Binance is eliminating some liquidity pools and Launchpool is adding the ability to stake neutrons

October 10, 2023 3:04 p.m | 2 minutes read

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Binance announced that it is decommissioning and launching more than 10 liquidity pools neutron (CRYPTO: NTRN) Staking.

Liquidity Pools Dropped: Binance (CRYPTO: BUSD/USD) announced the elimination of select liquidity pools on Binance Liquid Swap, including XRP (CRYPTO:XRP/BUSD), phantom (CRYPTO: FTM/BUSD), optimism (CRYPTO: OP/BUSD) and Decentralized (CRYPTO: MANA/BUSD).

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This increases liquidity levels and allows users to become liquidity providers, earning transaction fees and BNB rewards while easily exchanging crypto tokens. This is part of the exchange’s strategy to completely phase out BUSD stablecoin support by February 2024.

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Other major 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.

Starting October 13, 2023, users will no longer be able to add liquidity to these pools, while users holding positions in the pools will automatically receive their deposited crypto assets in their spot wallets on October 17.

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The exchange reviews the listed liquidity pools from time to time to maintain liquidity, reduce slippage and provide better transaction prices to its users.

Read more: Binance Copy Trading: Allows Users to Mimic Expert Strategies

Launchpool presents neutron staking: The Binance launch pool was also introduced separately neutron its 38th project offering that will improve cross-chain applications. The Launchpool will enable developers to leverage the cross-blockchain communication protocol and promote DeFi dApps by providing them with a high level of economic security from the Cosmos Hub.

Starting October 11, 2023, Binance users will have the opportunity to stake their BNB, TUSD, and FDUSD to farm Neutron tokens over a 20-day period. Based on the wagering conditions, KYC is required for all participating users.

Neutron’s total and maximum token supply is up to 1 billion NTRN tokens. The initial circulating supply represents 21.71% of the total token supply, which is approximately 217 million NTRN.

Also Read: Binance.US Revenue Reportedly Drops 70% in 2023 Due to Litigation

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