- Binance has listed Klaytn (KLAY)
- The exchange is also featuring KLAY on the Binance Launchpool program
- Users can earn KLAY tokens on Binance Launchpool by staking BNB and BUSD
Binance lists Klaytn (KLAY)
Major cryptocurrency exchange Binance is listing KLAY, the native token of the Klaytn blockchain platform.
Klaytn is a blockchain project developed by Ground X, a unit of prominent South Korean internet company Kakao. The Proof-of-Stake Klaytn blockchain has been operating for two years, and is designed to support blockchain applications functioning at scale. On the Klaytn network, the consensus process is operated by the Klaytn Governance Council, which consists of companies and organizations like LG Electronics, Kakao Pay, Maker, Huobi, and others.
The KLAY token is used for paying transaction fees, minting non-fungible tokens and participating in decentralized finance applications.
KLAY has been listed on Binance in trading pairs against Bitcoin, Binance Coin, Binance USD and Tether. The token’s listing on Binance comes relatively late, considering that it’s a large crypto asset and Binance lists a huge variety of cryptocurrencies.
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At the time, KLAY is ranked 28th in the crypto rankings thanks to its market capitalization of $2.75 billion.
Users can earn KLAY by staking BNB and BUSD on Binance Launchpool
The token has also been added to Binance’s Launchpool program, allowing users to stake their tokens to earn KLAY. The supported assets for staking are Binance Coin and Binance USD. The Launchpool program for KLAY will kick off on June 25 at midnight UTC and will be running until July 8.
Through the program, Binance will distribute 1.32 million KLAY tokens to its users. This allocation is worth around $1.47 million at current prices. 80% of this allocation will be distributed to BNB stakers, while the remaining 20% will be going to BUSD stakers.
On Binance Launchpool, users can stake or unstake their tokens at any time. However, users are eligible for the standard BNB perks like airdrops even while their BNB tokens are being staked in Launchpool.
KLAY is the second token to be featured on Binance Launchpool in June. Earlier in the month, the platform launched a staking program where users can earn Automata’s native token ATA.
The market has responded well to KLAY’s listing on Binance, as the token is up around 26% in the last 24 hours.