The Nirvana project token, VANA, forms a candlestick, surging as high as 2700% after Binance Launchpool announced it will list a native EVM-compatible L1 blockchain token of the same name.
The VANA token linked to a metaverse-centered initiative called the Nirvana project skyrocketed to great heights after Binance Launchpool released an announcement saying it will list a native token from the Vana explorer, native EVM-compatible L1 blockchain for user-owned data.
Although the Nirvana token bears no connection to the VANA token Binance plans to list on Dec. 16 at 10:00 UTC, it seems crypto traders mistook the VANA token linked to the Nirvana project due to the Vana explorer token not being available on the market yet.
In the hours since Binance announced its plans to list VANA, the Nirvana token has formed a candlestick, wildly surging up to 2700% since its launch according to CoinMarketCap. At the time of writing, the token has gone up by more than 1200% after months of mostly stagnant activity on the charts.
VANA is currently trading hands at $0.0015. Its trading volume in the past 24 hours saw a surge of 2432% to $616,640. Meanwhile its market cap has gone up by 609% to $90,750.
Price chart for VANA, a token linked to the Nirvana project, December 13, 2024 | Source: CoinGecko
It appears Binance Launchpool’s VANA announcement accidentally brought a nearly dead token back to life. The X account linked to the Nirvana project was last seen posting in June 2024 but has stopped ever since.
The Vana network promotes itself as “the first open protocol for AI data sovereignty.” Its native token has not been launched yet, but the protocol stated that the token will be used to power its ecosystem and support user-owned, decentralized data transactions.
$VANA Tokenomics$VANA is the native token of the Vana Network, powering its ecosystem and supporting secure, user-owned, decentralized data transactions. It plays a central role in the network’s multi-token ecosystem.
Here’s a look at the token economics powering data as a new…
— vana (@withvana) December 12, 2024
According to the Binance announcement, open trading will be available for VANA/USDT, VANA/BNB, VANA/FDUSD and VANA/TRY trading pairs starting on Dec. 16 at 10:00 UTC. Binance will also apply the seed tag to the Vana token due to its freshly launched status.
Binance sets an hourly hard cap per user of 8,500 VANA in the BNB pool and 1,500 VANA in the FDUSD pool. Binance also supports VANA farming amounting to 2.4 million tokens worth of total daily rewards.
With a maximum token supply of 120 million VANA, the Vana network has allocated 44% of its token supply to the Vana community with a 36-month-long unlocking period and 22.9% for the ecosystem with an unlocking period of 48 months. Meanwhile, core contributors and investors get 18.8% and 14.2% respectively, with an unlocking period spanning years.
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