Velodrome Finance Surges 170% After Binance Listing

Velodrome Finance (VELO) jumped in value by a massive 170% after being listed on Binance. This DEX token is known for being at the center of the liquidity for the Superchain ecosystem and is now officially available to trade on the exchange. 

Binance officially announced it earlier today and added the VELODROME/USDT spot trading pair. Deposits for the token opened before the launch, with trading and withdrawal going live at 14:00 UTC tomorrow. 

This listing will make it easier for investors and improve liquidity in Velodrome’s ecosystem. However, Binance has put a “Seed Tag” on the token to warn traders about its high risks and volatility.

Binance spokesperson made a remark on the listing “Adding Velodrome to Binance’s offerings strengthens its market presence and opens doors for wider adoption in the DeFi space”

Also, there are additional features for trading, including bots and spot copy trading, which will be available within 24 hours to give users better means of trading.

VELO’s price jumped to $0.39 after being listed. This summed it to a 365% gained over the past month and a 500% rise this year. The token’s market value is now at $226 million with $493 million traded in the last 24 hours while trading at $0.25.

Moreover, open interest in the Velodrome Futures market saw a 36% rise immediately after the announcement was made, according to the data from Coinglass.

Binance intends to integrate Velodrome Finance with a number of services like Simple Earn, Convert, and Futures. The exchange has also launched the USD-M VELO perpetual contract, which offers a maximum of 75x leverage.

Also Read: Is Binance Really Going to List $Pi on Dec 31?