LQTY, the native asset of Liquidity, is a decentralized borrowing protocol built on the Ethereum protocol and has jumped by a massive 82.3% following the news of its listing on Binance, the world's largest crypto trading platform. Per the current outlook, the digital currency is changing hands at $2.37, coasting a massive 122% growth over the past seven days.
The listing of a particular digital currency on a mega trading platform like Binance is a testament to its uniqueness, as large exchanges are known for listing only promising projects. The sentiment is thus skewed positively toward the token in the heart of investors.
The token was listed on Binance's Innovation Zone and opens the LQTY token to millions of potential new customers across the board. The Bitcoin and USDT pairs are listed on the trading platform.
The Liquidity platform represents a new generation of crypto lenders that offers interest-free loans in the form of the LUSD stablecoin for users that deposit Ether. Though newer than most of its competitors that have now gone bankrupt, Liquidity has a little more than $596 million in Total Value Locked, per data from DeFiLlama.
New hope for lenders?
When the trio of Celsius Network, Voyager Digital and BlockFi filed for bankruptcy, it dampened the morale of investors who had relied on these passive cash-generating outfits for profitability. The recent crackdown on Kraken for its staking product has further dampened the morale of many investors across the board.
The emergence of active decentralized competitors like Liquidity is likely to make waves, especially for foreign investors who have also lost key players, like the Vauld Group and Zipmex. The exposure that the Binance listing will give Liquidity will also be very beneficial for early holders as LQTY is bound to record higher highs in the near term.