The largest crypto exchange platform in the world by trading volume has rolled out trading support for the native asset of a low-cap decentralized finance (DeFi) project.
On Monday, Binance listed the decentralized lending and borrowing platform Euler (EUL) via its HODLer Airdrops program, which rewards BNB holders with select tokens based on historical snapshots of their balances.
Euler bills itself as the “DeFi super app” and operates as a decentralized exchange (DEX) in addition to offering lending services. EUL is an ERC-20 token that can be used for governance, rewards and in auctions to distribute protocol fees.
Binance listed the asset for trading on Monday. The exchange attached a seed tag to EUL, a designation it applies to lower-liquidity projects that could potentially exhibit higher volatility compared to other listed assets. Binance requires users who want to trade assets with seed tags to pass quizzes every 90 days to ensure they’re aware of the risks.
EUL, which Coinbase listed back in August, is trading at $10.01 at time of writing. The 361st-ranked crypto asset by market cap is up nearly 11% in the past day but down more than 6% in the past week. The token is also down nearly 37% from its all-time high of $15.81, which it set in July.
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