Binance-Listed Bella Token (BEL) Witnesses Over 1000% Price Surge

15 Sep, 2020 Updated 17 Aug, 2024

By Ketaki Dixit

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Experienced writer and editor with a demonstrated history of working in the industry. Skilled in Copywriting, Web Content Writing, Copy Editing, Writing, Cryptocurrency News Writing, and News Editing.

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Bella Protocol’s BEL Listings

Bella Protocol became the first project to be hosted on Binance’s brand-new initiative dubbed ‘Launchpool’ platform to bring the decentralized finance [DeFi] experience to its users.

The official post stated,

“Starting from September 9, at 12:00 AM UTC, Binance users can stake their BNB, BUSD, or ARPA tokens into three separate pools. Over the next 30 days, they’ll be eligible to receive a share of 5 million BEL tokens, representing 5% of the total supply.”

With this Binance enabled users to stake their crypto holdings, including tokens such as ARPA, BNB, and BUSD, in return for rewards paid newly-listed tokens, of which, Bella Protocol’s BEL is the first on offer.

Shortly after this development, BEL/ETH was added on Uniswap’s decentralized protocol as well as on cryptocurrency exchange HBTC which could have further propelled the price of the token.

Merely after the listing of the token, BEL on Binance, Bella Protocol revealed noticing that there were some fake BEL token contract addresses intended to scam investors to trade on DEXes.

The Binance Effect?

The crypto community is well aware of the “Coinbase effect” which refers to cryptocurrencies in the market witnessing stunning rallies after being listed on the San Francisco-based crypto-exchange.

But another contender in the space, Binance could now potentially take over this narrative. Binance has been exploring the burgeoning DeFi space since the first quarter of the year and its expansion has been nothing less than impressive. Dozens of DeFi projects have flocked into the platform in less than a week.

With the Launchpool, Binance aims to bring in yield farming, which has so far proved to be a lucrative mechanical element on the Ethereum blockchain. This could be one of the major factors that could contribute to a wider audience.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.