Binance has added the ADA/TUSD trading pair to the listing, thus expanding the list of Cardano-based instruments. Such a move could increase the liquidity of the token and stimulate the overall growth of activity on the network.
Cryptocurrency exchange Binance is going through a difficult period. The largest trading platform by trading volume solves problems with regulators and fights FUD, but at the same time does not forget about expansion and regularly updates its product line. Tuesday, May 30, Binance announced another instrument for Cardano (ADA) is ADA/TUSD.
The new ADA/TUSD trading pair launched on Binance on May 31, 2023 at 8:00 AM (UTC). Within 48 hours of the start of trading, Binance plans to activate spot grid trading for the new instrument.
Traders can now trade ADA/TUSD on Binance without maker fees. Usually, the platform provides such an opportunity at the launch of a new instrument in order to attract new traders and increase liquidity on the exchange.
Activity on the Cardano network picks up pace
Crypto exchange Binance has added a new instrument with ADA at a very good time for Cardano. The latest on-chain statistics show that activity on this network is growing steadily, mainly due to new blockchain-based DeFi applications.
Decentralized exchanges (DEXs) deployed on the Cardano blockchain have increased their average daily trading volume to $23.6 million, with a steady increase since the end of April. Minswap’s DEX platform, the largest on the Cardano network, saw a nearly 100% increase in trading volume over the past week. Minswap accounts for 37.18% of the Cardano network. Due to the DeFi boom, the value of locked assets (TVL) in the network is growing. Last week, TVL Cardano exceeded 400 million ADA.
But the project team has also made significant progress in terms of core development, wallets, and distributed ledgers. For example, in early May, the project launched the first working version of Hydra as its own second-tier solution.
What does listing on Binance mean for ADA rate
The new listing on Binance will benefit the project and the token in the long run. Given the popularity of the crypto exchange, the new tool with ADA will increase the awareness of traders and accelerate the development of Cardano. This may favorably affect the value of the token.
At press time, ADA/USD is trading at $0.37. Despite the decline within the day, on the weekly chart ADA shows a positive trend. From a technical standpoint, a close above $0.41 would improve the outlook for ADA and likely catalyze a rise towards $0.5.
Source: Cryptocurrency
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