Binance Launchpool Introduces Staking and Trading Support for New Layer-1 Project, Omni Network (OMNI)

• Binance has announced that it is adding its 52nd project to the exchange’s Launchpool with the trading scheduled to start on April 17.

• Omni Network is said to be a layer-1 blockchain project expected to integrate Ethereum’s roll-up into a unified project. 

Binance Launchpool, a platform on the Binance exchange designed to enable users to stake supported crypto assets in exchange for new tokens from new projects, has announced support for its 52nd project – Omni Network (OMNI). According to Binance, Omni Network exists as a layer-1 blockchain meant to integrate Ethereum’s roll-up into a single, unified system. 

Omni is an Ethereum-native interoperability protocol that establishes low-latency communications between all Ethereum rollups. Omni offers a secure, performant, and globally compatible architecture that presents Ethereum as a single, unified operating system to both users and developers.

Trading for this asset is expected to commence on April 17, 2024 (12:00 UTC). In this case, the official webpage is estimated to be available 5 hours before the commencement of the Launchpool. However, users are permitted to stake their BNB and FDUSD into separate pools to farm OMNI tokens over four days. This started on April 13, 2024, 00:00 (UTC). On the launching date, some of the trading pairs expected to be available to users are OMNI/BTC, OMNI/USDT, OMNI/BNB, OMNI/FDUSD and OMNI/TRY. 

More on the Omni Network Addition to Binance Launchpool

Binance has also provided details about the token which include the maximum circulating supply (100,000,000 OMNI), Launchpool token reward (3,500,000 OMNI, 3.5% of max token supply), initial circulating supply (10,391,492 OMNI, 10.39% of max token supply), and Smart Contract details (Ethereum). On top of that, there is a Know-Your-Customer (KYC) requirement for staking. The general eligibility of Binance’s Launchpool is subject to the user’s country or region of residence. In this case, users must take note that the current ineligible countries found on the Binance website include:

Australia, Canada, Cuba, Crimea Region, Iran, Japan, New Zealand, Netherlands, North Korea, Syria, United States of America and its territories (American Samoa, Guam, Puerto Rico, the Northern Mariana Islands, the U.S. Virgin Islands), and any non-government controlled areas of Ukraine.

Throwing more light on this initiative, Binance informed users that two main pools would be supported. The first is the Stake BNB pool which would offer 2,975,000 OMNI in rewards. The other supported pool would be the Stake FDUSD which offers 525,000 OMNI in rewards. 

In a special page dedicated for user enlightenment on the Omni Network, Binance mentions that OMNI, the native token for the network serves an extensive role in the protocol including serving as a Universal Gas Protocol, Gas for Omni EVM, Network Governance, and being used for Staking. So far, the project has raised about $18.1 million from two rounds of private token sales. This campaign resulted in the sale of 9.1% of the Omni total token supply sold at 0.18 USD/OMNI. After that, 11% of the total token supply was also sold at 1.50 USD/OMNI. The total supply of the asset is 100,000,000 with the circulating supply expected to be $10,391,492 upon listing.