Cryptocurrency exchange Binance is eliminating significant liquidity pools, which include XRP, Fantom (FTM), Optimism (OP), and Decentraland (MANA).
The biggest crypto exchange, Binance, is making changes to Binance Liquid Swap. They’re taking down certain important liquidity pools, such as XRP, Fantom (FTM), Optimism (OP), and Decentraland (MANA).
With Binance Liquid Swap, people can put their crypto into these pools to become liquidity providers. They earn fees from transactions and BNB rewards, all while being able to easily swap different crypto tokens.
Binance Removes XRP, FTM, and MANA Liquidity Pools
Binance, a cryptocurrency exchange, has made an official announcement on October 10 about discontinuing some liquidity pools on its Binance Liquid Swap. They plan to remove important liquidity pools like XRP/BUSD, FTM/BUSD, MANA/BUSD, and OP/BUSD as part of a strategy to completely end support for the BUSD stablecoin by February 2024.
Other liquidity pools on the list include BEL/USDT, FUN/USDT, GMT/BNB, GMT/ETH, HFT/USDT, IDEX/USDT, LEVER/USDT, and MAGIC/BTC.
Starting from October 13 at 04:00 UTC, users won’t be able to add their assets to these pools. Users who have assets in these pools will automatically receive them in their spot wallets on October 17.
Users can choose to take their assets out of these pools before October 17, 2023. After that date, any remaining assets in the pools will be automatically converted based on the current pool ratios and sent to users’ Spot wallets.
Binance periodically reviews its liquidity pools to make sure they are concentrated, reduce price changes, and provide better transaction prices to users, which improves the overall trading experience on the platform.
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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