Can Binance’s Simple Earn Locked List Save Toncoin (TON) from Falling Below $5?

• Binance has added Toncoin to its Simple Earn Locked Products with APR rates up to 5.9% during the promotion period.
• Toncoin’s price continues to decline, reflecting ongoing bearish trends and legal issues with Telegram’s CEO.

Binance, a leading cryptocurrency exchange, has announced significant support for the Toncoin (TON) ecosystem by integrating it into its Simple Earn Locked Products. This move is crucial for Toncoin, especially as Telegram, the blockchain’s closely associated messaging app, navigates legal challenges in multiple regions. 

The Binance initiative entails users getting rewards for staking their Toncoin for a particular period. The rewards program has an interest rate of up to 5. 9% Annual Percentage Rate (APR) and is based on the subscription period and amount. The new users need to enroll between September 3 at 10:00 UTC and September 23 at 09:59 UTC to avail of the promotional APR rates. 

Binance Unveils Tiered Reward Structure Based on Lock-up Periods

Binance has provided the following as the distribution of the rewards based on the subscription period: Those who stake their Toncoin for 30 days will get a standard APR of 1. 20% and an enhanced APR of 2. 59% during the promo period. For instance, for the 60-day lock option, the standard APR is 1. 90%, and this increases to 3. 9% during the promotion period. The longest lock period of 90 days comes with a standard APR of 3. 90%, which is reduced to 5. 90% during the promotion period.

In addition to the subscription plan, Binance has expanded its support for Toncoin by listing multiple trading pairs. On August 8, 2024, Binance launched four new Toncoin pairs: TON/BTC, TON/USDT, TON/FDUSD, and TON/TRY. These pairs were introduced with a seed tag to mark the fact that Toncoin is still a relatively new project. The seed tag alerts users about the possibility of the coin’s growth and further development within the Binance platform.

This was followed by the addition of cross and margin USDC pairs for Toncoin and 10 other tokens. This addition increases the possibility of trading choices for the users and shows Binance’s dedication to creating a lively and versatile trading platform. 

Toncoin’s Market Performance Struggles Despite Increased Support

Despite the expanded support from Binance, Toncoin’s market performance has not shown a significant positive response. As of the latest data, Toncoin traded at $5.18, marking a 0.48% decline over the past 24 hours. August ended with a significant 19.70% drop, following an 11.76% decline in July. 

This trend continued in September, with Toncoin declining by an additional 4.24% to trade at $5.19. The steady drop in Toncoin value is an illustration of the unfavorable market conditions, with additional pressure from the legal issues surrounding Telegram’s CEO. 

However, the OI of Toncoin futures has gone up by 1. 83% to stand at $285 million, while the derivatives trading volume has gone up by 4. 62% to stand at $307. 87 million. These metrics indicate that traders are indeed interacting with TON, possibly in preparation for more price changes after Binance’s latest addition.  Nevertheless, Toncoin has made substantial strides in other areas. According to data from TON Scan, the Open Network (TON) blockchain has processed over 1 billion transactions.