In a significant development for the cryptocurrency sector, Binance has announced the inclusion of Toncoin (TON) in its Simple Earn locked products. This update comes as Telegram, the parent entity of the Toncoin project, grapples with ongoing legal scrutiny worldwide.
Binance Introduces Toncoin to Simple Earn Offerings
On September 3, Binance unveiled that Toncoin would now be available on its Simple Earn locked products platform. Users subscribing to these products during the promotional period could earn up to 5.9% APR in rewards. Subscriptions are open from September 3, 10:00 UTC, to September 23, 09:59 UTC, and are offered on a first-come, first-served basis.
Binance’s announcement outlines specific terms for Toncoin subscriptions. Users can lock their Toncoin for various durations to earn different APR rates. For a 30-day lock, the standard APR is 1.20%, with a promotional APR of 2.59%. The minimum subscription is set at 0.1 TON, and the maximum at 50,000 TON.
For a 60-day lock, users can earn a standard APR of 1.90%, increasing to 3.9% during the promotion. The minimum and maximum subscription limits are 0.1 TON and 20,000 TON, respectively. A 90-day lock offers a standard APR of 3.90%, with a promotional rate of 5.9%. Minimum and maximum subscription limits for this option are 0.1 TON and 200 TON.
Market Impact and Legal Scrutiny
The move has garnered significant attention for Toncoin, the native cryptocurrency of The Open Network blockchain, formerly known as Telegram Open Network. This comes amid ongoing legal challenges facing Telegram and its CEO, Pavel Durov, including investigations in France and South Korea.
Despite these challenges, Toncoin’s price has experienced a modest rebound. Today, the token increased by 1% to $5.24, following a period of recent declines. However, the token’s weekly chart shows a nearly 2% dip, and its monthly chart reveals a 14% drop. Intraday trading has seen lows of $5.10 and highs of $5.27.
Futures and Derivatives Data
CoinGlass data indicates a 1.83% rise in Toncoin’s futures open interest to $285 million, along with a 4.62% increase in derivatives volume to $307.87 million. Despite these positive metrics, investor sentiment remains cautious due to the ongoing legal issues surrounding Telegram and its founder.
Conclusion
Binance’s latest move to integrate Toncoin into its Simple Earn locked products aims to boost user engagement and provide new earning opportunities. As Toncoin navigates its legal challenges, market participants will closely monitor its price movements and overall market impact in the coming weeks.
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