NewsletterJust-In: Binance Announces Removal of Key Crypto Swap Liquidity Pools
The world’s largest crypto exchange Binance on Friday said it is removing selected liquidity pools on Binance Liquid Swap. The crypto exchange plans to delist some major liquidity pools including Ethereum (ETH), XRP, Solana (SOL), Cardano (ADA), Polkadot (DOT), Chainlink (LINK), Polygon (MATIC), Litecoin (LTC), and Bitcoin Cash (BCH) by December 22.
Binance Removes Major Liquidity Pools
Crypto exchange Binance in an official announcement on December 15 discloses that it will discontinue specific liquidity pools on its Binance Liquid Swap. Binance Liquid Swap allows users to provide liquidity in the pools to become liquidity providers and earn transaction fees and BNB rewards, while easily swapping crypto tokens.
Binance will remove 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.
Other liquidity pools are AAVE/ETH, ARB/BTC, FIL/BTC, MANA/BTC, SAND/BTC, UNI/BNB, UNI/BTC, and VET/USDT.
Users will not be able to add liquidity into the above liquidity pools from December 18 at 04:00 UTC. Moreover, users having positions in the above liquidity pools will automatically receive their deposited crypto assets in their spot wallets on December 22.
“Users can choose to redeem their assets from the above liquidity pools before 2023-12-22 04:00 (UTC). Thereafter, deposits in the liquidity pools will be calculated based on the prevailing composition ratios of the corresponding pool, and automatically redeemed to users’ Spot wallets,” as per the announcement.
Binance said it periodically reviews listed liquidity pools to concentrate liquidity, reduce slippage, and provide better transaction prices to its users. This ensures an optimized trading experience on the crypto exchange.
CoinGape recently reported that Binance delisted Polygon (MATIC), Solana (SOL), Tron (TRX), Shiba Inu (SHIB), Bitcoin Cash (BCH), Avalanche (AVAX), and Polkadot (DOT) on December 6.
Binance has also removed some major liquidity pools including Bitcoin (BTC), Ethereum (ETH), BNB, XRP, Cardano (ADA), Polygon (MATIC), Solana (SOL), Shiba Inu (SHIB), and Dogecoin (DOGE) in October. The move came as part of the strategy to completely end BUSD stablecoin support by February 2024.
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