A decentralized Ethereum (ETH)-based lending protocol is leading the altcoin markets with explosive gains following surprise support from Binance, the world’s largest crypto trading platform by volume. In an announcement made by Binance yesterday, liquidity announced that it will list the coin (LQTY) in the “Innovation Zone”, where new tokens with higher volatility are identified.
Liquidity is a lending and borrowing protocol powered by the stablecoin LUSD. However, it uses ETH as collateral. Its native token, LQTY, can be used for liquidity mining and staking.
LQTY stakers receive LUSD from lending fees and redemptions Ethereum likely to win.
Resistance to censorship is also a key priority for the project, according to the Liquity website.
“Liquity is deployed as a complete system tuned to operate autonomously without human intervention. No one can change or upgrade contracts and no one has exclusive access.
Altcoins It is a protocol rather than a platform. There is no administrator with special privileges who can interfere, change or stop the operation of the protocol in any way.
Front-end operations are only provided by third parties, making the system decentralized and censorship resistant.”
Liquidity has a circulating supply of 90,994,355 units. It is currently trading at $2.06 with a market cap of $186 million.
Following the listing on Binance, LQTY jumped from $1.19 to $2.86. However, it surged 140% before pulling back.