Popular cryptocurrency exchange Binance has announced a partnership with sports and entertainment fan-token issuer Chiliz. As part of the collaboration, JUV and PSG Fan Tokens will be distributed through the Binance Launchpool. The fan tokens belong to football clubs Paris Saint Germain (PSG) and Juventus (JUV) from France and Italy respectively.
JUV and PSG Fan Tokens Now On Binance Launchpool
Users will now be able to stake their BNB, BUSD, and CHZ tokens into separate pools to farm JUV and PSG tokens for over 30 days. The farming will start from December 15th at 0:00 AM (UTC) to January 14th, 2021, at 0:00 AM (UTC).
— Binance (@binance) December 14, 2020
Binance will then list the two Fan Tokens in the innovation zone on December 21st, 2020, at 6:00 AM (UTC) and open trading against Bitcoin (BTC), Tether (USDT), and Binance USD (BUSD).
Binance Launchpool enables users to stake different tokens and acquire new coins in return as rewards. As part of the partnership between Binance and Chiliz’s Socios.com platform, Binance Launchpool will integrate socios.com to offer some of their Fan Tokens.
The Launchpool platform allows users to stake the tokens for up to a month in order to farm certain reward assets, just before the assets are listed in Binance’s innovation zone. This enables an instant marketplace for farmed assets.
Rewards Consist Around 210,000 JUV and 180,000 PSG Tokens
The rewards for the Launchpool will consist of around 210,000 JUV and almost 180,000 PSG tokens. Around 70% of these will be allocated to the BNB pools, while 20% will go to the Chiliz pools, and 10% to Binance Dollar.
Meanwhile, the timings of the reward distribution will vary with 8.33% of the total available reward being farmed daily for the first six days, before the launch of the trading pairs.
This will then drop down to 2.5% per day between Dec. 21 and 28, followed by a further drop to 1.875% per day from Dec. 29 to Jan. 13.