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Key highlights:
- Manchester City Fan Token (CITY) is the next project to be featured on Binance Launchpool
- Users will be able to earn CITY tokens by staking BNB, BUSD and CHZ
- CITY was launched on the Socios platform
Manchester City Fan Token is coming to Binance Launchpool
The Binance cryptocurrency exchange has announced that it will list CITY, the fan token issued by English football club Manchester City in partnership with Socios. The token will be available for trading on Binance in trading pairs against BTC, BNB, BUSD and USDT.
CITY was launched in March this year and functions like other fan tokens issued on the Socios platform. Token holders can vote on polls held by the club in the Socios app to influence some of the club’s decision, and get discounts on official club merchandise. CITY holders can also access real-life perks like match tickets and VIP experiences at the club’s Etihad Stadium.
The CITY token itself operates on the Binance Smart Chain blockchain platform using the BEP-20 token standard.
Notably, Binance is also featuring the CITY token on its Launchpool platform. On Launchpool, users will be able to stake BNB, BUSD and CHZ to earn CITY tokens. A total of 291,036 CITY tokens, which corresponds to about 1.4% of the total token supply, will be distributed through Binance Launchpool.
How to earn CITY tokens on Binance Launchpool?
The largest allocation will be to BNB stakers, which will earn 70% of the CITY rewards. 20% will be going to CHZ stakers, while the remaining 10% has been allocated to BUSD stakers. Ultimately, the amount of tokens that each staker will receive will depend on the length of their stake and the relative size of their stake compared to the size of the entire staking pool.
The Launchpool program for CITY will start on November 11 at 00:00 AM UTC, and will go on for 30 days. The Manchester City Fan Token is the 24th project to be featured on Binance Launchpool, and follows the Launchpool campaign for Mines of Dalarnia’s DAR token.
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Binance says that users who stake BNB into the Launchpool program for CITY will still be eligible for the standard BNB holding benefits.