Binance Liquid Swap Will Remove 8 Mining Pools To Enhance Liquidity
- Binance Liquid Swap will remove eight liquidity pools on September 29, 2023, affecting 8 trading pairs.
- Users with assets in these pools can redeem them before the removal date, and after that, redemption will be based on prevailing ratios.
- The removal won’t impact trading on corresponding pairs in Binance Spot.
In an official announcement, Binance Liquid Swap is set to remove specific liquidity pools on September 29, 2023, at 04:00 (UTC).
Liquidity Pool Removal on Binance Liquid Swap
The affected pools include ATOM/BUSD, AVAX/BUSD, ETC/BUSD, JOE/USDT, KSM/BTC, OOKI/USDT, STG/USDT, and SUI/BTC.
For users still holding positions in these pools, the system will automatically return their assets to their spot wallet at the specified time on September 29, 2023. Importantly, this removal will not affect the trading of corresponding pairs on Binance Spot, where applicable.
Continued Trading and Transition Details
However, starting from September 26, 2023, at 06:00 (UTC), users will no longer be able to add liquidity to these pools. Those with assets in the mentioned liquidity pools have the option to redeem them before September 29, 2023, at 04:00 (UTC). After this deadline, deposits in these pools will be calculated based on the prevailing composition ratios and automatically redeemed to users’ Spot wallets.
Binance Liquid Swap operates with liquidity pools that contain two tokens each, with the relative token amounts determining the price between them. These pools allow for trading as long as there are corresponding tokens available. The platform is known for offering stable prices and lower fees, particularly beneficial for substantial transactions.
A liquidity pool will raise fund from participants by supplying tokens they already own. Trades may be made between different cryptocurrencies in this pool at a lower cost than they would on a centralized exchange.
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