The recently launched DeFi altcoin on Binance has sparked explosive growth, providing unexpected support for trading - Daily Hodl
The recently launched #DeFi altcoin on #Binance has sparked explosive growth, providing unexpected support for trading - Daily Hodl
The recently launched decentralized finance altcoin (DeFi) is booming after unexpectedly receiving a listing from leading cryptocurrency exchange Binance.
In a new announcement, Binance said it is launching futures contracts with 75 times the leverage of Morpho (MORPHO), a decentralized credit protocol built on the Ethereum (ETH) #blockchain .
As soon as the listing announcement came out, Morpho shares jumped sharply and were trading at 85.8 at the time of writing, up 24% in the last 1.67 hours. Morpho has a market value of $222,130 million and is the 347th largest crypto project.
The project aims to make borrowing more efficient and flexible using blockchain technology.
The protocol matches liquidity on an equitable basis and ensures 100% capital utilization and more favorable rates for both borrowers and lenders. If no suitable peers are found for a loan, they are selected using liquidity from the underlying loan pool
Binance also announced future support for memcoin Chill Guy (CHILLGUY), which is based on Solana (SOL).
At the time of writing, CHILLGUY is trading at 0.55, up 12.3% in the last 24 hours. With a market value of 5,525 billion yen, the digital asset is the 180th largest crypto project.
Memcoin recently became the subject of controversy when illustrator Phillip Banks threatened to sue the project for unauthorized commercial use of his viral cartoon.
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