Binance has introduced Project Galaxy (GAL) as the latest project featured on the Binance Launchpool platform. Binance users will be able to earn a total of 2 million GAL tokens through Binance Launchpool’s staking program. Users can stake BNB, CAKE and BUSD tokens. The program will start on April 29 and will run until May 28.
Project Galaxy Is the Latest Project on Binance Launchpool
How to earn Project Galaxy (GAL) on Binance Launchpool?
Here’s a step-by-step guide that will show you how to earn GAL tokens on Binance Launchpool.
1. Create an account on Binance
The first step for participating in the token sale is to create an account on Binance.
How to buy Binance Coin (BNB) on Binance?
After you successfully register, go to the Launchpad section of the navigation menu. Now, you can see all the completed and upcoming IEO token sales and Launchpool programs on Binance.
2. Select Project Galaxy farming
After you’re verified, select the Project Galaxy farming program from the list of upcoming and completed Binance Launchpool projects. You’ll need to select which token you will be staking – BNB, CAKE or BUSD.
3. Project Galaxy Launchpool calculation and distribution rules
For the Project Galaxy program on Binance Launchpool, users will be able to obtain GAL tokens by staking BNB, CAKE or BUSD. Users will need to complete a flexible savings transfer so that their balance is included in the Launchpool calculations. The GAL farming program on Launchpool will last until May 28.
After you’ve completed your flexible savings transfer, your stakes token balances will be recorded each hour for 30 days after the staking period begins to calculate a daily average token balance. The rewards allocated to each pool will be split evenly every day over the 30-day period.
Flexible savings tip:
Note that Flexible Savings product subscriptions are closed during 23:50-00:10 (UTC) daily. That means that no interest is accumulated on products purchased on the day of subscription. Interest is calculated the next day.
Interest calculation tip:
The interest amount is calculated and distributed daily based on your available flexible savings assets. The interest amount is rounded down to 8 decimal places.
You can stake multiple times if you want. You can buy and trade BNB, CAKE or BUSD and add them later on during the staking period.
After you confirm the transfer you’ll receive a “Subscription success” pop-up message.
You can check your staking Pools at any time if you go to the Launchpool tab and click Launchpool Farming on the left side of the screen.
Note that the pictures below are from previous Launchpool programs.
4. Staking Period
The farming of GAL tokens will start on April 29 at 00:00 AM (UTC) and will last until May 28 at 11:59 PM (UTC).For additional details, head over to the Binance support page.
5. Redeem Funds
The staking platform allows users to redeem their funds before the staking period ends. You can redeem your funds by choosing one of the two methods allowed:
- Fast redemption
The redeemed quantity is returned to you the same day, but you don’t receive interest from that day
- Standard redemption
The redeemed quantity is returned to you the next day and you still receive interest from that day.
To redeem your funds go to your Savings and choose Redeem.
You’ll then need to select one of the two available methods to redeem your funds.
Binance has also expanded its Binance Earn offering with a new feature called BNB Vault. With BNB Vault, which is described by Binance as a “BNB yield aggregator”, the exchange is combining its other passive income products.
These products are Launchpool, DeFi Staking and Savings. In addition, the BNB Vault product will also be integrating rewards generated from participation in Binance Smart Chain, once that functionality is online. If you decide to use the BNB Vault feature, you’ll need to keep in mind that during the preparation period, you’ll need to manually stake your BNB holdings in order to successfully farm the desired token.
Source link: https://coincodex.com/article/14378/project-galaxy-on-binance-launchpool-earn-gal-by-staking-bnb-busd-and-cake-on-binance/