Binance delisted eight projects from its centralized exchange, including the community-built DeFi project Spartan Protocol.
The delisting of community-built Decentralized Finance (DeFi) project Spartan Protocol was announced on Aug. 4 through a tweet by Binance, linking to an article in which the exchange explained the examined criteria of projects on its platform while conducting their period reviews. Eight projects did not survive the latest review and were set to be removed from the popular exchange on Aug. 11.
Community Contributors Keep the Faith
The delisting does not change any long-term plans for the protocol, community contributor Nate told BSC News. Instead, the project remains focused on launching V3, which aims to reduce swap and gas fees while enabling aggregators and projects to integrate with the protocol more efficiently.
Community contributor Samüs also emphasized the focus on building a more solid automated market maker (AMM) foundation, providing deeper liquidity and low transaction fees while swapping tokens in the liquidity pools.
The delisting of the token on the centralized Binance exchange forces $SPARTA holders on Binance to move their tokens, likely resulting in the token supply shifting more on-chain, which would result in more liquidity for the actual users of the Spartan Protocol Decentralized Applications (dApps).
A Rollercoaster Journey
The delisting announcement is the latest in a series of highs and lows for the project. First, an exploit drained the liquidity pool of Spartan Protocol, resulting in roughly $30 million in funds being stolen back in May 2021.
The value of $SPARTA has declined by about 99% since the hacking incident. The market cap of the project, which on two occasions in 2021 surpassed $120 million, now stands at less than $2 million.
After the exploit, the community-built project reassembled and started to focus on their V2 Official Mainnet launch. V2 enabled its users to provide liquidity in the Spartan Protocol dApp while earning yield on their tokens.
Already experienced in dealing with setbacks, the community contributors at Spartan Protocol are set to continue to build towards the launch of V3.
What Is Spartan Protocol:
Spartan Protocol is a community-built decentralized finance project built on BNB Chain. The decentralized applications built by the Spartan Protocol enable users to swap assets and provide liquidity in the liquidity pools. Providing liquidity allows users to earn a yield on their tokens.
Where to find Spartan Protocol:
Source : bsc.news
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