The world's largest crypto exchange Binance announced on Tuesday that it is removing select liquidity pools on Binance Liquid Swap. The crypto exchange is destroying 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 and MANA liquidity pools
Crypto exchange Binance announced in an official announcement on October 10 that it plans to decommission 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 phase out BUSD stablecoin support by February 2024.
Other liquidity pools in the list include BEL/USDT, FUN/USDT, GMT/BNB, GMT/ETH, HFT/USDT, IDEX/USDT, LEVER/USDT and MAGIC/BTC.
As of October 13th at 04:00 UTC, users will no longer be able to add liquidity to the above liquidity pools. Additionally, users who hold positions in the aforementioned liquidity pools will automatically receive their deposited crypto assets in their spot wallets on October 17th.
“Users can redeem their assets from the above-mentioned liquidity pools beforehand Oct 17, 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. It also ensures an optimized trading experience on the crypto exchange.
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Varinder has 10 years of experience in the Fintech sector, including over 5 years in blockchain, crypto and Web3 developments. A technology enthusiast and analytical thinker, he has shared his knowledge of breakthrough technologies in over 5,000 news stories, articles and articles. With CoinGape Media, Varinder believes in the enormous potential of these innovative future technologies. He is currently reporting on the latest updates and developments in the crypto industry.
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