Binance Reveals Major Update on BANANA and These Crypto, Will Prices React?

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Binance, one of the major centralized cryptocurrency exchanges, has declared that it will no longer support several digital coins for lending purposes. Coins such as Banana Gun (BANANA), Liquity (LQTY), Harmony (ONE), and others are being taken off the exchange’s list of loanable assets.

Even after this recent update, LQTY experienced the largest jump, increasing by 20% over the past day. BANANA and ONE were close behind, registering gains of approximately 6.57% and 8%, respectively. IOST, following its transformative tokenomics adjustment, also saw a rise of 3.8%.

Binance Updates Loanable Assets to Banana, Harmony, and These Cryptos

Starting January 15, at 03:00 (UTC), Binance announced a significant update to their Flexible Rate Loan program as of January 14. From this date, several digital currencies will no longer be accessible for lending. The tokens being removed from the loanable assets list are Banana Gun (BANANA), Harmony (ONE), Gains Network (GNS), Kadena (KDA), Liquity (LQTY), Livepeer (LPT), Portal (PORTAL), Tellor Tributes (TRB), Viberate (VIB), and Vulcan Forged PYR (PYR).

This action originates from our frequent assessments of our product offerings, aiming to deliver top-notch services to our users while keeping up with changing market dynamics. It’s important to note that active loan transactions involving the affected cryptocurrencies will not be impacted. Users can carry on holding these loans until they settle their respective orders.

Binance decided to remove certain tokens without providing a particular explanation, which appears to be part of their plan to simplify their services and concentrate on coins that fit more closely with their platform and user behavior. This adjustment is one of many changes made by this leading cryptocurrency exchange as it adapts to the fast-changing nature of the crypto market.

Binance Highlights Key Tokenomics Update for IOST

Binance announced a significant update concerning the token economy of IOST (Internet of Services Token). As part of a broader strategic shift known as IOST 3.0, the overall supply and currently circulating supply of IOST will expand. This change is intended to strengthen its Layer 2 infrastructure and establish IOST as a top contender for Web3 payment systems.

According to the IOST project team, they’ve designed a comprehensive plan for redistributing resources to facilitate growth. In essence, this plan involves expanding IOST’s overall supply to accommodate advancements such as accommodating over 5,000 validator nodes, bolstering Layer 2 infrastructure, and fostering innovations in payment systems.

The redistributed supply will be allocated to various crucial sectors. Half of the entire supply will be set aside for distribution over the next five years, with an emphasis on improving network infrastructure, which will receive about 60% of this long-term allocation. Moreover, 20% will go towards community development initiatives, offering incentives to early adopters and fostering ecosystem growth. Furthermore, there are plans for a payment innovation fund (8%), technical development grants (5%), operations for decentralized governance (4%), and rewards for team performance (3%).

Price Context of Affected Coins

After the announcement from Binance, the following are the prices and their respective gains:

Banana Gun (BANANA) Current Market Analysis

Content: Currently, Banana Gun (symbol BANANA) is trading at $38.33, marking a 6.57% increase in the past 24 hours. The total market capitalization of this cryptocurrency stands at approximately $131 million.

Currently, Gains Network (GNS) Trades at $1.544, Up by 11% over the Past Day: Its market capitalization remains under $50 million.

Right now, the price stands at $0.023, marking an 8% rise. The total market value is approximately $340 million.

Kadena (KDA): The price is at $0.79, seeing an 8% gain in 24 hours.

Liquity (LQTY): The price trades at $1.8 with a 20% surge in 24 hours.

Livepeer (LPT): At $13.34, it’s up 6% in the last 24 hours.

Portal (PORTAL): Priced at $0.261, up 7.25%.

Tellor Tributes (TRB): Trading at $56.82, up approximately 5%.

Viberate (VIB): At $0.084, it’s gained 9%.

Vulcan Forged (PYR): Priced at $2.7, with a 4% increase.

IOST: Trading at $0.0068 with a 3.8% increase in the last 24 hours.

Lately, Binance has introduced some AI-related coins like AIXBT from Virtuals (AIXBT), ChainGPT (CGPT), and Cookie DAO (COOKIE) onto its trading platform. This news caused quite a stir, leading to a 40% jump in the value of AIXBT, a 70% increase for CGPT, and a 56% rise in COOKIE, demonstrating a robust market interest in these new listings.

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2025-01-14 14:30