Binance, the world’s largest cryptocurrency exchange in terms of volume, recently made an announcement that could significantly affect the growth trajectory and price of Cardano (ADA), a top 10 altcoin. The exchange revealed its plans to list the ADA/TUSD trading pair, a move expected to greatly benefit ADA’s liquidity and overall network growth, bolstered by Binance’s strong user base and market access.
Trading for the ADA/TUSD Pair Commences Today
Trading for the ADA/TUSD pair is set to open today at 11:00 local time. Within the next 48 hours following the commencement of trading, Binance plans to activate the Spot Grid for the newly listed trading pair. This initiative will result in zero transaction fees for spot and margin trading in ADA/TUSD for a limited period.
The inclusion of ADA to Binance’s extensive list of trading pairs comes at a very opportune time for the Cardano network. Recent on-chain metrics indicate a noteworthy increase in Cardano’s network activity, largely associated with the growing popularity of decentralized finance (DeFi) on the blockchain.
The DeFi boom on the Cardano blockchain has been a significant driving force for the increase in the Total Value Locked (TVL) on the network. Additionally, ADA, the network’s native asset, is showing strong performance, with upward movement bouncing from a support trend line set around $0.35.
Potential Impacts of Binance’s ADA/TUSD Move
The addition of Binance’s new ADA trading pair is expected to boost Cardano’s growth and adoption rate. The enhanced visibility and liquidity provided by Binance could attract more investors to the altcoin, increasing investor demand and potentially elevating its price.
Despite the promising developments, market participants need to remember that standard trading fees will be reinstated once the promotional period ends. Moreover, during the promotional period, trading volumes of TUSD/BUSD spot and margin pairs will be exempt from VIP tier volume calculations and all Liquidity Provider programs.
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