Binance has removed eight projects from its centralized exchange, including community-built DeFi project Spartan Protocol.
Binance Delisting
The delisting of community-created DeFi project Spartan Protocol was announced on Aug. 4 by a tweet from Binance that linked to an article in which the exchange explained the vetted criteria of projects on its platform while conducting its period reviews. Eight projects failed the latest review and were scheduled to be removed from the popular exchange on August 11th.
Community contributors keep the faith
The delisting doesn’t change the long-term plans for the protocol, community contributor Nate told BSC News. Instead, the project remains focused on rolling out V3, which aims to reduce swap and gas fees while allowing aggregators and projects to integrate more efficiently with the protocol.
Community contributor Samus also emphasized the focus on building a more solid foundation for Automated Market Makers (AMM) that offers deeper liquidity and low transaction fees while exchanging tokens in the liquidity pools.
The token’s delisting from the centralized Binance exchange will force $SPARTA holders on Binance to move their tokens, likely resulting in more on-chain token supply shifting, resulting in more liquidity for the actual users of the decentralized applications of the Spartan protocol (dApps).
As $SPARTA’s Binance CEX offering begins to roll on-chain, some pools’ liquidity caps have been proactively raised:
– $BNB increased to 12 million
– $BUSD increased to 8 million
– $BTCB raised to 8M
– $USDT raised to 8M
– $USDC increased to 5M
– $AVA increased to 500,000
– FOUR $ increased to 200,000
— Spartan Protocol (@SpartanProtocol) August 11, 2022
A rollercoaster ride
The delisting announcement is the latest in a series of ups and downs for the project. First, an exploit drained the Spartan Protocol’s liquidity pool, resulting in around $30 million in funds being stolen in May 2021.
The value of $SPARTA has fallen by approximately 99% since the hacking incident. The project’s market cap, which surpassed $120 million twice in 2021, is now under $2 million.
After the exploit, the community-built project was reassembled and began focusing on launching the V2 Official Mainnet. V2 enabled its users to provide liquidity on the Spartan Protocol dApp while earning income from their tokens.
The Spartan Protocol community contributors are already experienced in dealing with setbacks and will continue to work towards the launch of V3.
What is the Spartan Protocol:
Spartan Protocol is a community developed decentralized finance project built on top of BNB Chain. The decentralized applications created by the Spartan Protocol allow users to trade assets and provide liquidity in the liquidity pools. Providing liquidity allows users to earn a return on their tokens.
Where can I find the Spartan log:
Website | Twitter | Telegram | Medium |
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