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Binance, the world’s leading crypto exchange platform, has added Toncoin (TON) to simple earned-locked products. This notable move will allow users to receive annual percentage rate (APR) rewards when subscribing to TON.
This update by Binance, coming as Telegram faces scrutiny by the French authorities, has been received with enthusiasm. TON users and the broader crypto ecosystem have hailed the development as a show of support for the Telegram community.
Binance’s Strategic Offerings with Toncoin
According to Binance’s update, when users complete a subscription to the Toncoin on the Simple Earn Locked Product, they receive up to 5.9% in APR rewards during the promotion. However, subscribers must guarantee eligibility between September 3, 2024, and September 23. The APR reward a user receives depends on the minimum subscription amount, the maximum subscription limit, and the duration.
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When a user locks Ton for 30 days, this accrues a 1.90% APR, while locking it for the entire period scales it to 3.9%. The minimum token has been set at 0.1 TON, with the maximum set at 50,000 tokens. Binance says the reward distribution will be held daily.
Respite Amid Telegram’s Legal Woes
Other options provided include locking for 60 days, with users gaining 1.90% in APR and 3.9% during the promotion. Under this arrangement, the minimum subscription is 0.1 tokens and the maximum is 20,000 tokens.
Additionally, users locking for 90 days will earn 3.9% standard APR while during the promotion duration, it has been set for 5.9%. Although the minimum subscription is the same as others, the maximum token has been set at 200.
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Industry stakeholders consider Binance’s move significant, given the traction it has gained in focusing attention on Toncoin. Recent happenings, specifically the arrest and restriction of Pavel Durov, Telegram CEO in France, have generated concern in the broader crypto space.
TON’s Market Performance
TON has also suffered major disruptions, which took the blockchain offline for more than 12 hours within a 36-hour period. The outage raised issues of network functionality by users.
At the time of writing, TON traded at $4.96, a 3.05% decrease in price. According to CoinMarketCap data, its market capitalization has also dropped by 2.96% to $12,573,157,728.
