Ethereum DeFi Altcoin Explodes 140% After Surprise Support From Crypto Exchange Binance

The decentralized Ethereum (ETH)-based lending protocol is leading the altcoin market and making explosive profits after receiving surprise support from Binance, the world’s largest cryptocurrency trading platform by trading volume.

and announcement Binance yesterday revealed that it will list Liquity (LQTY) in the innovation zone where new tokens with high volatility are designated.

Liquity is a borrowing and lending protocol powered by the stablecoin LUSD and uses ETH as collateral. Its native token, LQTY, can be used for liquidity mining and staking.

LQTY stakers earn LUSD from loan issuance fees and redemption ETH.

according to liquidity websitecensorship resistance is also a major priority of the project.

Liquity was deployed as a complete system and set to run autonomously without human intervention. No one can change or upgrade contracts, and no one has special access.

Liquity is a protocol, not a platform. There are no administrators with special privileges who could interfere, modify, or stop the operation of the protocol in any way.

Front-end operations are provided exclusively by a third party, so the system is decentralized and censorship-resistant. “

Liquity has a circulating supply of 90,994,355 and is currently trading at $2.06, giving it a market cap of $186 million.

Following its listing from Binance, LQTY surged from $1.19 to a high of $2.86, up 140% before turning back.

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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia