Binance, the world’s largest crypto exchange, has announced that it will remove 12 liquidity pools from its Binance Liquid Swap platform, including some popular altcoins such as XRP, Fantom (FTM), Optimism (OP), and Decentraland (MANA).
Binance Liquid Swap is a service that allows users to provide liquidity to pools of different crypto tokens and earn fees and rewards in return. Users can also swap tokens easily and quickly on the platform.
Binance Continues to Update Its Liquidity Pool Amid Regulatory Woes
According to the company’s official announcement, the removal of the liquidity pools is part of its periodic review to optimize the trading experience and concentrate liquidity. The affected pools are XRP/BUSD, FTM/BUSD, MANA/BUSD, OP/BUSD, BEL/USDT, FUN/USDT, GMT/BNB, GMT/ETH, HFT/USDT, IDEX/USDT, LEVER/USDT, and MAGIC/BTC.
Users will not be able to add liquidity to these pools from October 13 at 04:00 UTC. Moreover, users who have positions in these pools will automatically receive their deposited assets in their spot wallets on October 17.
The announcement also stated that the exchange will end its support for BUSD stablecoin by February 2024. This means that all the liquidity pools involving BUSD will be removed by then. BUSD is a USD-pegged stablecoin issued by Paxos in partnership with Binance.
Binance’s decision to remove some of the liquidity pools has sparked mixed reactions from the crypto community. Some users expressed disappointment and frustration, especially those who are fans of the affected altcoins. Others welcomed the move as a way to improve the efficiency and performance of the platform.
Meanwhile, Binance has also announced that it has listed a new altcoin on its platform: Neutron (NTRN). Neutron is a platform that facilitates the development of applications that can operate across different blockchains. It achieves this through the use of the Inter-Blockchain Communication Protocol (IBC).
This provides decentralized finance (DeFi) decentralized applications (dApps) with the robust economic security inherent in the Cosmos Hub.