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 yesterday, Binance revealed it would be listing Liquity (LQTY) in its “Innovation Zone”, where newer tokens with higher volatility are designated.
Liquity is a borrowing and lending protocol powered by its stablecoin LUSD, and uses ETH as collateral. LQTY, its native token, can be used for liquidity mining and staking.
LQTY stakers can earn LUSD from fees on loan issuance, and ETH on redemptions.
According to the Liquity website, censorship resistance is also a major priority for the project.
“Liquity was deployed as a complete system, set to run autonomously without human intervention. No one can change or upgrade the contracts and no one has special access.
Liquity is a protocol rather than a platform. There is no administrator with special privileges that could interfere with, alter, or halt the operation of the protocol in any way.
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 cap of $186 million.
Following the listing from Binance, LQTY skyrocketed from $1.19 to a high of $2.86, a 140% rally before retracing.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
Click Here to Read the Full Original Article at The Daily Hodl…
