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Binance is set to improve Cardano’s decentralized finance (DeFi) trading opportunities with the new ADA/TUSD pair.
Binance’s notable user base and market reach may improve ADA’s liquidity and support Cardano’s blockchain growth.
Binance Offers a Large Pool of Traders
Despite a difficult period, Binance is still the largest crypto exchange by market volume. Accordingly, new listings expose cryptocurrency projects to the company’s relatively large user base.
Hence, the new trading Cardano (ADA)/TrueUSD (TUSD) listing could accelerate Cardano’s growth.
The new ADA pair went live at 8 a.m. UTC on May 31, 2023. Binance will activate its Spot Grid feature for new trading pairs 48 hours later.
Spot traders can use Spot Grid for automated spot trading and to exploit the price differences between cryptocurrency pairs.
Binance will initially attract traders through zero-maker-fee spot and margin trading for ADA/TUSD and a new LTC/TUSD pair. The promotion is intended to improve the pairs’ liquidities.
Cardano Turns Bullish
The exchange’s introduction of the ADA pair falls at a convenient time for the Cardano network. According to recent on-chain statistics, the blockchain has seen the popularity of its DeFi ecosystem surge.
Decentralized exchange Minswap recently drove Cardano’s DEX volume to $98 million through the exchange’s 75.63% increase in weekly trading activity.
Its trades account for 37% of the Cardano DeFi market share. A DeFi surge is crucial for the growth in total value locked on the blockchain.
For a look at Cardano (ADA) price predictions, check out our Learn page.
Additionally, ADA appears to be riding the momentum of a 21% surge in the price of Cardano’s SNEK meme coin in the past 24 hours.
The Cardano team has also recorded significant progress on core infrastructure, wallets, and ledger development. It launched the Hydra Layer 2 scaling solution in early May.
How Will Binance Listing Impact ADA Price?
Crypto traders expect the new Binance listing will accelerate Cardano’s growth and acceptance. The listing will also improve ADA’s demand and price through increased trading activity and liquidity.
The ADA weekly chart showed a 1.9% increase in the token’s price to $0.375. The asset recently bounced off the local trend line at $0.35 and was on an uptrend until May 29, when it reached a seven-day peak of $0.385.
You can find a detailed ADA price analysis here.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
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