Binance, one of the largest centralized crypto exchanges, has announced the removal of several tokens from its loanable asset offerings. The exchange is delisting tokens like Banana Gun (BANANA), Liquity (LQTY), Harmony (ONE), and many more from its loanable assets.

Despite this update, LQTY has surged the most, gaining 20% in the last 24 hours. BANANA and ONE followed, with gains of 6.57% and 8%, respectively. IOST, with its transformative tokenomics update, also saw a 3.8% price increase.

Binance Updates Loanable Assets to Banana, Harmony, and These Cryptos

According to January 14 announcement by Binance, the exchange revealed major update to its Flexible Rate Loan program. Effective January 15, at 03:00 (UTC), several cryptocurrencies will no longer be available as loanable assets. These tokens include Banana Gun (BANANA), Harmony (ONE), Gains Network (GNS), Kadena (KDA), Liquity (LQTY), Livepeer (LPT), Portal (PORTAL), Tellor Tributes (TRB), Viberate (VIB), and Vulcan Forged PYR (PYR).

This decision stems from the platform’s regular product reviews, ensuring that it provides the most valuable services to its users while adhering to evolving market trends. The exchange emphasized that active loan orders involving the affected cryptocurrencies would remain unaffected. Users can continue holding these loans until they repay their respective orders.

While no specific reason was cited for the delisting, Binance’s move reflects its strategy to streamline its offerings and focus on tokens that better align with its ecosystem and user activity. These updates come as one of the top crypto exchanges continues to adapt to the rapidly evolving crypto landscape.

Binance Highlights Key Tokenomics Update for IOST

Binance has also shared an important update regarding the tokenomics of IOST (Internet of Services Token). The total supply and circulating supply of IOST will increase as part of a strategic transformation under the IOST 3.0 initiative. This move aims to enhance its Layer 2 infrastructure and position IOST as a leading Web3 payment solution.

The IOST project team has outlined a detailed reallocation framework to support this evolution. As per the project team, the increase in IOST’s total supply will accommodate new features like supporting over 5,000 validator nodes, powering Layer 2 infrastructure, and funding payment innovation.

The adjusted supply will be distributed across several key areas. Fifty percent of the total supply will be allocated over the next five years, with a focus on network infrastructure development, which will receive 60% of the growth allocation. Additionally, 20% will support community development programs, rewarding early adopters and fueling ecosystem growth. Other allocations include a payment innovation fund (8%), technical development grants (5%), decentralized governance operations (4%), and team performance incentives (3%).

Price Context of Affected Coins

After the announcement from Binance, the following are the prices and their respective gains:

Banana Gun (BANANA): The price is trading at $38.33, up 6.57% in the last 24 hours, with a market cap of $131 million.

Gains Network (GNS): The price changing hands at $1.544, gaining 11% in 24 hours. The market cap is below $50 million.

Harmony (ONE): The priced is currently at $0.023 with an 8% increase. The market cap is $340 million.

Kadena (KDA): The price is at $0.79, seeing an 8% gain in 24 hours.

Liquity (LQTY): The price trades at $1.8 with a 20% surge in 24 hours.

Livepeer (LPT): At $13.34, it’s up 6% in the last 24 hours.

Portal (PORTAL): Priced at $0.261, up 7.25%.

Tellor Tributes (TRB): Trading at $56.82, up approximately 5%.

Viberate (VIB): At $0.084, it’s gained 9%.

Vulcan Forged (PYR): Priced at $2.7, with a 4% increase.

IOST: Trading at $0.0068 with a 3.8% increase in the last 24 hours.

Recently, Binance added AI coins such as AIXBT by Virtuals (AIXBT), ChainGPT (CGPT), and Cookie DAO (COOKIE) to its spot market. The announcement had a significant impact, with AIXBT surging 40%, CGPT climbing 70%, and COOKIE rising 56%, highlighting the strong market response to these listings.

The post Binance Reveals Major Update on BANANA and These Crypto, Will Prices React? appeared first on CoinGape.

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Filed under: News - @ January 14, 2025 11:25 am