An Ethereum (ETH)-based decentralized lending protocol is leading altcoin markets with explosive gains after surprise support from Binance, the world’s largest cryptocurrency trading platform by volume.
In an announcement yesterday, Binance revealed that it would list Liquity (LQTY) in its “Innovation Zone”, where newer tokens with higher volatility are designated.
Liquity is a lending and lending protocol powered by its LUSD stablecoin and uses ETH as collateral. LQTY, its native token, can be used for liquidity mining and staking.
LQTY participants can earn LUSD on loan issuance fees and ETH on redemptions.
According to the Liquity website, censorship resistance is also a top priority for the project.
“Liquity was implemented as a complete system, configured to run autonomously without human intervention. Nobody can change or update the contracts and nobody has special access.
Liquity is a protocol more than a platform. There is no administrator with special privileges that can interfere, alter or stop the operation of the protocol in any way.
The frontend operation is provided exclusively by third parties, which makes the system decentralized and resistant to censorship.
Liquity has a circulating supply of 90,994,355, currently trading at $2.06 with a market capitalization of $186 million.
After the Binance listing, LQTY spiked from $1.19 to a high of $2.86, a 140% rally before pulling back.
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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
