Today’s data reported by Phoenix Group highlighted the best-performing Binance launchpool tokens in terms of their weekly trading volume.
Top 15 Binance lauchpool tokens
Sui (SUI) emerged as the top-performing Binance launchpool token, with a weekly volume of $10.2 billion. This massive trading volume means that users increasingly stake their Sui tokens to earn new project coins as rewards on the Binance Launchpool.
The second token gaining traction on the Binance Launchpool is Ethena (ENA), which recorded a $1.2 billion weekly volume. Toncoin (TON) closely followed with a $1.2 billion weekly trading volume.
While Ether.fi (ETHFI) settled on the fourth position with a $636 million weekly volume, Space and Time (SXT) clinched the fifth spot with a $472 million weekly trading volume.
Other major Binance Launchpool tokens (as listed in the data) include SEI, IO, NOT, DOGS, PENDLE, XAI, MEME, VANA, BIO, AND HIGH.
Sei (SEI) registered a $453 million trading volume, io.net (IO) had $365 million, Notcoin (NOT) experienced $313 million, and Dogs (DOGS) pulled in $313 million.
Other tokens including Pendle (PENDLE), Xai (XAI), Memecoin (MEME), Vana (VANA), Bio Protocol (BIO), and Highstreet (HIGH) also showed their prominence as highlighted by their weekly volumes in the data.
Why Binance launchpool tokens gain traction
Binance Launchpool is a staking platform that allows users to earn new coins by staking their existing tokens. This platform serves as a gateway that allows users to discover and acquire new coins from emerging projects before their official listing on Binance.
Launched in 2020, Binance Launchpool has remained an advanced approach that enables users to access and earn from new crypto assets. This platform enables users to stake their existing coins to “farm” new assets over a particular duration. This approach created a way in which people can earn rewards, denominated in new coins, without the need to buy the new tokens. This mechanism is gaining rapid popularity, as it offers liquidity to new crypto projects and, at the same time, allows users to earn new cryptocurrencies through such a low-risk approach.
