LQTY, the token of interest-free lending platform Liquity, skyrocketed hundreds of percentage points after being listed on the Binance Innovation Zone.
According to the official announcement, Binance has listed the LQTY token of the Liquity lending platform on Innovation Zone from yesterday afternoon – February 28.
Binance Will List Liquity (LQTY) in the Innovation Zone
— CryptoBinance🇺🇦 (@CryptoBinanceUA) February 28, 2023
For starters, Binance supports spot trading of pairs LQTY/BTC and LQTY/USDT.
After the announcement of the floor list, the price of LQTY jumped to $ 2.8, temporarily peaking here, before returning to the current $ 2.1 price area. According to measurement, the 24h trading range of LQTY is about 120%, with the impressive 24h trading volume increasing thousands of percent.
On the 30D big bracket, LQTY has grown by more than 103%, pushing the token’s total market cap to $198 million.
Liquity is a protocol built on top of Ethereum. Users collateralize ETH to be provided with interest-free loans in the form of the issuing project’s stablecoin LUSD. The protocol currently has a total locked value of $596 million, according to DeFi Llama.
Following the general trend, Liquity gained a lot of growth momentum after the New York Department of Financial Services issued an order to “punish” Paxos and the BUSD coin associated with the Binance brand. The reason is that users massively exited BUSD to other stablecoins.
However, it should be noted that the Binance Innovation Zone is an area where new tokens are traded but have a higher volatility and risk than normal tokens.
Since the beginning of the year, Binance has listed a total of 4 projects Rocket Pool (RPL), Gains Network (GNS), Synapse (SYN) and Liquity (LQTY).