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An altcoin in the Sui (SUI) ecosystem is skyrocketing after suddenly gaining support from Binance.
In a new announcement, the world’s largest crypto exchange platform by volume says that it will be adding trading support for Cetus (CETUS), a decentralized exchange (DEX) and concentrated liquidity protocol on the Sui blockchain.
According to Binance, CETUS opens up for spot trading as well as futures contracts in the USDT trading pair on Wednesday, while withdrawals are permitted starting Thursday.
News of the listing sent CETUS, the project’s native asset, flying. CETUS shot up to a high of $0.341 Tuesday, up from Monday’s low of $0.163, a 109% gain.
At time of writing, CETUS is trading for $0.31 with a current market cap of $101.8 million and ranked as the 439th largest crypto asset.
Binance is applying a seed tag to CETUS, which the exchange applies to lower-liquidity projects that may exhibit higher volatility compared to other listed tokens. Binance requires users who own assets with seed tags to pass quizzes every 90 days to ensure they’re aware of the risks before trading the tokens.
According to the project’s official website, Cetus is designed to be used solely as an interoperable utility token.
“Users can earn it through liquidity mining on Cetus. CETUS is a functional multi-utility token which will be used as the medium of exchange between participants on Cetus in a decentralized manner. The goal of introducing CETUS is to provide a convenient and secure mode of payment and settlement between participants who interact within the ecosystem on Cetus without any intermediaries such as centralized third party entity/institution/credit.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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