Binance, the world’s largest cryptocurrency exchange, has launched its new program for altcoins.
Binance has announced the launch of its first dedicated spot liquidity program focused solely on altcoins, designed to meet the demand for greater market diversity.
Binance has introduced a new spot liquidity program called the “Altcoin LiquidityBoost Program” to support small and medium-sized market makers in altcoin trading.
Binance stated that this program aims to attract small and medium-sized liquidity providers who want to focus on altcoin market making to complement the exchange’s existing liquidity programs and offer the most rewarding altcoin market making discounts in the industry.
Accordingly, the “Altcoin LiquidityBoost Program” will offer refunds of up to 1 bps or 0.01%.
Binance said that existing spot programs on other major exchanges limit refunds to 0.8 bps, compared to a limit of up to 1 bps, and unlike its new initiative, it does not allow participants to specialize in specific altcoins.
The program, which will be launched on June 17, will initially support 18 altcoins, namely Initia (INIT), EOS, Particle Network (PARTI), Hyperlane (HYPER), Internet Computer (ICP), Conflux (CFX), Kernel DAO (KERNEL), Wormhole (W), Kamino Financ (KMNO), IoTeX (IOTX), Toncoin (TON), ONDO, Filecoin (FIL), WallConnect Token (WCT), Babylon (BABY), Space and Time (SXT), Maple Finance (SYRUP), and StakeStone (STO).
Binance said that users with a 30-day trading volume exceeding 20,000,000 USDT equivalent on Binance Spot and Margin and quality liquidity provision strategies can participate in the “Altcoin LiquidityBoost Program.”
“With this program, we are responding to the demand from market participants, especially small and medium-sized liquidity providers who want the option to focus on market making for altcoins. Our new altcoin-focused liquidity program helps liquidity providers of all levels compete in the market without the pressure of making markets for bitcoin and other large-cap cryptocurrencies,” said Catherine Chen, Head of VIP and Corporate at Binance.
*This is not investment advice.
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