- Binance has launched the DeFi App (HOME), which airdrops rewards for BNB Holders.
- BNB price recently hit a new milestone amid positive sentiments in the Binance ecosystem.
The Binance crypto exchange has announced the listing of the DeFi App (HOME) on its platform. HOME is the 22nd project in the Binance HODLers rewards program.
Alongside the listing, Binance has promised to distribute $200 million worth of HOME tokens to dedicated Binance Coin (BNB) holders.
Binance Rewards Committed BNB Holders
In its announcement, Binance said the airdrops are Retroactive, unlike other earning methods that require ongoing actions. Through the airdrop, Binance aims to increase HOME token distribution and governance participation among active BNB users. They will receive 200,000,000 HOME, 2% of the total token supply.
Users can automatically qualify for token rewards by subscribing to the BNB Simple Earn products and/or On-Chain Yields. However, they must have interacted with yield products on Binance between June 6 and June 9 to become eligible for the HOME airdrops. Additionally, users must complete account verification (KYC) from an eligible jurisdiction to participate in HODLer Airdrops.
HOME will be distributed to users on June 12. Eligible users will receive their HOME tokens in their spot accounts within 24 hours after the HODLer airdrop is announced. After this distribution, the token will transition from Binance Alpha to the main exchange. Subsequently, users can trade HOME against USDT, USDC, BNB, FDUSD, and TRY pairs.
Binance described DeFi App as an all-in-one decentralized crypto SuperApp. According to the developers, DeFi App is designed to make decentralized finance easily accessible to users. The project features gasless transactions across multiple blockchains and avoids cross-chain bridges. The project’s developers also claim it offers full user custody over tokens.
On June 10, DeFi App said it had processed $15 billion in trading volume and attracted nearly 400,000 users since its launch. HOME is designed to give long-term power to the people building and using the DeFi App. 45% of the total supply is allocated to the community and ecosystem, while 10% is reserved for private market investors.
Recent Developments on Binance
The HOME listing on Binance follows other recent developments on the platform. As detailed in our earlier update, Binance unveiled a new spot Liquidity Program, “Altcoin LiquidityBoost Program” to meet demand for deeper liquidity.
This initiative is the first altcoin-focused liquidity program for those seeking to concentrate on the alternative coins market-making. Binance disclosed plans to provide incentives through competitive fee structures and rebates to attract more liquidity providers to the program.
Binance has also formed strategic partnerships recently. In our last update, we examined Binance’s signing of a Memorandum of Understanding (MoU) with Kyrgyzstan’s National Investment Agency. Both parties seek to build a more mature digital asset ecosystem in Central Asian countries.
In another collaboration, Bhutan allied with Binance to launch the world’s first national-level crypto tourism payment system.
As Binance spreads its wings in both the traditional and blockchain space, BNB is seeing more adoption. The price is also on the rise, recently surging to over $670. As we discussed earlier, BNB closed the gap to just 17% below its all-time high of $793.
However, as of writing, the price has fallen by 0.69% to $664.
