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Binance announced it is getting rid of more than 10 liquidity pools as well as introducing Neutron (CRYPTO: NTRN) staking.
Liquidity Pools Dropped: Binance (CRYPTO: BUSD/USD) announced eliminating selected liquidity pools on Binance Liquid Swap including XRP (CRYPTO: XRP/BUSD), Fantom (CRYPTO: FTM/BUSD), Optimism (CRYPTO: OP/BUSD) and Decentraland (CRYPTO: MANA/BUSD).
This will expand liquidity levels and enable users to become liquidity providers and earn transaction fees and BNB rewards, while easily swapping crypto tokens. This forms part of the exchange’s strategy to completely end BUSD stablecoin support by February 2024.
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Other key liquidity pools such as BEL/USDT, FUN/USDT, GMT/BNB, GMT/ETH, HFT/USDT, IDEX/USDT, LEVER/USDT and MAGIC/BTC will also be removed.
Users cannot add liquidity to these pools from Oct.13, 2023, while users holding positions in the pools will automatically receive their deposited crypto assets in their spot wallets on Oct. 17.
The exchange reviews listed liquidity pools time-in-time to maintain liquidity, reduce slippage and provide better transaction prices to its users.
Read Next: Binance's Copy Trading: Empowering Users To Mimic Expert Strategies
Launchpool Showcases Neutron Staking: Separately, the Binance launchpool also introduced Neutron its 38th project offering, which will enhance cross-chain applications. The launchpool will allow developers to leverage the inter-blockchain communication protocol and boost DeFi dApps by providing them with a high level of economic security of the Cosmos Hub.
Binance users will be given the opportunity to stake their BNB, TUSD, and FDUSD to farm Neutron tokens over a span of 20 days, effective Oct.11, 2023. Based on staking terms, KYC is required for all participating users.
Neutron's total and maximum token supply totals up to 1 billion NTRN tokens. The initial circulating supply represents 21.71% of the total token supply, equal to around 217 million NTRN.
Read Also: Binance.US Revenue Reportedly Drops 70% In 2023 Amid Legal Battles
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