Binance Introduces Toncoin (TON) Farming and Super Earn Program

Earlier this week, the leading cryptocurrency exchange by daily traded volume and globally registered users Binance announced the introduction of Toncoin (TON)

Cryptocurrency exchange Binance announced Friday the introduction of Toncoin (TON) on its Launchpool platform and super earn program.

Binance users can now farm 7.6 million TON coins by staking BNB, FDUSD and TON.

Binance announced earlier Friday that it will be launching an additional quota with a max subscription capped at 50 TON per user.

"The initial farming quota was oversubscribed a few minutes after the initial launch. Due to overwhelming demand, the Toncoin $TON Super Earn was fully subscribed in minutes," Binance said in a tweet.

"We're launching an additional quota at 12 pm UTC— max subscription capped at 50 $TON per user. Act fast to secure your spot!" the exchange added.

The cryptocurrency exchange had announced earlier this week that Binance Launchpool will offer TON tokens for the second time.

Binance users will be able to stake their BNB, FDUSD and TON tokens into separate pools to farm a total of 7.6 million TON tokens over 30 days.

The farming will begin at 7 a.m. UTC on Friday and will run for 30 days, concluding at 7 a.m. UTC on May 12.

"During the farming period, users will be able to harvest their farmed TON tokens and unstake their staked assets at any time. The final amount of TON tokens a user receives will be calculated based on the user's average staked amount over the 30-day period," Binance said in a statement.

The TON token price has slipped over 5% in the last two days to trade at around $6.46 during early New York hours on Friday.

The large-cap altcoin, which has a fully diluted valuation of around $32 billion and a daily average traded volume of over $700 million, was seen getting rejected twice at its all-time high above $8, signaling a mid-term bearish outlook.

Despite signaling a potential bullish breakout on the daily time frame from a following logarithmic trend, the TON price has consistently closed below the 50-day Moving Average (MA), signaling further bearish sentiment.

As such, the TON price could be seen dropping towards the support level of around $4.78 in the near term before continuing with its billing momentum later.

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