As a seasoned researcher with a keen interest in the ever-evolving crypto market, I find Binance’s decision to add Toncoin (TON) on Simple Earn locked products quite intriguing. Having closely followed the ups and downs of the Telegram Open Network, it’s fascinating to see how TON continues to make strides despite the legal challenges faced by its parent company.
Binance, a leader in cryptocurrency exchanges, announced on Tuesday that they will include Toncoin (TON) in their ‘simple earn – locked’ products. With Toncoin gaining attention amidst legal challenges faced by Telegram worldwide, this move has sparked interest throughout the crypto sector.
Binance Adds TON On Simple Earn Locked Products
Based on an official announcement dated September 3, Binance’s Simple Earn program is now including Toncoin in its locked products. Moreover, Binance Exchange mentioned that by fully subscribing to Toncoin on the Simple Earn Locked Products during the promotion period, users can receive up to 5.9%* rewards in APR, making it more attractive for users.
To ensure your eligibility, sign-ups should happen within the timeframe of September 3 at 10 UTC to September 23 at 09:59 UTC, as the CEX stated. Additionally, the subscription process is handled in the order that requests are received, known as “first come, first served.” The amount you subscribe, maximum limits, and duration will impact the Annual Percentage Rate (APR) you’ll receive. Furthermore, the rewards will be distributed daily.
Afterward, Binance revealed a lineup of available products in accordance with the previous announcement. By locking up TON for 30 days, you’ll earn a standard Annual Percentage Rate (APR) of 1.20%, but during promotions, this rate can increase to 2.59%. The exchange requires a minimum subscription of 0.1 TON and a maximum of 50,000 tokens.
At the same time, here’s a breakdown of the interest rates for two lock-up periods:
This Binance announcement has attracted a lot of interest towards the native cryptocurrency associated with The Open Network blockchain, formerly called Telegram Open Network. It’s important to mention that the token is experiencing some volatility due to widespread market uncertainty regarding Telegram and its CEO’s ongoing legal issues.
Significantly, after undergoing legal examination in France, Durov’s messaging app remains under the watchful eye of international law enforcement agencies. According to CoinGape Media, South Korea is currently scrutinizing Telegram, examining if it was involved in distributing sexually explicit deepfake material.
Toncoin Price Today
Interestingly, the overall crypto market prices today have shown a bounce-back following a dip earlier. Catching this wave, TON‘s price climbed 1% to reach $5.24. Yet, ongoing controversies surrounding Pavel Durov are causing unease among investors.
Toncoin experienced a drop of almost 2% over the course of a week, with a more significant decline of 14% over the past month. The lowest and highest points within this period were $5.10 and $5.27 respectively.
Simultaneously, data from Coinglass showed an increase in the coin’s futures Open Interest (OI) by 1.83%, reaching $285 million. Additionally, there was a 4.62% rise in derivatives volume to $307.87 million. However, despite positive market statistics, the coin is experiencing a lack of attention due to Telegram’s ongoing legal issues. Crypto traders are keeping a close eye on the token, anticipating further price fluctuations as Binance announces additional user benefits and appeal for the token.
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2024-09-03 11:00