LBank's Latest Launchpad Project
EchoLink, the latest Launchpad project on LBank, has generated significant excitement in the cryptocurrency market with its initial trading on LBank today. The trading of EchoLink commenced on January 26, 2024, with an initial price of $0.01. Surprisingly, within just the first 30 minutes, the price skyrocketed to $0.0763, marking an extraordinary 763% increase from its Launchpad starting price.
Massive Participation and Investments
The Launchpad attracted the attention of a staggering 74,164 participants, who collectively invested over 130 million US dollars. EchoLink's innovation represents a major breakthrough in the Web3 sphere, particularly in the DePIN IoT device sector. Once again, this Launchpad has proven to be highly lucrative for early investors, underscoring the importance of understanding both the Launchpad event and the EchoLink project. EchoLink, designed as an IoT oracle for DePIN IoT devices and deployed on Solana, has become the talk of the crypto community.
Details of the Launchpad Pricing
On January 17, 2024, LBank introduced a subscription quota to ensure fair participation for every investor. The Launchpad had a hard cap, and participants who reached the maximum allowed subscription were able to invest 50,000 EchoLink tokens.
Tokenomics and Use Cases
The initial supply of EchoLink tokens is set at 1 billion, with a distribution strategy that includes allocations for IEO, marketing, team, ecosystem operation, and more. EchoLink tokens serve various purposes, including governance, staking, and accessing advanced features within the EchoLink ecosystem.
Transparent and Equitable Launchpad Mechanics
The EchoLink Launchpad on LBank implemented well-designed participation rules to ensure fairness and equal access. Over the 7-day period from January 17 to January 24, 2024, LBank carefully monitored user balances across different accounts and established investment quotas based on these averages. To be eligible, users had to engage in at least one trade on LBank during this period.
About EchoLink
EchoLink is an innovative IoT oracle focused on DePIN and deployed on Solana. It provides a comprehensive toolkit, combining software SDK and hardware design, with the aim of becoming the infrastructure for more DePIN projects.
About LBank
LBank is a reputable cryptocurrency exchange that has positioned itself as a reliable and innovative platform catering to the diverse needs of traders and investors worldwide. Known for its commitment to excellence, transparency, and user-centric features, LBank continues to shape the landscape of digital asset exchange. From facilitating seamless transactions to staying ahead of market trends, LBank serves as a trusted gateway to the dynamic world of cryptocurrencies, offering users unparalleled opportunities and a secure trading environment.
For media inquiries, please contact:
Eddy Wang
PR Manager, LBank
Email: eddy.wang@lbank.com
Frequently Asked Questions
What is a Precious Metal IRA?
Precious metals make a great investment in retirement accounts. Precious metals have been around since Biblical times and still hold their value today. The best way to protect yourself from inflation is to invest in precious metallics such as platinum, silver and gold.
Certain countries even allow their citizens to save money in foreign currencies. You can buy Canadian gold bars and keep them at home. Then, when you travel to Canada, you can make the same gold bars and sell them for Canadian Dollars.
This is a quick and easy way of investing in precious metals. This is especially helpful if you don't live in North America.
What are the fees associated with an IRA for gold?
The average annual fee of an individual retirement account is $1,000. There are many types and types of IRAs. These include traditional, Roth or SEP-IRAs as well as SIMPLE IRAs. Each type has its own set requirements and rules. If the earnings are not tax-deferred you could be subject to taxes. You must also consider how long you want to hold onto the money. If you have a long-term goal of holding on to your money, you'll be able to save more money if you open a Traditional IRA.
A traditional IRA allows for contributions up to $5500 ($6,500 if older than 50). A Roth IRA gives you the ability to contribute unlimited amounts per year. The difference is simple. With a traditional IRA you can withdraw the money when you retire and pay no taxes. With a Roth IRA, however, any withdrawals will be subject to taxes.
What type of IRA is used for precious metals?
Most financial institutions and employers offer an Individual Retirement Account (IRA). This is an investment vehicle that most people can use. An IRA lets you contribute money that will grow tax-deferred to the time it is withdrawn.
An IRA allows for you to save taxes while still paying taxes when you retire. This means more money deposited into your retirement plan today versus having to pay taxes on that money tomorrow.
An IRA's beauty is that earnings and contributions grow tax-free up to the time you withdraw them. There are penalties for early withdrawal if you do.
You can also make additional contributions to your IRA after age 50 without penalty. If you decide to withdraw funds from your IRA while you are still working, you'll owe income-taxes and a 10% penalty.
Withdrawals that are made prior to the age of 60 1/2 are subjected to a 5% IRS tax penalty. There is a 3.4% penalty for withdrawals between the ages 70 1/2 and 59 1/2.
An IRS penalty of 6.2% applies to withdrawals above $10,000 per year.
Which is better: sterling silver or 14k-gold?
Both gold and silver make strong metals. Sterling silver is more affordable than sterling silver which has only 24% pure silver.
Sterling silver is also known by the name “fine silver” because it is made up of a mixture from silver and metals like zinc, copper, and zinc.
It is generally believed that gold is very strong. It is very difficult to separate it from its metal counterpart. If you were to drop an object on top of a piece of gold, it would shatter into thousands of pieces instead of breaking into two halves.
However, silver doesn't have the same strength as gold. If you dropped an object onto a sheet silver, it would bend and fold with no damage.
Silver is used in jewelry and coins. The price of silver can fluctuate according to supply and demande.
Are precious metal IRAs a wise investment?
It all depends on your willingness to take the risk of an IRA account losing its value. They make sense if you have $10,000 in cash as long as you don't expect them to grow very quickly. They may not be the best investment option for you if your goal is to save money over many decades and to invest in assets with a high likelihood of increasing in value (gold). They also involve fees which could eat into any gains.
Does a gold IRA earn interest?
It all depends on how much you invest in it. If you have $100,000 then yes. You will not be able to answer if your income is less than $100,000
The amount of money you put into an IRA determines whether or not it earns interest.
If you invest more than $100,000 each year in retirement savings, you may want to open a regular brokerage instead.
While you will probably earn more interest there as a result, you'll also be subject to riskier investments. If the stock market crashes you don't wish to lose your entire investment.
An IRA may be better for you if your annual income is less than $100,000. At least until the market starts growing again.
Statistics
- The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.com)
- You can only purchase gold bars of at least 99.5% purity. (forbes.com)
- To qualify as IRA allowable precious metals and be accepted by STRATA, the following minimum fineness requirements must be met: Gold must be 99.5% pure, silver must be 99.9% pure, and platinum and palladium must both be 99.95% pure. (stratatrust.com)
- Same tax rules as traditional IRA SEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less Before setting up a Silver IRA, understand the fees and IRS restrictions. (sltrib.com)
External Links
wsj.com
investopedia.com
regalassets.com
en.wikipedia.org
How To
Things to Remember: Best Precious Metals Ira, 2022
Precious Metals Ira has become a popular choice for investors. This article will help you understand what makes this asset class so attractive and how to make wise decisions when investing in precious metals.
The main attraction of these assets is their long-term growth potential. Gold prices have been able to show remarkable returns over the past 200 years, according to historical data. Over the past 200+ years, gold prices rose from $20 to almost $1900 an ounce. The S&P 500 Index grew only by about 50%.
During economic uncertainty, gold can also be considered a refuge. People will sell stocks to move to safety and security in gold when the stock exchange is experiencing a downturn. As an inflation hedge, gold is also thought to be a good investment. Many economists believe that there will always exist some level of inflation. As such, physical gold is an excellent way to protect your savings and prevent future price increases.
There are a few things you need to remember before purchasing precious metals like silver, gold or platinum. First, consider whether you would prefer to invest in bullion or coins. Bullion bars can be bought in large quantities (like 100-ounces) and kept aside until required. These coins can be used for small amounts of bullion.
You should also consider where your precious metals will be stored. Certain countries are more secure than others. If you are in the US, it might be a good idea to store your precious metals abroad. If you intend to store them in Switzerland, though, you might need to question why.
Finally, you should decide whether you want to invest directly in precious metals or through “precious metals exchange-traded funds” (ETFs). ETFs can be financial instruments that track different commodities' performance, such as gold. These instruments can be used to expose you to precious metals without needing to own them.
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