Binance will checklist Spell Token (SPELL) and TerraUSD (UST) – Techstory

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Binance, the world’s largest bitcoin exchange, has added two new altcoins to its platform. On December 24, 2021, at 11:00 a.m. Turkish time, the listed Spell Token (SPELL) and TerraUSD (UST). With the announcement of the listing, the price of the cryptocurrency skyrocketed.

Binance has added two new altcoins to its platform

Image source: Binance

A well-known Bitcoin exchange Binance has added two new cryptocurrencies to its platform. The exchange issued the following statement on this topic:

On December 21, 2021 Binance will introduce Spell Token (SPELL) and TerraUSD (UST) and begin trading for the trading pairs SPELL / BTC, SPELL / BUSD, SPELL / USDT, UST / BTC, UST / BUSD and UST / USDT. To prepare for trading, users can now start depositing SPELL and UST. SPELL and UST withdrawals will begin on December 25, 2021. Binance will only accept deposits and withdrawals for SPELL Avalanche C-Chain and ERC-20 tokens.

The time it takes to cash out is an estimate for ease of use. On the withdrawal page, users can check the current status. Fee for SPELL and UST listing: 0 BNB. Trading in cryptocurrencies carries a high level of market risk. Please be careful with your dealings. Binance would like to remind you that they are not responsible for any trading losses. Thank you for your help!

The Spell Token Protocol is a multiple chain credit system. SPELL is the protocol’s management token that can be used to generate revenue. Abracadabra. Money is governed by the Spell Token (SPELL), a platform that allows users to deposit collateral in the form of interest-bearing crypto assets (such as yvYFI, yvUSDT, yvUSDC, and xSUSHI) in order to create MIM, a stablecoin that is aspiring to hold a value of $ 1.00.

Since the Abracadabra Protocol is really decentralized, the number of Spell Tokens you own will determine how much impact you have on features like liquidation costs, collateral and total blocked value (TVL).

Users receive a percentage of the trading fees from the platform when they use Spell Tokens. These costs mainly consist of interest generated by users who borrow MIM. 75 percent of the fee goes to token holders; 20 percent go to the state treasury, which supports liquidity pools; and the remaining 5 percent goes to a multisig treasury that helps limit risk when market conditions worsen.

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