- Popular trading pairs include Bitcoin/Tether, Shiba Inu/Doge, and TUSD/USDT.
- Adding liquidity and becoming a liquidity provider does not come without risk.
In response to rising demand for Bitcoin, Shiba Inu, and Dogecoin, the biggest cryptocurrency exchange in the world, Binance has created seven additional liquidity pools. Users may earn incentives by providing liquidity to Binance’s pools or swapping one token for another via the Binance Liquid Swap.
On April 24th, Binance announced the addition of seven additional liquidity pools to its Liquid Swap service. Popular trading pairs include Bitcoin/Tether, Shiba Inu/Doge, and TUSD/USDT. Several more include the SYN/USDT, BEL/USDT, ID/BTC, and ID/USDT pairs.
Does Not Come Without Risk
Adding liquidity to a liquid pool and becoming a liquidity provider does not come without risk, but it does enable users to trade instantaneously and pool tokens to gain incentives. Tokens’ market price might change considerably in times of market uncertainty, resulting in decreased or even negative staking revenue.
As a consequence of the U.S. government crackdown against cryptocurrencies, Paxos ceased releasing Binance USD (BUSD) stablecoin, prompting Binance to shift its focus to TrueUSD (TUSD). The cryptocurrency exchange ended its zero-fee trading policy for all pairings other than TUSD. As a result, trading volumes for Bitcoin fell dramatically for several pairings.
Users may exchange tokens at market value thanks to the SHIB/DOGE liquidity pool. After the beta release of the Shibarium Layer-2 blockchain and Elon Musk’s hints that Dogecoin would be integrated into Twitter for payments, interest in both meme currencies skyrocketed.
Investors in cryptocurrencies react quickly to Binance’s recent statement. Bitcoin, Dogecoin, and Shiba Inu, among the most popular cryptocurrencies, all saw small price increases. However, most major coins were trading in the red, suggesting that the bears had control.
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