The native token of Bella Protocol, BEL token, surged by a whopping 1000% in less than three hours after Binance listing. From a mere $0.75. During its initial token sale, BEL soared all the way up to the press time price of $9.66.
Notably, this news comes after the world’s leading cryptocurrency exchange Binance listed the token on its platform and opened trading for pairs BEL/BTC, BEL/BNB, BEL/BUSD, and BEL/USDT.
Bella Protocol’s BEL Listings
Bella Protocol became the first project to be hosted on Binance’s brand-new initiative dubbed ‘Launchpool’ platform to bring the decentralized finance [DeFi] experience to its users.
“Starting from September 9, at 12:00 AM UTC, Binance users can stake their BNB, BUSD, or ARPA tokens into three separate pools. Over the next 30 days, they’ll be eligible to receive a share of 5 million BEL tokens, representing 5% of the total supply.”
With this Binance enabled users to stake their crypto holdings, including tokens such as ARPA, BNB, and BUSD, in return for rewards paid newly-listed tokens, of which, Bella Protocol’s BEL is the first on offer.
Shortly after this development, BEL/ETH was added on Uniswap’s decentralized protocol as well as on cryptocurrency exchange HBTC which could have further propelled the price of the token.
Merely after the listing of the token, BEL on Binance, Bella Protocol revealed noticing that there were some fake BEL token contract addresses intended to scam investors to trade on DEXes.
The Binance Effect?
The crypto community is well aware of the “Coinbase effect” which refers to cryptocurrencies in the market witnessing stunning rallies after being listed on the San Francisco-based crypto-exchange.
But another contender in the space, Binance could now potentially take over this narrative. Binance has been exploring the burgeoning DeFi space since the first quarter of the year and its expansion has been nothing less than impressive. Dozens of DeFi projects have flocked into the platform in less than a week.
With the Launchpool, Binance aims to bring in yield farming, which has so far proved to be a lucrative mechanical element on the Ethereum blockchain. This could be one of the major factors that could contribute to a wider audience.
This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.
Privacy & Cookies Policy
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.