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Binance Launches Altcoin LiquidityBoost Program to Enhance Trading Efficiency
Binance has introduced its first-ever altcoin-focused spot liquidity program, aiming to diversify the crypto market-making ecosystem. The new initiative, called the Altcoin LiquidityBoost Program, is designed to improve liquidity and enhance trading efficiency for selected altcoin trading pairs.
Improving Liquidity for Altcoin Traders
The program is tailored to support small and medium-sized liquidity providers, giving them an opportunity to gain exclusive traction in the altcoin market. Binance aims to offer altcoin traders access to tighter spreads and reduced slippage, ultimately improving the overall trading experience for users. This move marks a significant step in promoting a more balanced and diverse crypto trading environment.
Benefits for Market-Making Participants
Market-making participants in the program will enjoy significant rebates, making it an attractive opportunity for liquidity providers. Binance is actively engaging with a diverse community of participants to complement its broader liquidity initiatives. By focusing on altcoins, Binance seeks to fill a gap where liquidity programs at most exchanges are predominantly centered around Bitcoin.
“We are responding to demand from market participants, particularly small and medium-sized liquidity providers, who want the choice to focus on market-making for altcoins,” said Catherine Chen, head of Binance VIP & Institutional. “Our new altcoin-focused liquidity program helps liquidity providers of all levels compete in the marketplace without the pressure to market-make across Bitcoin and other large-cap crypto.”
Addressing Market Challenges
Traditionally, market makers have been required to provide liquidity across all trading pairs on an exchange or focus on crypto-fiat pairs. This has made it difficult for smaller liquidity providers to compete with dominant players in the industry. Binance’s new program seeks to level the playing field by offering competitive rebates of up to 1 basis point (bps), compared to the standard 0.8 bps offered by most exchanges.
Eligibility Criteria for Liquidity Providers
The program is open to small liquidity providers with high-quality strategies and a 30-day trading volume of up to $20 million on Binance’s spot and margin platforms. Participants who meet similar criteria on other platforms are also encouraged to apply. This initiative aims to empower smaller players by providing them with the tools and incentives needed to thrive in the altcoin market.
Initial Altcoin Support
Binance plans to initially support 18 altcoins under the program. The list of supported altcoins will be reviewed and updated based on market demand. The first batch of trading pairs includes Vaulta, Internet Computer, Initia, Wormhole, Ondo, Filecoin, Kamino, Toncoin, and Conflux, among others.
With this launch, Binance is reinforcing its commitment to fostering a more inclusive and efficient trading environment in the cryptocurrency market. By addressing the unique needs of altcoin liquidity providers, the exchange is paving the way for greater participation and innovation in the space.
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