Popular cryptocurrency exchange Binance released a new announcement earlier this morning today. According to Binance’s announcement, the exchange announced that it will add two new altcoins to its platform. With Binance’s announcement, prices started to increase. Here are the details of Binance’s listing news…
Binance Lists 2 New Altcoins
Binance, the world’s largest cryptocurrency exchange in terms of market volume, released a new announcement at 4:58 am. Popular cryptocurrency exchange Binance announced in its announcement that it will add two new altcoins to its platform.
According to the announcement published on Binance’s official website, the exchange announced that it will add Spell Token (SEPLL) and TerraUSD (UST) to its platform on December 24 at 11:00 Turkish time.
The full announcement by Binance is as follows;
“Binance will list Spell Token (SPELL) and TerraUSD (UST) and trade SPELL/BTC, SPELL/BUSD, SPELL/USDT, UST/BTC, UST/BUSD and UST/USDT at 08.00 UTC on 2021-12-24. will start trading for pairs.
Users can now start depositing SPELL and UST in preparation for trading. Withdrawals for SPELL and UST will open at 08:00 (UTC) 2021-12-25.
Note: Binance will only support SPELL Avalanche C-Chain and ERC-20 token deposits and withdrawals.
Withdrawal open time is an estimated time for users’ reference. Users can see the real status on the withdrawal page.”
Altcoins Are On The Rise
The listing announcements of the giant cryptocurrency exchange Binance often cause huge increases in the price of the atcoin. So much so that this time something similar happened.
Spell Token (SPELL) registered an increase of 18% right after the listing announcement. The popular cryptocurrency continues to trade at $0.02572, up 7% in the last 24 hours, according to CoinMarketCap data, as of the time of writing.
What is Spell Token (SPELL)?
Spell Token (SPELL) is a token that manages Abracadabra.money, a platform that allows users to deposit collateral in the form of interest-bearing crypto assets (like yvYFI, yvUSDT, yvUSDC, xSUSHI). It tries to maintain its value of $1.00.
Users can stake SPELL to acquire sSPELL tokens that will charge them for platform voting rights and fees generated by the protocol.
Spell Token also ranks 2800th among cryptocurrencies according to CoinMarketCap data, while the altcoin has a total supply of 210 billion.
What is TerraUSD (UST)?
TerraUSD is a decentralized stablecoin that runs on Ethereum and tries to maintain its value of $1.00. Unlike centralized stablecoins, UST is not backed by US dollars in a bank account. Instead, $1.00 of TerraUSD’s reserve asset (LUNA) must be burned to print 1 TerraUSD.