Binance Launches 34th Launchpool - Maverick Protocol (MAV)
After Sui, Maverick Protocol (MAV) is the next project to make its debut on Binance Launchpool.
Binance Launches 34th Launchpool - Maverick Protocol (MAV)
Last night, Binance announced the launch of its 34th project on Binance Launchpool, Maverick Protocol (MAV).
Binance users can lock up BNB and TUSD to earn MAV over a 25-day period, from 07:00 AM on June 14 to 06:59 AM on July 8, 2023 (Vietnam time). A total of 30 million MAV tokens will be distributed as Launchpool rewards.
Upcoming #Binance Launchpool: $MAV
— Binance (@binance) June 13, 2023
Maverick is a DeFi infrastructure used to increase capital efficiency across the wider crypto market.
Learn more about it below.
Once sufficient liquidity is achieved, Binance will list MAV with trading pairs MAV/BTC, MAV/USDT, and MAV/TUSD. The exact listing date will be announced later.
Key Details of the New Launchpool Project:
- Total Token Supply: 2,000,000,000 MAV
- Launchpool Allocation: 30,000,000 MAV (1.5% of total supply)
- Initial Circulating Supply: 250,000,000 MAV (12.5% of total supply)
Maverick Protocol, an AMM Dex launched just over three months ago, has already recorded a trading volume of over $8.7 billion and earned more than $4 million in fees, according to DeFiLlama.
The Total Value Locked (TVL) on Maverick Protocol currently stands at $32.89 million. Source: DeFiLlama
According to Business Insider, the project successfully raised $9 million from Pantera Capital, Binance Labs, Coinbase Ventures, and Apollo Crypto. Maverick Protocol's unique feature is its ability to enhance capital efficiency and allow liquidity providers to set price directions while earning fees.
MAV is the primary utility token on Maverick Protocol and plays a crucial role within the ecosystem. Holders can use MAV for protocol governance by staking and receiving veMAV, which grants voting rights on governance proposals.
The launch of this new Launchpool project amid ongoing legal issues with the SEC underscores Binance's confidence. Historically, Binance has often "swam against the tide" when faced with FUD. Whether fortune will smile on the world’s largest crypto exchange once again remains to be seen.
BNB has also experienced significant volatility recently, hitting a low of $220.4 at one point. This morning, the coin saw a strong recovery due to several factors, including the Binance CEO debunking rumors of coin sales and Binance.US making initial progress in court regarding asset freezing discussions.
4-hour chart of the BNB/USDT pair on Binance at 10:40 AM on June 14, 2023
