Binance, the world’s largest cryptocurrency exchange by volume, has announced that it will be removing some major liquidity pools from Binance Liquid Swap. Accordingly, the cryptocurrency exchange will remove selected liquidity pools for a total of 16 altcoins, including Ethereum (ETH), XRP, Solana (SOL), Cardano (ADA), Polkadot (DOT), Chainlink (LINK), Polygon (MATIC), and Litecoin (LTC).
Binance Is Removing Major Liquidity Pools
In an announcement made today, the cryptocurrency exchange Binance stated that it will be removing certain liquidity pools from Binance Liquid Swap. Binance Liquid Swap allows users to become liquidity providers by offering liquidity in pools, earn transaction fees and rewards in BNB, and easily swap their cryptocurrencies.
The announcement from Binance specified that the AAVE/BTC, ADA/ETH, ADA/USDT, ARB/BTC, BCH/BTC, DOT/BTC, DOT/USDT, ETH/DAI, FIL/BTC, LINK/ETH, LINK/USDT, LTC/BNB, LTC/BTC, LTC/ETH, LTC/USDT, MANA/BTC, MATIC/USDT, SAND/BTC, SOL/BTC, SOL/USDT, UNI/BNB, UNI/BTC, VET/USDT, XRP/BNB, XRP/BTC, and XRP/ETH liquidity pools will be removed.
Users will not be able to add liquidity to these pools from 07:00 AM (Turkish Standard Time) on December 18th. Binance has stated that for users holding positions in these liquidity pools, their assets will be automatically transferred to their spot wallets on December 22nd, with a note stating: “Users can utilize their assets in the above-mentioned liquidity pools until 07:00 AM on December 22nd. After this date, the assets in the liquidity pools will be automatically transferred to users’ spot wallets, calculated according to the current composition ratios of the relevant pool.”
Binance added that the listed liquidity pools are periodically reviewed in order to concentrate liquidity, reduce slippage, and provide better transaction prices for its users. The cryptocurrency exchange is thus trying to offer an optimized trading experience.
Many Major Liquidity Pools Have Been Removed in the Past
Binance has taken similar steps in the past and removed some major liquidity pools. Most recently, on December 6th, major liquidity pools including those for Polygon, Solana, Tron (TRX), Shiba Inu (SHIB), Bitcoin Cash, Avalanche (AVAX), and Polkadot were removed.
The cryptocurrency exchange also removed some major liquidity pools earlier in October of this year, including for Bitcoin (BTC), Ethereum, BNB, XRP, Cardano, Polygon, Solana, Shiba Inu, and Dogecoin (DOGE). Notably, the removal of these liquidity pools was a part of the phased discontinuation of support for the stablecoin Binance USD (BUSD) by February 2024.
