Love is here! Binance exchange announces the launch of a 30-day VenusXVS new coin mining program.
After the craze of liquidity mining on decentralized finance (DeFi) platforms has slowed down, centralized exchanges have been launching various token mining activities. The cryptocurrency exchange Binance announced the launch of the fourth phase of new token mining project, Venus XVS, while the Huobi exchange is also expected to kick off the first 15-day dual-token liquidity mining experience on September 29.
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Binance Launches Fourth Phase of New Coin Mining
According to the latest announcement from the cryptocurrency exchange Binance on September 28th, the exchange will launch the fourth phase of new coin mining project Venus XVS at 8 a.m. Taiwan time on September 29th. This project, as previously announced by Binance, is based on Binance Smart Chain (BSC) lending and stablecoin issuance platform.
According to Binance, users can earn XVS mining rewards by staking corresponding tokens in the BNB, BUSD, and SXP pools on the Launchpool page. The mining activity is expected to last for 30 days. Furthermore, different pools have different mining reward weights. The total supply of XVS tokens is 30 million, with 6 million tokens to be issued through new coin mining, accounting for approximately 20%. Among them, the BNB pool can mine a total of 3,600,000 XVS in 30 days, accounting for 60%; the SXP pool can mine a total of 1,800,000 XVS, accounting for 30%; and the BUSD pool, with the least amount, can mine a total of 600,000 XVS, accounting for 10%.
The exchange also noted that Binance Innovation Zone will list XVS on October 6th and enable trading pairs such as XVS/BNB, XVS/BTC, XVS/BUSD, and XVS/USDT.
Hoo.com Issues Token and Launches Liquidity Mining
After the DeFi platform liquidity mining craze slowed down, centralized exchanges have introduced various token staking mining activities to continue the trend. On September 24th, Hoo.com announced the issuance of its platform token HOO and launched HooPool. The total supply of HOO is 1 billion, with 100 million to be issued through HooPool's "single token mining" and "dual token mining" modes (dual token mining involves bearing "impermanent loss").
HooPool is a liquidity pool based on HooSwap, where users provide assets in HooPool, equivalent to providing liquidity and market-making on HooSwap. Currently, HooPool liquidity mining only supports single token mining for BTC, ETH, EOS, and USDT, and mining rewards will be distributed over 1 month based on the value of the locked assets.
On the other hand, the official launch of the first 15-day dual token liquidity mining experience is scheduled for September 29th, with an initial release of 5 million HOO tokens in a linear manner. The mining pools and mining revenue weights for the first phase are as follows: HOO/USDT 3x, DOT/USDT 1x, UNI/USDT 1x, BTC/USDT 1x, ETH/USDT 1x.