This week was particularly fruitful for 'listing pumps' on the exchange Binance (BNB). Today, the eyes of all Binancians were on IDEX, a native asset of the decentralized cryptocurrency exchange Idex.
Binance (BNB) Listing Saves the Day for IDEX
IDEX is a true veteran token of the Ethereum-based decentralized trading platform Idex. Launched in 2017, it has pioneered numerous solutions in this segment, but now is off the leaderboard with a mediocre $2M/day trading volume.
IDEX's market capitalization is $61M, ranking it #153 by leading analytical team Coingecko. Now, it has been listed by Binance's multi-currency exchange ecosystem. The trades started going live on August 22nd, 2020 at 7 AM UTC:
Initially, IDEX was listed against Bitcoin (BTC) and Binance USD (BUSD). The coin experienced a textbook 'listing pump' as IDEX's price surged 50% in two hours after the Binance listing.
For a moment, its 24-hour rise indicators even entered triple-digit as it skyrocketed from $0.08 to $0.15. However, due to small interest in the token and low liquidity, its price collapsed more than 33% from its local peak in a few hours.
Competitors or Brothers in Arms?
Typically, Binance avoids listing native assets of its centralized competitors, such as Bitfinex's Unus Sed Leo (LEO), Huobi's Huobi Token (HT) or OKB token of the Korean-based OKEx platform. However, its leader Changpeng Zhao explained why the IDEX case is a special one:
#Binance supports DEX and DEFI, even if they may be wrongly perceived as competing with some of our offerings. It’s not competition, it’s growing the industry together. Given @binance ’s influence in the industry, we will do our best to help all projects grow.
It's important that IDEX was charged with a zero listing fee.
This week, Binance listed one more native asset of a product tasked with building decentralized ecosystem. Polkadot New (DOT) has become a top gainer on Binance immediately after its listing.
Polkadot New (DOT) tokens are denominated 100:1 to Polkadot Old (DOT) tokens. This token is used in a decentralized cross-chain infrastructure by the Polkadot project.