Binance Adds EigenLayer to Credit-Eligible Assets and VIP Loans, Token Price Drops by 4%
Binance’s Support for EigenLayer Token
Binance, a leading cryptocurrency exchange, has recently included EigenLayer (EIGEN) token in its credit-eligible assets and VIP loans categories. This move has sparked optimism among global investors. Despite the positive announcement, the token price experienced a 4% decline, leading to speculation about its future price movements.
Binance’s Initiative for EigenLayer
Binance’s official statement on October 16 highlighted the incorporation of EigenLayer into the flexible rate loans and VIP loans offerings. The flexible rates feature allows users to borrow funds with variable interest rates that adjust based on market conditions. VIP loans cater to high-volume users, providing favorable terms and wider credit limits. This development has attracted significant investor interest in EigenLayer, reflecting Binance’s commitment to supporting the project. Previous backing from Binance has further fueled optimism among investors.
Token Price Decline Despite Binance’s Support
Although Binance recently updated leverage and margin rates for EigenLayer, the token price suffered a 6% drop to $3.33 on October 16, with a 19% decrease in the weekly chart. This downtrend may be linked to the release of 11.22 million tokens on October 15. Market analysis indicates a 7% decrease in futures open interest and a 13% decline in derivatives trading volume for EigenLayer. Despite these indicators, investors are closely monitoring the token due to Binance’s endorsement and potential trading opportunities.
Binance Introduces BNSOL/USDT Trading Pair
Binance announced the introduction of the BNSOL/USDT trading pair on October 17, aiming to expand trading options for users. Additionally, trading bots will be available for this pair, with BNSOL recognized as a suitable collateral asset for cross-margin and isolated margin trading, enabling diverse trading strategies.
Kaia Token Rebranding to KAIA
Binance revealed that the Kaia (KLAY) token will be rebranded as Kaia (KAIA) on October 28. All existing trading pairs for KLAY will be removed, and deposits and withdrawals will cease, paving the way for the KAIA/USDT trading pair, scheduled to begin trading on October 31, solidifying the token’s new identity in the market.
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