Cryptocurrency Doubles in Price After Listing on Binance

Cryptocurrency Doubles in Price After Listing on Binance

Following the listing of pairs on the Binance exchange, the cryptocurrency Liquity (LQTY) doubled in price in a matter of hours, surprising the global community of traders in the currency and the Ethereum DeFi ecosystem.

Created as an alternative to decentralized lending, the decentralized finance solution is yet another one that lists its own cryptocurrency on the world’s largest exchange by volume.

With the news, traders noticed the potential to trade the currency in two new pairs, namely LQTY/BTC and LQTY/USDT.

Cryptocurrency liquidity doubles in price within hours of listing on Binance

Tuesday morning (28) was positive for Liquity traders and long-term investors, who saw the LQTY cryptocurrency double in price within hours and increase in value by 100%.

Cryptocurrency Liquity LQTY doubles in price within hours of Binance announcing pair listing
Cryptocurrency Liquity (LQTY) Doubles in Price Within Hours After Binance Announces Listing of Pairs. Credit: CoinMarketCap.

Trading on Binance started at 8am Brazil time and has already moved the market for the new currency.

In addition to releasing the two new pairs to the spot market, Binance promised to list the LQTY with margin options within 48 hours.

Finally, project traders can also trade DeFi in the Innovation Zone. While deposits have already been released to all users, coin withdrawals should begin next Wednesday (1/3).

Announcing the news, Binance warns that cryptocurrency is relatively new and may carry additional market risks.

“LQTY is a relatively new token that carries greater risk than usual and as such is likely to be subject to high price volatility. Please make sure you have adequate risk management, have done your own research on the basics of LQTY and fully understand the project before choosing to trade the token.

What is the Liquidity Cryptocurrency?

Liquity is a decentralized lending protocol that allows you to borrow interest-free against the Ether used as collateral. Loans are repaid in LUSD (a dollar-pegged stablecoin) and a collateral percentage of at least 110% must be maintained.

In addition to collateral, the loans are backed by a stability pool with LUSD and other borrowers acting collectively as guarantors.

The protocol presents itself as a truly decentralized stablecoin, with management done by an algorithm, unlike Maker, for example.

Being a DeFi related project, Binance has listed it cautiously and warns interested parties to study the project before trading it on the market.

Source: Live Coins