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Binance Removes ADA, MATIC, SHIB, DOGE, SOL & Other Top Liquidity Pools

Crypto exchange Binance removing major liquidity pools in BUSD pairs including Bitcoin, Ethereum, BNB, ADA, MATIC, SOL, SHIB, and DOGE.

Published by

Varinder Singh

Updated 20 Oct, 2023 | 07:02:50 AM UTC

Binance Removes ADA, MATIC, SHIB, DOGE, SOL & Other Top 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 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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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

Published by

Varinder Singh

Updated 20 Oct, 2023 | 07:02:50 AM

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