Liquity (LQTY) Price Surge Following Binance Listing
The price of LQTY, the token of the interest-free lending platform Liquity, has surged by hundreds of percentage points after its listing on Binance’s Innovation Zone.
Liquity (LQTY) Price Surge Following Binance Listing
According to the official announcement, Binance listed Liquity’s LQTY token in its Innovation Zone starting from the afternoon of February 28.
Binance Will List Liquity (LQTY) in the Innovation Zone
?https://t.co/jNXNw7OD4R pic.twitter.com/2qGhwhNvCE
— CryptoBinance?? (@CryptoBinanceUA) February 28, 2023
Initially, Binance is supporting spot trading for LQTY/BTC and LQTY/USDT pairs.
Following the listing announcement, LQTY’s price spiked to $2.80, reaching this peak temporarily before retreating to its current price of $2.10. The 24-hour price volatility for LQTY has been around 120%, with trading volume soaring by thousands of percent.
15-Minute Chart for LQTY/USDT on Binance as of 09:40 AM, March 1, 2023
On the 30-day chart, LQTY has increased by over 103%, pushing its market capitalization to $198 million.
Liquity is a protocol built on Ethereum where users can collateralize ETH to obtain zero-interest loans in the form of the project’s stablecoin, LUSD. The protocol currently has a total value locked (TVL) of $596 million, according to DeFi Llama.
Total Value Locked (TVL) in Liquity. Source: DeFi Llama
In line with broader trends, Liquity has gained significant traction following the New York Department of Financial Services' actions against Paxos and Binance-branded BUSD. This led to a mass migration of users from BUSD to other stablecoins.
It’s important to note that Binance’s Innovation Zone is known for trading new tokens that tend to exhibit higher volatility and risk compared to standard tokens.
So far this year, Binance has listed a total of four new projects: Rocket Pool (RPL), Gains Network (GNS), Synapse (SYN), and Liquity (LQTY).
