Binance, a cryptocurrency exchange, has launched support for the altcoin DeFi Project, which causes volatile price movements.
Following its launch on Binance, a popular cryptocurrency exchange, an altcoin designed for decentralized finance (DeFi) has surged nearly 60 percent to an all-time high.
Binance, in a statement made yesterday; a DeFi platform that allows participants to borrow, lend and earn returns in cryptocurrencies Rari Capital‘s Ethereum-based management token Rari Governance Token (RGT) announced that it has added support for
The price of RGT rose from $41 to an all-time high of $64.42 within a few hours of listing. According to CoinGecko, the coin has since lost some of its gains and is trading at $54.84, down nearly 10 percent from its all-time high at the time of writing.
RGT holders can participate in the protocol’s governance system through on-chain voting, contribute to liquidity pools located on decentralized exchanges to earn mining and transaction fee rewards, and use the token to obtain service fee discounts from the protocol.
According to the platform’s own statement, RGT is classified as a deflationary cryptocurrency that burns tokens while making money, a feature that can have a positive impact on the price:
“RGT will be burned for every penny (exactly 70 percent of total revenues) generated by the protocol, which will reduce the total supply of the token as the protocol succeeds.”
According to CoinMarketCap data, the circulating supply of RGT appears to be 11.25 million coins at the time of writing.
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