• Liquity, a stablecoin lender, saw its token LQTY surge 35% after it was listed on Binance’s Innovation Zone.
• The token hit a 10-month high of $1.82 as trading volume surged by 382%.
• Liquity is an Ethereum-based protocol that offers interest-free loans in the form of the LUSD stablecoin for users who deposit ether (ETH).
Binance Lists Liquity Stablecoin Lender’s Token
Liquity, a stablecoin lender, saw its native token LQTY surge 35% Tuesday after it was listed on crypto exchange Binance’s Innovation Zone. Trading volume surged by 382%, pushing the token to a 10-month high of $1.82 at the time of writing.
What is Liquity?
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.
Why Did LQTY Surge?
The surge in price was largely due to Binance’s listing and also due to New York State Department of Financial Services ordering Paxos to stop minting its centralized dollar-pegged cryptocurrency BUSD earlier this month.
What Is Binance’s Innovation Zone?
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.
Conclusion
The listing of Liquity’s native token on crypto exchange Binance’s Innovation Zone caused its price to surge 35%, hitting a 10-month high of $1.82 as trading volume surged by 382%.