Binance, the largest cryptocurrency exchange, announced today that it will list a DeFi altcoin project. After the announcement, the price of the altcoin increased by close to 30 percent. Here are the details….
Binance lists DeFi altcoin project
According to Binance’s listing announcement, Lido DAO (LDO); Bitcoin (BTC), Binance USD (BUSD) and Tether (USDT) pairs will be listed at 14:00 Turkish time. With this listing, LDO is participating in a centralized exchange for the first time. Lido, an Ethereum-based DeFi platform, has the largest market share for staking ETH and is the 2nd largest decentralized finance (DeFi) protocol in terms of total value locked (TVL) according to DeFi Llama.
With the listing, the price of the cryptocurrency rose from $2.26 to $3.51. The coin is changing hands at $3.34 at the time of writing, with an uptick of 27.68 percent. The market capitalization of the crypto currency approached approximately $ 1 billion, and with this value, it ranked 66th among other cryptocurrencies.
What is Lido DAO? As
Krip tokoin.com , Lido is a liquid staking solution for Ethereum. Lido allows users to stake their ETH while participating in on-chain events. Among these ten chain activities, activities such as lending, receiving, compound returns can be shown. LDO is the native utility token used for:
- Granting administrative rights in Lido DAO.
- Manage fee parameters and distribution.
- Adding and removing Lido node operators.
Lido started staking on December 19, 2020 with 1 billion LDO tokens created at the time of formation. Founding members of Lido DAO own 64 percent of LDO tokens. These are locked for 1 year, after which they will be entitled over 1 year. Lido DAO members include Semantic VC, ParaFi Capital, Libertus Capital, Terra, Bitscale Capital, StakeFish, StakingFacilities, Chorus, P2P Capital, and KR1. A number of key angel investors also joined Lido, including Stani Kulecov of Aave, Banteg of Yearn, Will Harborne of Deversifi, Julien Bouteloup of Stake Capital and Kain Warwick of Synthetix.
