the eyes of millions of potential customers and investors.
Interestingly, following the announcement from the world’s leading crypto exchange, it was also announced that users will be able to stake their BUSD and BNB tokens in the liquidity pools in order to farm HFT tokens over 30 days.
The farming is set to begin starting 2022-11-01 00:00 (UTC) and will allow users to get free HFT tokens on the Binance crypto exchange.
The announcement from the exchange also read that “Binance will then list HFT into the innovation zone at 2022-11-07 13:00 (UTC) and open trading with HFT/BTC, HFT/BUSD and HFT/USDT trading pairs.”
Interestingly, the new project Hasflow will have a token suppy of 1,000,000,000 HFT and the development team has planned a “5% issuance to the DAO treasury per year after 4 years upon token launch, or this can be disabled by DAO voting.”
The Binance Launchpool farming rewards are planned at 15,000,000 HFT which amount to almost 1.5% of genesis token supply and the initial tokens which will be introduced into circulation will be around 17.52% of genesis token supply or about 175,229,156 HFT.
Binance has been very active in the crypto space recently after fulfilling its $500 million promise to Elon Musk for the acquisition of social networking website Twitter. However, the presence of the exchange has also been quite strong in the DeFi industry as well.
Recently, Binance became the second-largest entity in the community of Uniswap, the biggest decentralized application in the space, in terms of voting power. Interestingly, Binance Pool, a platform dedicated to improving the income of miners, has announced a $500 million project to support the crypto mining industry and help them overcome the bearish market situation as well.
What is Hashflow (HFT)?
According to the whitepaper of the protocol, Hashflow, the 31st project to be introduced in the Binance Launchpool, is a decentralized exchange that focuses on interoperability, zero slippage, and MEV-protected trades.
As pointed out by the project, most decentralized exchanges rely on automated market makers (AMMs) to enable the buying and selling of assets but there are multiple issues related to them. AMMs are “capital inefficient, routinely prone to risks like sandwich attacks and impermanent loss, and cannot price non-spot assets.”
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
