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The world’s largest crypto exchange Binance on Wednesday said it is removing selected liquidity pools on Binance Liquid Swap. The crypto exchange plans to take down some major liquidity pools including Polygon (MATIC), Solana (SOL), Tron (TRX), Shiba Inu (SHIB), Bitcoin Cash (BCH), Avalanche (AVAX), and Polkadot (DOT) by December 6.
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 Delisting Major Liquidity Pools
In an official announcement on November 29, Binance revealed the plan to discontinue certain liquidity pools on its Binance Liquid Swap. Binance will remove some key liquidity pools such as AVAX/USDT, BCH/BNB, BCH/USDT, DOT/BNB, MATIC/BTC, SHIB/DOGE, SOL/BNB, TRX/USDT, and USDC/USDT.
Other liquidity pools are AAVE/BNB, AAVE/ETH, AAVE/USDT, CAKE/USDT, CHZ/USDT, COMP/BTC, DUSK/USDT, DYDX/BTC, DYDX/USDT, EDU/BTC, FIL/USDT, FTM/USDT, GALA/USDT, GMT/BTC, GMT/USDT, HOOK/BTC, ICP/USDT, INJ/BNB, MANA/USDT, NEAR/BTC, NEO/USDT, RUNE/USDT, VET/BTC, and VET/ETH.
Users will not be able to add liquidity into the above liquidity pools from December 4 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 December 6.
“Users can choose to redeem their assets from the above liquidity pools before 2023-12-06 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 Media recently reported that Binance removed some major liquidity pools including Bitcoin (BTC), Ethereum (ETH), BNB, Cardano (ADA), Polygon (MATIC), Solana (SOL), Shiba Inu (SHIB), and Dogecoin (DOGE). The move is part of the strategy to end BUSD stablecoin support by February 2024.
Binance has also removed XRP, Fantom (FTM), Optimism (OP), Decentraland (MANA), and 10 other liquidity pools in October.
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