Binance has announced its support for Aragon’s (ANT) latest initiative, offering ANT token holders the opportunity to exchange their tokens for Ethereum (ETH).
In an official statement released on October 24, 2024, the crypto exchange confirmed that the Aragon Foundation would use a portion of its treasury to allow ANT holders to swap their tokens for ETH at a fixed rate of 0.0025376 ETH per ANT.
The process will begin on October 28, 2024, when Binance will automatically convert ANT balances into user accounts. At 07:59 Turkish time (TRT), ANT tokens will be removed from users’ accounts, and the equivalent amount of Ethereum will be credited by November 9, 2024.
Binance also advised that users who wish to avoid participating in the swap should withdraw their ANT tokens before the October 28 deadline, as ANT withdrawals and deposits will be disabled afterwards.
ANT holders have two options: either withdraw their tokens before the cutoff or receive ETH at the fixed rate determined by the Aragon Foundation. After the process is complete, users who opt for the conversion will see the corresponding amount of Ethereum credited to their accounts.
This move by the Aragon Foundation provides ANT holders a structured way to liquidate their tokens in exchange for Ethereum, offering them a fixed rate of 0.0025376 ETH per ANT as part of this treasury-backed initiative.
Meanwhile, a recent report reveals a shift in the market as Binance and Crypto.com lose market share to smaller competitors and decentralized exchanges (DEXs). Binance’s spot trading volume has notably declined, dropping from 52.5% in October 2023 to 39.5% in October 2024, while its crypto derivatives market share also fell from 50.9% to 42.5%. In contrast, Bybit and OKX gained ground, with Bybit more than doubling its market share to 8.51%, moving from seventh to second place, and OKX climbing to third with an increase to 6.38%.
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