Liquity protocol’s native token – LQTY – shot up by 108.36% after a listing announcement by crypto giant, Binance.

The decentralized borrowing protocol essentially enables users to draw 0% interest loans against Ether used as collateral. LUSD, which is a USD-pegged stablecoin, is used to pay out loans and needs to maintain a minimum collateral ratio of only 110%.

Binance announced listing LQTY in the Innovation Zone with two trading pairs – LQTY/BTC, and LQTY/USDT. The trading will commence on February 28th. Withdrawals, on the other hand, will open on March 1st.
Additionally, LQTY is also being added as a borrowable asset in the isolated margin account.
The Innovation Zone is essentially a dedicated trading zone that enables users to trade new tokens that are likely to have higher volatility and can potentially pose a risk greater than other tokens.
Following the listing, LQTY surged by well over 30%.
According to the latest stats in DefiLlama, the total value locked (TVL) in the protocol stands above $600 million. While this is a substantial reduction from its peak of $4.52 billion during the bull run in 2021, the TVL figure is still up by 50% since the beginning of this year.

The post Binance Listing Triggers Over 100% Surge in Liquity token appeared first on CryptoPotato.

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Filed under: Bitcoin - @ February 28, 2023 2:22 pm