The world's largest crypto exchange Binance announced on Friday that it is removing select liquidity pools on Binance Liquid Swap. The crypto exchange plans to delist some major liquidity pools including ether (ETH), XRP, Solana (SOL), Cardano (ADA), Speckle (POINT), chain link (SHORTCUT), Polygon (MATIC), Litecoin (LTC) and Bitcoin cash (BCH) until December 22nd.
Binance is removing large liquidity pools
Crypto exchange Binance announced in an official announcement on December 15 that it would be discontinuing certain liquidity pools on its Binance Liquid Swap. 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 will remove some key liquidity pools such as ADA/ETH, ADA/USDT, BCH/BTC, DOT/BTC, DOT/USDT, ETH/DAI, LINK/ETH, LINK/USDT, LTC/BNB, LTC/BTC, LTC/ETH , LTC/USDT, MATIC/USDT, SOL/BTC, SOL/USDT, XRP/BNB, XRP/BTC and XRP/ETH.
Other liquidity pools include AAVE/ETH, ARB/BTC, FIL/BTC, MANA/BTC, SAND/BTC, UNI/BNB, UNI/BTC and VET/USDT.
As of December 18th at 04:00 UTC, users will no longer be able to add liquidity to the above liquidity pools. Additionally, on December 22nd, users with positions in the aforementioned liquidity pools will automatically receive their deposited crypto assets in their spot wallets.
“Users can redeem their assets from the above-mentioned liquidity pools beforehand 12/22/2023 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 into users’ spot wallets,” the announcement said.
Binance said it regularly reviews listed liquidity pools to concentrate liquidity, reduce slippage and provide its users with better transaction prices. This ensures an optimized trading experience on the crypto exchange.
CoinGape recently reported that Binance was delisted Polygon (MATIC), Solana (SOL), Tron (TRX), Shiba Inu (SHIB), Bitcoin cash (BCH), avalanche (AVAX) and Speckle (DOT) on December 6th.
Binance has also removed some major liquidity pools including Bitcoin (BTC), ether (ETH), BNB, XRP, Cardano (ADA), Polygon (MATIC), Solana (SOL), Shiba Inu (SHIB) and Dogecoin (DOGE) in October. The move came as part of a strategy to completely phase out BUSD stablecoin support by February 2024.
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