An altcoin in the Sui (SUI) ecosystem is soaring after suddenly gaining support from Binance.
In a new announcement, the world’s largest cryptocurrency exchange by volume says it will add trading support for Cetus (CETUS), a decentralized exchange (DEX), and a concentrated liquidity protocol on the Sui blockchain.
According to Binance, CETUS opens for spot trading on Wednesday as well as futures on the USDT trading pair, while withdrawals are allowed starting on Thursday.
News of the listing sent CETUS, the project’s native asset, flying. CETUS rose to a high of $0.341 on Tuesday, up from Monday’s low of $0.163, a gain of 109%.
At the time of writing, CETUS is trading at $0.31 with a current market cap of $101.8 million and ranks 439th among crypto assets.
Binance applies a seed tag to CETUS, which the exchange applies to low liquidity projects that may exhibit higher volatility than other listed tokens. Binance requires users who own assets with seed tags to take quizzes every 90 days to ensure they are aware of the risks before trading the tokens.
According to the project’s official website, Cetus is designed to be used solely as an interoperable utility token.
“Users can earn it through liquidity mining on Cetus. CETUS is a functional multi-utility token that will be used as a means of exchange between participants on Cetus in a decentralized manner. The objective of introducing CETUS is to provide a convenient and secure mode of payment and settlement between participants interacting within the ecosystem on Cetus without any intermediary such as a centralized third party entity/institution/credit.
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