On Friday, Binance, the largest cryptocurrency exchange, said it would take off certain liquidity pools from its Liquid Swap platform. Binance plans to delist a few big liquidity pools. These include Ethereum (ETH), XRP, Solana (SOL), Cardano (ADA), Polkadot (DOT), Chainlink (LINK), Polygon (MATIC), Litecoin (LTC), and Bitcoin Cash (BCH) by Dec 22.
In an official statement made on Dec 15, the cryptocurrency exchange Binance revealed its decision to terminate specific liquidity pools on the Binance Liquid Swap platform. Binance Liquid Swap enables users to contribute liquidity to collections, becoming providers who earn transaction fees and BNB rewards while effortlessly exchanging various crypto tokens.
Binance will eliminate some key liquidity pools such as ADA/ETH, ADA/USDT, BCH/BTC, DOT/BTC, DOT/USDT, ETH/DAI, LINK/ETH, LINK/USDT, LTC/BNB, LTC/BTC, LTC/ETH, LTC/USDT, MATIC/USDT, SOL/BTC, SOL/USDT, XRP/BNB, XRP/BTC, and XRP/ETH.
From Dec 18 at 04:00 UTC, users will be unable to add liquidity to the mentioned liquidity pools. Additionally, users with positions in these liquidity pools will receive their deposited crypto assets in their spot wallets automatically on Dec 22.
Liquid Changes: Binance Deadline For Asset Claims & Pool Optimization
As per the announcement, users have the option to redeem their assets from the mentioned liquidity pools before 2023-12-22 at 04:00 (UTC). Thereafter, the system will calculate deposits in the liquidity pools based on the prevailing composition ratios of the corresponding pool and automatically redeem them to users’ Spot wallets.
Binance highlighted its regular check and deletion of listed liquidity pools. It helps focus liquidity, reduce slippage, and improve transaction costs for users. Therefore, the trading experience on the cryptocurrency exchange is refined.
In October, BNB implemented actions similar to others by getting rid of important liquidity pools. These pools encompass Bitcoin (BTC), Ethereum (ETH), BNB, XRP, Cardano (ADA), Polygon (MATIC), Solana (SOL), Shiba Inu (SHIB), and Dogecoin (DOGE). Such a decisive action fits well with Binance’s objective to fully cease supporting BUSD stablecoin by the time we reach Feb 2024.
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