Binance, the world’s
largest cryptocurrency exchange by trading volume, has added LDO, the
governance token of the Lido decentralized autonomous organization (DAO) to the Binance Convert.
Binance Convert is a
service where users can transform the cryptocurrency they hold into another
cryptocurrency within seconds.
The service also
powers the convert function of the Binance app and is the main option for
buying crypto on the Binance Lite app.
The exchange, which
first disclosed its intention to list the token a few days ago, announced the
addition on Friday on its website.
“Binance is excited to
announce that LDO has been added to Binance Convert (previously named Convert
& OTC Portal), with 30 new pairs available,” the exchange wrote on its
website.
Users can now trade LDO tokens against Bitcoin (BTC), Binance USD (BUSD), USD Coin (USDC),
Tether (USDT) and other tokens.
They can also now check
for indicative prices on these assets through Binance Convert, the exchange
said.
More on LDO
LDO, as the Lido DAO
governance token, provides governance rights to members of the Lido
community.
This means that anybody
holding LDO can vote in any decision-making process. However, the amount of
tokens such holders are willing to stake determines their voting power.
Trading Suspension
The addition of LDO
comes on the same day the top cryptocurrency exchange suspended the trading of
LUNA and UST, Terra’s native token and algorithmic stablecoin, respectively, on
its platform.
The suspension follows
plunges in the cryptocurrency markets. LUNA, for instance, dropped by more than
99% within the last few days.
“Binance will suspend
spot trading for the LUNA/BUSD and UST/BUSD trading pairs at 08:30 AM (UTC) on
2022-05-13. Withdrawals for LUNA and UST will open when the network becomes
stable,” Binance said in an announcement.
“We are continuing to
work with the project team to create a more stable environment for users and
will keep the community updated accordingly,” the exchange added.
Binance, the world’s
largest cryptocurrency exchange by trading volume, has added LDO, the
governance token of the Lido decentralized autonomous organization (DAO) to the Binance Convert.
Binance Convert is a
service where users can transform the cryptocurrency they hold into another
cryptocurrency within seconds.
The service also
powers the convert function of the Binance app and is the main option for
buying crypto on the Binance Lite app.
The exchange, which
first disclosed its intention to list the token a few days ago, announced the
addition on Friday on its website.
“Binance is excited to
announce that LDO has been added to Binance Convert (previously named Convert
& OTC Portal), with 30 new pairs available,” the exchange wrote on its
website.
Users can now trade LDO tokens against Bitcoin (BTC), Binance USD (BUSD), USD Coin (USDC),
Tether (USDT) and other tokens.
They can also now check
for indicative prices on these assets through Binance Convert, the exchange
said.
More on LDO
LDO, as the Lido DAO
governance token, provides governance rights to members of the Lido
community.
This means that anybody
holding LDO can vote in any decision-making process. However, the amount of
tokens such holders are willing to stake determines their voting power.
Trading Suspension
The addition of LDO
comes on the same day the top cryptocurrency exchange suspended the trading of
LUNA and UST, Terra’s native token and algorithmic stablecoin, respectively, on
its platform.
The suspension follows
plunges in the cryptocurrency markets. LUNA, for instance, dropped by more than
99% within the last few days.
“Binance will suspend
spot trading for the LUNA/BUSD and UST/BUSD trading pairs at 08:30 AM (UTC) on
2022-05-13. Withdrawals for LUNA and UST will open when the network becomes
stable,” Binance said in an announcement.
“We are continuing to
work with the project team to create a more stable environment for users and
will keep the community updated accordingly,” the exchange added.
Source: https://www.financemagnates.com/cryptocurrency/binance-adds-gov-token-ldo-to-crypto-conversion-platform/