The popular cryptocurrency exchange Binance has announced Memecoin as the next project featured on their Binance Launchpool staking platform.

Until November 26, you can earn Memecoin (MEME) tokens on Binance simply by staking your BNB or the TUSD and FDUSD stablecoins. You can withdraw the coins you’ve staked at any time and keep the MEME rewards.

You can earn MEME on Binance Launchpool between October 28 and November 26. The amount of token rewards you earn will depend on how many coins you stake.

Earn MEME Tokens on Binance

Binance plans to distribute 2% of the total MEME token supply to users on Launchpool. This translates to 1.38 billion MEME tokens out of a total supply of 69 billion tokens.

80% of these rewards will be distributed to BNB stakers, while the TUSD and FDUSD staking pools have an allocation of 10% each. However, this doesn’t necessarily mean that you will earn more MEME if you stake BNB rather than the stablecoins. It all depends on how big the size of your stake is relative to the size of the entire staking pool. 

In addition to featuring the Memecoin project on its Launchpool platform, Binance will also be listing MEME for trading on the Binance exchange. The token will be available for trading starting on November 3 in trading pairs against BTC, USDT and BNB. 

Notably, Binance will be listing MEME with the “Seed Tag”, which is used to label crypto projects that are still very early in their development. Cryptocurrencies with this tag were previously known in the “Innovation Zone”. The purpose of the Seed Tag is to let users know that the cryptocurrency might be more volatile and risky compared to most other cryptos listed on the exchange.

— Binance (@binance) October 27, 2023

What is Memecoin (MEME)?

Memecoin is a token on the Ethereum blockchain that's designed as an ecosystem token for Memeland. The Memeland project is notable since it was started by the team that created 9GAG, an extremely popular online platform for sharing memes.

Memeland describes itself as a "web3-focused venture studio", and they have so far launched three NFT collections: "You The Real MVP", "The Potatoz" and "The Captainz". The team says they're also working on a platform Holders.com, which is described as Tripadvisor for web3 as well as a platform called GMGM.com, which is designed to be a web3 alternative to OnlyFans. Memeland is also working on an ETH staking platform called Stakeland.

Before the upcoming launch of Memecoin, the Memeland team has raised $15.8 million by selling MEME tokens in private presales.

It's important to highlight that the Memeland team is making absolutely no promises when it comes to the utility of MEME and the token has no roadmap whatsoever.

Earning MEME tokens on Binance Launchpool is a relatively low risk activity, since all you have to do is temporarily stake BNB, TUSD or FDUSD and you can withdraw your tokens at any time without any penalties. However, we recommend that you exercise a lot more caution if you're thinking about actually buying MEME tokens once they become available for trading.

How to earn MEME tokens on Binance?

If you want to earn Memecoin, the first thing you’ll need is a Binance account.

Create Binance Account

Please keep in mind that only users who complete an identity verification process with Binance are eligible to participate in Memecoin token farming on Binance Launchpool.

Once your account is ready, you’ll need some BNB, TUSD or FDUSD tokens to stake. If you already own these tokens, you can deposit some to your Binance account. Otherwise, Binance offers plenty of ways of buying these tokens with either crypto or fiat.

After your account is verified and loaded up with some BNB, TUSD, and/or FDUSD, head over to the menu on the top side of the Binance interface and select "Earn". Then, go to "Launchpad".

Then, scroll down to the "Launchpool" section, and you’ll be able to find the available Memecoin farming pools. Depending on which tokens you want to stake, select the TUSD Pool, FDUSD Pool, or BNB Pool. Then, follow the instructions provided by the exchange.