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Stablecoin Lender Liquity's Token Rises 35% on Binance Listing
LQTY hit a 10-month high of $1.82 as trading volume surged by 382%.
LQTY, the native token of stablecoin lender Liquity, soared 35% Tuesday after it was listed on crypto exchange Binance's Innovation Zone.
At the time of writing, LQTY was changing hands at a 10-month high of $1.82 as trading volume surged by 382%, according to CoinMarketCap.
STORY CONTINUES BELOW
Bitcoin (BTC) and tether (USDT) trading pairs will go live on Binance at 11:00 UTC on Tuesday along with a USDT derivative pair.
The Liquity token rose 45% earlier this month after the New York State Department of Financial Services ordered Paxos to stop minting its centralized dollar-pegged cryptocurrency BUSD.
Liquity is an Ethereum-based protocol that offers interest-free loans in the form of the LUSD stablecoin for users who deposit ether (ETH).
The protocol has $596 million in total value locked, according to DefiLlama.
Binance's Innovation Zone is a venue where users can trade new tokens that are likely to have higher volatility and pose a higher risk than other tokens, according to Binance's website.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
