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Liquity token price takes a ride after Binance listing

By:
on Feb 28, 2023
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  • Liquity is a decentralized borrowing protocol built on Ethereum.
  • Ether holders can draw loans in the form of LQTY with algorithmically adjusted redemption.
  • Liquity’s LQTY has been listed on Binance’s innovation zone.

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Liquity (LQTY/USD) has surged by more than 110% today after news of being listed in Binance’s innovation zone.

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At press time, the LQTY token was trading at $2.75, up 110.04%. The token is trading at a 10-month high as its trading volume surged by 733 % in the last 24 hours.

Listing on Binance

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Binance has been in the limelight for the wrong reasons in the recent past, especially since the fall of FTX, which most investors still believe Binance had a hand in. The exchange is currently embroiled in a saga with the US Securities and Exchange Commission (SEC) for its Binance USD (BUSD/USD) stablecoin.

The most recent is the news making rounds about Binance moving $1.8B of customer funds in a move similar to FTX.

Nevertheless, Biannce is still the largest cryptocurrency exchange by trading volume and listing on the exchange means a lot for any cryptocurrency and that is the main reason why Liquity’s token price is skyrocketing.

Interestingly, LQTY also surged by more than 45% earlier this month after the NYSDFS ordered Paxos Trust to stop issuing Binance USD stablecoin.

LQTY’s Bitcoin (BTC) and tether (USDT) trading pairs will go live on Binance at 11:00 UTC on February 28 alongside a USDT derivative pair.

According to DeFiLlama, the Liquity protocol currently has more than $596 million in total value locked (TVL).

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