Raydium Lists on Binance Exchange Marking the First Supported Solana DeFi Project

Solana decentralized finance (DeFi) has landed in the Binance Innovation zone.

Announcement Buoys Raydium Team

Raydium has become the first project from the Solana Program Library (SPL) to go live on Binance through the innovation zone. 

The announcement was made via Binance’s official webpage, where initial news of the move broke on the 10th of August, 01:55 AM UTC. The innovation zone is a place for Binance to list high risk tokens.

The relevant trading pairs that will open for Raydium are as follows: RAY/USDT, RAY/BUSD and RAY/BNB. Withdrawals for RAY will open on the 11th of August, 06:00 AM UTC. 

“Big news Raydiators, $RAY will list as the first project on Binance with native SPL token support.” The Radydium team stated via official social media account. ”We’re super excited – with SPL support Binance users will have a clear path to experience the growing @solana  ecosystem, its blazing speed and low fees!”

Solana’s SPL a Springboard

The announcement was an affirmation of the brilliant progress made by Solana in helping propel projects. 

The Solana Program Library (SPL) is made up of a collection of on-chain programs targeting Sealevel parallel runtime. This refers to the capacity to run tens of thousands of contracts in parallel, using as many cores as are available to the Validator.

The programs on SPL are then deployed to the Sealevel mainnet. As projects implement Sealevel the programs will also receive patches to ensure they are portable across all implementations. 


What is Raydium (RAY)

Raydium is described as an automated market maker (AMM) by Binance. The project looks to leverage the central order book of the Serum Decentralized Exchange (DEX) to allow for quicker trades, shared liquidity, yield earning opportunities and new project launches. 

Ray is the native utility token of the platform and is deployed for liquidity mining incentives, staking, as well as allowing holders participation in future governance. 

With the token being relatively new, we always urge a good degree of caution here at BSC.News, as high volatility is a factor that must always be considered and accounted for. 

Source : bsc.news

Leave a Reply

Your email address will not be published. Required fields are marked *