The world's largest cryptocurrency exchange, Binance, announced yesterday (13th) that it will launch the 62nd new coin mining project, Vana (VAVA), on the Binance Launchpool. Users can start depositing BNB and FDUSD into the VAVA mining pool to participate in the new coin mining activity, which will last for two days, starting at 8:00 am Taiwan time on December 14, 2024.
According to the Binance announcement, after the VANA mining ends, Binance will list VANA spot trading at 6:00 pm Taiwan time on December 16, and open VANA/USDT, VANA/BNB, VANA/FDUSD and VANA/TRY trading pairs, and add a seed label for it.
VANA Pool Details
According to the Binance announcement, the details of the VANA pool are:
- Token Name: Vana (VANA)
- Total Initial Token Supply: 112,641,600 VANA (93.87% of the maximum token supply)
- Maximum Token Supply: 120,000,000 VANA
- Initial Circulating Supply at Binance Listing: 30,084,000 VANA (25.07% of the maximum token supply)
- Launchpool Total: 4,800,000 VANA (4% of the maximum token supply)
- Restriction: KYC required
- Individual Hourly Mining Cap: BNB Pool: 8,500 VANA; FDUSD Pool: 1,500 VANA
Note: For how to participate in the Binance Launchpool, please refer to》Complete Tutorial on Binance "New Coin Mining"
What is Vana?
Vana is an AI Web3 project that has been noted by a16z partner @venturetwins. Vana aims to build a platform that allows users to tokenize and trade data, enabling users to leverage data generated on platforms like Google and Reddit to build a user-managed data marketplace, which can provide high-quality data for AI training and generate revenue.
The core of Vana is its so-called data liquidity network, which allows users' data to be tokenized and traded like financial assets. The highlights are:
- Data Trading: Users can put their data in the Data Liquidity Pool (DLP) and receive token rewards for each submission, similar to data mining;
- Data DAO: Vana has established a data DAO, where users not only can upload and manage their own data, but also participate in decision-making and governance through this organization. This structure gives users more say and control on the platform, rather than just being data providers.
Further Reading:What is Vana, the new dark horse in the AI field that a16z is focused on? How to airdrop it?
BNB Breaks 710 USD
After the announcement of the Vana new coin mining, the Binance platform token BNB quickly broke through $720, reaching a high of $722. However, at the time of writing, it has retreated somewhat, trading at $715, with a 24-hour gain of 1.3%.
