The world’s largest crypto exchange Binance announced on Wednesday that it is removing select liquidity pools on Binance Liquid Swap. The crypto exchange plans to liquidate some large liquidity pools including Polygon (MATIC), Solana (SOL), Tron (TRX), Shiba Inu (SHIB), Bitcoin cash (BCH), avalanche (AVAX) and Speckle (DOT) until December 6th.
Binance Liquid Swap allows users to provide liquidity in the pools to become liquidity providers and earn transaction fees and BNB rewards while easily swapping crypto tokens.
Binance delists large liquidity pools
In an official announcement on November 29, Binance announced its plan to decommission certain liquidity pools on its Binance Liquid Swap. Binance will remove some key liquidity pools such as AVAX/USDT, BCH/BNB, BCH/USDT, DOT/BNB, MATIC/BTC, SHIB/DOGE, SOL/BNB, TRX/USDT and USDC/USDT.
Other liquidity pools include AAVE/BNB, AAVE/ETH, AAVE/USDT, CAKE/USDT, CHZ/USDT, COMP/BTC, DUSK/USDT, DYDX/BTC, DYDX/USDT, EDU/BTC, FIL/USDT, FTM/ USDT , GALA/USDT, GMT/BTC, GMT/USDT, HOOK/BTC, ICP/USDT, INJ/BNB, MANA/USDT, NEAR/BTC, NEO/USDT, RUNE/USDT, VET/BTC and VET/ETH .
As of December 4th at 04:00 UTC, users will no longer be able to add liquidity to the above liquidity pools. Additionally, users who hold positions in the aforementioned liquidity pools will automatically receive their deposited crypto assets in their spot wallets on December 6th.
“Users can redeem their assets from the above-mentioned liquidity pools beforehand 12/06/2023 04:00 (UTC). Thereafter, deposits in the liquidity pools will be calculated based on the prevailing composition ratios of the corresponding pool and automatically redeemed into users’ spot wallets,” the announcement said.
Binance said it regularly reviews listed liquidity pools to concentrate liquidity, reduce slippage and provide its users with better transaction prices. This ensures an optimized trading experience on the crypto exchange.
CoinGape Media recently reported that Binance has removed some major liquidity pools including Bitcoin (BTC), ether (ETH), BNB, Cardano (ADA), Polygon (MATIC), Solana (SOL), Shiba Inu (SHIB) and Dogecoin (DOGE). The move is part of the strategy to end BUSD stablecoin support by February 2024.
Binance also removed XRP, Fantom (FTM), Optimism (OP), Decentraland (MANA), and 10 other liquidity pools in October.
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