Project Galaxy (GAL) is the latest blockchain project to be featured on Binance Launchpool, a platform that lets Binance users stake their digital holdings into farming pools to earn new tokens for free. A total of 3 million GAL tokens, or 1.5% of the total token supply, can be earned via Launchpool’s newest staking offering. Binance users will be able to participate in the farming pools by staking BNB, BUSD, and CAKE tokens to earn GAL tokens relative to the amount of funds they stake into pools.
The program will start on April 29 00:00 AM (UTC) and will remain open until May 28 11:59 PM (UTC).
How to earn Project Galaxy (GAL) on Binance Launchpool?
Follow our step-by-step guide to learn how to earn GAL tokens on Binance Launchpool.
1. Create an account on Binance and complete KYC
In order to participate in the ANC Launchpool, you need to create an account on Binance. You can skip this step if you are already a registered Binance user.
Once you’ve completed the account registration process and supplied the required KYC information, you can proceed to the Launchpad section, which can be found by navigating to the “Earn” drop-down menu. Here you can find ongoing and past Launchpool and Launchpad projects.
2. Select the Project Galaxy program and pick your staking method
After locating the Project Galaxy farming program from the list of ongoing and finished Launchpad and Launchpool projects, you will need to select which token you will be using for staking purposes – BNB, BUSD, or CAKE. Keep in mind that APY rates vary by staking method.
3. Project Galaxy Launchpool rewards calculation and token distribution
Participation in the Anchor Protocol farming program provides Binance users with an opportunity to earn GAL tokens by staking BNB, BUSD, or CAKE. The rewards are distributed to users on a daily basis and split among pool participants based on the amount of funds they’ve contributed to the particular pool. Out of the total 3 million GAL token ready to be distributed in the program, 70% is reserved for the BNB pool, 20% for CAKE, and 10% for BUSD. Here’s a detailed distribution table provided by Binance.
The GAL farming pools will remain open until May 28, 2022, at 11:59 PM (UTC).
You can provide additional funds to the staking pool or choose to redeem your holdings at any point during the staking period.
Once you’ve entered your desired staking amount, you can click the “Stake” button to start earning GAL tokens.
You can easily access your Launchpool and Launchpad staking history by navigating to the left side of the screen in the “Savings History” section and clicking on the “Launchpool Farming” tab.
4. Staking program starts on April 29 and lasts for 30 days
The ANC token farming program will commence on April 29, 2022, at 00:00 AM (UTC) and will last until May 28, 2022, at 11:59 PM (UTC). For more information about the program, please visit the Binance Announcement page.
5. How to redeem funds?
Binance allows Launchpad and Launchpad participants to redeem their holdings at any point during the staking period. Binance offers two types of redemption:
- Fast redemption – Staked funds are available instantly, however, interests from the last day are not included.
- Standard redemption – Staked funds are available the next day, along with the full interests from that day.
In order to withdraw your staked digital assets from the staking pool, head to the Saving section on your account page and click “Redeem”.
Proceed by selecting your preferred fund redemption method. “Fast Redemption” allows funds to be redeemed immediately, while the “Standard Redemption” method pays out the redeemed funds on the next day, upon daily interest are calculated.
Final thoughts
Binance offers a comprehensive selection of passive income-generating products and services, allowing users to take full advantage of their otherwise idle digital funds. Next to Launchpool and Launchpad programs, Binance users can also participate in DeFi Staking, Savings, Dual Investment, and Liquidity Farming. Keep in mind that each service provides different earning potential, which is usually directly correlated with the risk associated with each offering.
BNB Vault is one of the best methods to earn interest on your crypto. The service that Binance describes as a “BNB yield aggregator” combines Flexible Savings, BNB DeFi Staking, and Launchpool to provide the best APY earning opportunities for your BNB. For more information about the premier BNB investment product, click here.
