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Binance Removing XRP, FTM And 10 Other Liquidity Pools

Crypto exchange Binance removing key liquidity pools including XRP, Fantom (FTM), Optimism (OP), and Decentraland (MANA).

Published by

Varinder Singh

Published 10 Oct, 2023 | 06:45:56 AM UTC

Binance Removing XRP, FTM And 10 Other Liquidity Pools

The world’s largest crypto exchange Binance on Tuesday said it is removing selected liquidity pools on Binance Liquid Swap. The crypto exchange is taking down some key liquidity pools including XRP, Fantom (FTM), Optimism (OP), and Decentraland (MANA).

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 XRP, FTM, MANA Liquidity Pools

Crypto exchange Binance in an official announcement on October 10 revealed the plan to discontinue certain liquidity pools on its Binance Liquid Swap. Binance will remove some key liquidity pools such as XRP/BUSD, FTM/BUSD, MANA/BUSD, and OP/BUSD. It is part of its strategy to completely end BUSD stablecoin support by February 2024.

Other liquidity pools in the list are BEL/USDT, FUN/USDT, GMT/BNB, GMT/ETH, HFT/USDT, IDEX/USDT, LEVER/USDT, and MAGIC/BTC.

Users will not be able to add liquidity into the above liquidity pools from October 13 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 17.

“Users can choose to redeem their assets from the above liquidity pools before 2023-10-17 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. It also ensures an optimized trading experience on the crypto exchange.

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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

Published 10 Oct, 2023 | 06:45:56 AM

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