Binance will launch spot trading for SOLV, the native token of Solv Protocol, on January 17 at 10:00 UTC.
In its customer update on January 6, the exchange confirmed trading pairs for SOLV, including USDT, BNB, FDUSD, and TRY.
Upon listing, SOLV will have a circulating supply of 1,482,600,000 tokens, representing 17.65% of the initial supply of 8.4 billion and 15.35% of the total maximum supply of 9.66 billion.
Solv Protocol is a Bitcoin staking platform aiming to create a Bitcoin-native financial ecosystem. It offers staking opportunities to holders of Bitcoin, the leading digital asset with a market cap nearing $2 trillion. The project secured backing from Binance Labs and several prominent VC firms, including Nomura’s Laser Digital, Blockchain Capital, and OKX Ventures, in a strategic funding round that raised $11 million in October of last year.
Binance first announced plans to list SOLV on December 30, warning users to avoid platforms falsely claiming to trade the token before its official launch. The exchange also added the token to its Megadrop scheme, with an airdrop event scheduled for January 7 at 00:00 UTC.
Binance Megadrop gives users early access to select Web3 projects through interactive tasks. Participants earn points redeemable for token airdrops before listings. For SOLV, 588 million tokens will be distributed to eligible Binance users until January 16. Rewards are based on points earned by subscribing to BNB Locked Products or completing quests on Solv Protocol. Binance advises users to meet both criteria to maximize rewards.
In related news, the investment arm of the crypto exchange, Binance Labs, recently made an undisclosed investment in THENA, a DEX and liquidity protocol built on BNB Chain. The subsidiary claimed that THENA’s approach was crucial to the future of DeFi as it actually onboard users on-chain. It claimed that the investment aims to accelerate platform development, enhance security, and expand the user base while driving mass DeFi adoption with a focus on scalability and user experience.
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