- Manchester City Fan Token (CITY) is the next project to be introduced to the Binance Launchpool
- Users will be able to earn CITY tokens by staking BNB, BUSD and CHZ
- CITY launched on the Socios platform
Manchester City Fan Token is coming to Binance Launchpool
Cryptocurrency exchange Binance has announced that it will launch CITY, a 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 launched in March this year and functions like other fan tokens issued on the Socios platform. Token holders can vote in polls run by the club in the Socios app to influence some of the club's decisions and receive discounts on official club merchandise. CITY holders can also access real-life benefits such as match tickets and VIP experiences at the club's Etihad Stadium.
The CITY token itself runs on the Binance Smart Chain blockchain platform using the BEP-20 standard.
Notably, Binance also includes the CITY token on its Launchpool platform. On Launchpool, users will be able to stake BNB, BUSD and CHZ to win CITY tokens. A total of 291,036 CITY tokens, which corresponds to about 1.4% of the total token supply, will be distributed through the Binance Launchpool.
How to earn CITY tokens on Binance Launchpool?
The biggest distribution will be for BNB participants who will win 70% from the CITY prizes. 20% will go to CHZ participants while the remaining 10% is allocated to BUSD participants. Ultimately, the amount of tokens each participant will receive will depend on the length of their bet and the relative size of their bet compared to the size of the entire betting pool.
The Launchpool program for CITY will start on November 11 at 00:00 UTC and will last for 30 days. The Manchester City Fan Token is the 24th project to be featured on the 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 in the Launchpool program for CITY will continue to be eligible for the standard benefits of holding BNB.