An altcoin in the Sui (SUI) ecosystem is skyrocketing after suddenly receiving support from Binance.
In a new announcement: the world’s largest crypto exchange platform by volume say that 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 Wednesday for spot trading and futures contracts in the USDT trading pair, while withdrawals will be allowed from Thursday.
News of the IPO sent CETUS, the project’s main asset, flying. CETUS shot to a high of $0.341 on Tuesday, compared to 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 is the 439th largest crypto asset.
Binance applies a seed tag to CETUS, which the exchange applies to projects with lower liquidity that may exhibit higher volatility compared to 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 in a decentralized manner as an exchange medium between participants on Cetus. The purpose of introducing CETUS is to provide an easy and secure way of payment and settlement between participants interacting within the ecosystem on Cetus, without intermediaries such as a centralized third-party entity/institution/credit.”
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