What is Farm Coin? In the crypto market, you have heard many people mention farming this coin, farming that coin, making a profit from farming.
But you are still confused about what the term “farm” is, how and where to farm. In this article will share with you basic information to help you answer questions.
1 – What is Farm Coin?
Farm coin is understood in the simplest way, it means “mining”. The period of the cryptocurrency market was still in its infancy, the “mining” day needed to invest in a huge computer configuration to participate in mining bitcoin.
Miners have to invest a lot of money to buy computer equipment called “buffalo plows” to participate in bitcoin mining to receive rewards.
But at present (2021) the term “farm coin” has been defined and understood by investors in a different form.
Simply understood, “farm coin” means that you will use your coin to deposit on the exchange and join the farm to receive new tokens.
There are many exchanges that allow you to farm coins. But in this article cryptocurrencyin4.com will introduce you to the form of coin farming on the binance launchpool platform.
2 – What is Binance Launchpool?
Binance launchpool is a platform of the world famous Binance exchange. This platform allows you to use your coins to participate in farming new tokens in the form of staking.
Token simply understood, it means that the coins of a project that have not been listed on the exchange are called tokens. After being listed on an exchange, it is called a coin.
The number of tokens you receive per day more or less depends on the proportion of the initial number of coins that you sign up to farm.
After the tokens you receive are listed on the binance exchange, you can then start trading those tokens for a profit.
3 – How Binance Launchpool works
Farm on Binance requires you to use the BNB coins (Binance coin), BUSD (Binance USD) to participate. Binance also recommends that you use the BNB coin to join the farm to get a higher profit margin.
For example, you send BNB coin to join the farm, now binance will receive the BNB you send. Your token reward will be based on the ratio of BNB staking to the total BNB staking of each pool.
Within 30 days you will be able to receive new tokens. Within the first 7 days the token will be officially listed on the binance exchange. Here you can trade the token you have received.
4 – How to start farming coins on Binance Launchpool
First you need to register for a Binance account (detailed registration instructions).
After you have an account, log in to the trading floor, click on the 9-box icon in the left corner -> “launchpad”.
Scroll down you will see pools that allow you to farm coins with staking. You will notice that the words “BUSD Pool” mean that you can use BUSD to farm. Likewise, “BNB Pool” allows you to use BNB to farm.
Then you click on the “stake now” button to start the mining operations to enter the balance of coins to farm.
Next steps you just follow the instructions of Binance to complete registration for farm staking coin.
5 – Frequently asked questions
Who can join the coin farm on Launchpool ?: anyone who has registered an account and has a BNB or BUSD balance on Binance.
What is the minimum amount of coin to farm on launchpool ?: your minimum balance of BNB or BUSD is 0.1 then you can farm.
To which wallets will the farmed tokens be deposited into ?: the tokens you earn from farming will be deposited into the Spot wallet
Are the coins registered to Launchpool locked ?: The coins deposited to farm will not be locked, you can withdraw or replenish the staking whenever you want.
What is the average farming time of each project ?: Usually, the average farm time per project is 30 days.
6 – Conclusion
Through this article, you probably already know the form of coin farm on Binance Launchpool already. Hope the information in the article will be useful to you so you can make more profits by farming to receive tokens.