Binance has created new momentum in the cryptocurrency market by listing the decentralized finance (DeFi) altcoin, Morpho. This listing announcement quickly led to a significant increase in Morpho’s value.
Binance Provides Strong Support for Morpho
Binance announced that it would offer 75x leveraged futures contracts for Morpho, a decentralized lending protocol operating on the Ethereum 
$3,611 blockchain. This announcement resulted in an impressive 85.8% surge in Morpho’s price over the last 24 hours.
Currently, Morpho is trading at $1.67, with a market capitalization of $221.3 million, ranking it 347th among cryptocurrency projects. The project aims to enhance the efficiency and flexibility of borrowing processes using blockchain technology.
“The protocol ensures 100% capital utilization by matching liquidity on a peer-to-peer basis and offers better rates for both borrowers and lenders. If a peer-to-peer match cannot be found, borrowing is matched with liquidity sourced from underlying lending pools.”
Recent Situation with Chill Guy Coin
Binance also announced its support for the Solana 
$235-based memecoin Chill Guy. CHILLGUY is trading at $0.55, reflecting a 12.3% increase in the last 24 hours, with a market value of $552.5 million, placing it at the 180th position. However, its illustrator, Phillip Banks, has threatened legal action against the project due to unauthorized commercial use of his viral drawing.
This complaint did not prevent other exchanges, such as Crypto.com and Gate.io, from listing the token within the month.
Binance’s initiatives have increased interest in projects like Morpho and Chill Guy while opening up new opportunities and discussions in the cryptocurrency market. The listing of Morpho by Binance demonstrates how quickly DeFi projects can gain value with exchange support. Despite the legal issues surrounding Chill Guy coin, the backing from exchanges highlights the resilience of memecoins in the market.
