The best-performing Binance launchpool tokens this week in terms of their weekly trading volume were Sui (SUI), Ethena (ENA), and Toncoin (TON). Today’s data from Phoenix Group showed that the weekly volume of Sui reached $10.2 billion.
The second-best token in terms of weekly trading volume was Ethena, which reported a volume of $1.2 billion. The third token on the list was Toncoin, which saw a trading volume of $1.2 billion.
The fourth and fifth tokens on the list were Ether.fi (ETHFI) and Space and Time (SXT), which reported a weekly volume of $636 million and $472 million respectively.
Other major Binance launchpool tokens (as listed in the data) included SEI, IO, NOT, DOGS, PENDLE, XAI, MEME, VANA, BIO, AND HIGH.
Sei reported a trading volume of $453 million, io.net (IO) had $365 million, Notcoin (NOT) experienced $313 million, and Dogs (DOGS) pulled in $313 million.
Finally, the data showed that the weekly volumes of Pendle (PENDLE), Xai (XAI), Memecoin (MEME), Vana (VANA), Bio Protocol (BIO), and Highstreet (HIGH) were $240 million, $230 million, $219 million, $208 million, $198 million, and $192 million respectively.
The Binance Launchpool is a staking platform that allows users to earn new coins by staking their existing tokens. The platform serves as a gateway that allows users to discover and acquire coins from emerging projects before their official listing on Binance.
Launched in 2020, Binance Launchpool is an advanced approach that enables users to access and earn from new crypto assets. The platform enables users to stake their existing coins to “farm” new assets over a particular duration. This approach created a way in which people can earn rewards, denominated in new coins, without the need to buy the new tokens.
The mechanism is rapidly gaining popularity as it offers liquidity to new crypto projects and, at the same time, allows users to earn cryptocurrency through such a low-risk approach.
