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The world’s largest crypto exchange Binance on Friday said it is removing selected liquidity pools on Binance Liquid Swap. The crypto exchange is taking down some major liquidity pools including Bitcoin (BTC), Ethereum (ETH), BNB, Cardano (ADA), Polygon (MATIC), Solana (SOL), Shiba Inu (SHIB), and Dogecoin (DOGE).
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 Removes Major Liquidity Pools In BUSD Pairs
Crypto exchange Binance in an official announcement on October 20 reveals plan to discontinue certain liquidity pools on its Binance Liquid Swap. Binance will remove some key liquidity pools such as BTC/BUSD, ETH/BUSD, BNB/BUSD, ADA/BUSD, MATIC/BUSD, SOL/BUSD, SHIB/BUSD, and DOGE/BUSD. The move is part of the strategy to completely end BUSD stablecoin support by February 2024.
Other liquidity pools are BUSD/DAI, BUSD/USDT, FIL/BUSD, GMT/BUSD, HOOK/BUSD, LINK/BUSD, LTC/BUSD, POND/BUSD, and UNI/BUSD.
Users will not be able to add liquidity into the above liquidity pools from October 23 at 04:00 UTC. Moreover, users holding positions in the above liquidity pools will automatically receive their deposited crypto assets in their spot wallets on October 27.
“Users can choose to redeem their assets from the above liquidity pools before 2023-10-27 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.
Binance Takes Down BUSD Support
Binance continues to take down BUSD support by delisting pairs, removing liquidity pools, and ending BUSD-related products and services. The market cap of BUSD falls to $2 billion from $22.50 billion this year.
CoinGape Media earlier reported that the exchange removed some key liquidity pools such as XRP/BUSD, FTM/BUSD, MANA/BUSD, and OP/BUSD last week.
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