Crypto exchange giant Binance has just announced its latest Launchpad project, and it could be worth keeping an eye on.
In an announcement on September 29th, Binance revealed that Beta Finance would be its 21st Launchpad offering. A token sale for the Beta Finance $BETA token will follow the subscription format. The recording of user $BNB balances starting on September 30th at midnight UTC.
Therefore, $BNB balances will be logged for eight days, with the final amount being calculated from the average held over the period. Users can commit their $BNB holdings for the token sale. The final allocation of $BETA will be determined by all participating users’ ratio of committed $BNB against the total saved $BNB.
— Binance (@binance) September 29, 2021
Shorting With Beta Finance
According to the announcement, Beta Finance will have a Launchpad hard cap of USD 3 million and a total supply of a billion tokens. 5% of which will be allocated to the Binance token sale. The public sale price is USD 0.06 per $BETA.
Beta Finance is a DeFi platform that creates short-selling tools that do not exist in decentralized finance yet.
That is to say, the protocol enables DeFi users and traders without technical knowledge to take the opposite side of a trade. This facilitates greater market efficiency and stability to ensure the healthy value accrual of tokens. Therefore, aside from the ability to short crypto assets, Beta Finance will offer good yields for lenders.
Source: Binance Launchpad
On the other hand, In July, Beta finance partnered with Spartan Group, ParaFi Capital, Multicoin Capital, DeFiance Capital, and Delphi Digital.
Also, the protocol went live on the Ethereum mainnet on August 18th and has been audited by OpenZeppelin and Peckshield. In addition, It partnered with Immunefi to launch a Bug Bounty program with rewards of up to USD 200,000 for vulnerability detection.
In an update on September 27th, Beta revealed that the protocol achieved USD 200 million in TVL within five days of launch.
$BNB Token Price Outlook
$BNB, used for the $BETA token sale, is currently trading at USD 376 after surging 8.6%. Nowadays, its $BNB marketcap is USD 58,085,336,260 with a 24-hour trading volume of USD 2,490,763,885.
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