Binance, a cryptocurrency exchange, is taking down significant liquidity pools in BUSD pairs, including major tokens like Bitcoin, Ethereum, BNB, ADA, MATIC, SOL, SHIB, and DOGE.
Binance, the world’s largest cryptocurrency exchange, announced on Friday that it’s eliminating specific liquidity pools on Binance Liquid Swap. This move involves major tokens like Bitcoin (BTC), Ethereum (ETH), BNB, Cardano (ADA), Polygon (MATIC), Solana (SOL), Shiba Inu (SHIB), and Dogecoin (DOGE).
Binance Liquid Swap enables users to offer liquidity in these pools, becoming liquidity providers and earning transaction fees and BNB rewards. It also allows for convenient token swapping.
Binance Delists Major Liquidity Pools in BUSD Pairs
Binance, a cryptocurrency exchange, has announced that it will discontinue certain liquidity pools on its Binance Liquid Swap. This decision includes the removal of significant pools such as BTC/BUSD, ETH/BUSD, BNB/BUSD, ADA/BUSD, MATIC/BUSD, SOL/BUSD, SHIB/BUSD, and DOGE/BUSD. This move is part of a strategy to completely phase out support for the BUSD stablecoin by February 2024.
Additional liquidity pools affected include BUSD/DAI, BUSD/USDT, FIL/BUSD, GMT/BUSD, HOOK/BUSD, LINK/BUSD, LTC/BUSD, POND/BUSD, and UNI/BUSD.
From October 23 at 04:00 UTC, users won’t be able to add liquidity to the mentioned pools. Those with assets in these pools will receive their deposited cryptocurrencies in their spot wallets on October 27. Users can choose to redeem their assets from these pools before October 27, 2023. Afterward, deposits will be calculated based on the current composition ratios of the respective pool and automatically redeemed to users’ Spot wallets.
Binance stated that they regularly review listed liquidity pools to optimize liquidity, reduce price fluctuations, and offer better transaction rates to users, ensuring an improved trading experience on the platform.
Binance Ends Support for BUSD
Binance is progressively discontinuing support for BUSD by delisting pairs, eliminating liquidity pools, and terminating BUSD-related products and services. This has caused BUSD’s market cap to drop significantly, going from $22.50 billion to $2 billion this year.
In the previous week, the exchange removed important liquidity pools like XRP/BUSD, FTM/BUSD, MANA/BUSD, and OP/BUSD.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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