A well known centralized crypto exchange Binance has made an announcement regarding the removal of several tokens from its loanable assets, which include Banana Gun (BANANA), Liquity (LQTY) and Harmony (ONE) The tokens will not be available any longer across multiple platforms.
At the same time however, Liquity (LQTY) witnessing a 20% Increase in price, along with which, Banana Gun (BANANA) and Harmony (ONE) noted an increase of 6.57% and 8% respectively. Furthermore, IOST that has only recently been through a massive change in it’s tokenomics, saw a price shift of about 3.8%.
Binance Challenges The Market By Updating Their Loanable Assets List Of Harmony And Other Cryptos
A big announcement was made by Binance on the 14 of January, The crypto exchange is set to make changes to their Flexible Rate Loan program on the 15, starting from 03:00. A long list of tokens includes Banana Gun, Harmony, Gains Network, and many more will be removed from the loanable assets list.
The exchange aims to make the most valuable services available to their users while keeping a close eye on market trends. They have even reassured their customers that any form of active loan orders involving the aforementioned crypto currencies have not been affected.
Even though no specific reason was given for the removal, the decision made by Binance shows their goal of streamlining their offerings and having focus on key tokens that match with the activity of their users. Such updates have been helpful in making sure the exchange stays relevant in the ever evolving crypto space.
Binance Details a New Tokenomics Strategy for IOST
IOST, or Internet of Services Token, has been revamped to give it greater functionality in the web3 space thanks to an extensive Binance update which Binance has described as an architectural milestone in the context of the IOST 3.0 vision. The update will see token supply of both the total and circulating increase dramatically.
Before releasing their new IOST 3.0 vision, IOST team has came up with a comprehensive strategy to reallocate the existing resources at hand. The new mechanics will raise capital in for supporting 5000 validator nodes, expanding the L2 layer as well as augmenting payment innovations.
Over the course of five years the supply will be reallocated into several categories. The allocation for the growth of cross chain development of IOST will amount to 60%. Community programs that focus on the early adopters and fostering development of IOST ecosystem will have a 20% allocation.
Further, out of the remaining 100%, 8% will go to a fund for payment innovations, 5% to finance technical development, 4% to ensure decentralised governance, and 3% team performance.
