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Liquity LQTY crypto spiked after listing on the Binance exchange. Is it the rise of LUSD stablecoin?

liquty lqty crypto details with lusd stablecoin

Ethereum based decentralized protocol Liquity native token LQTY is trading live on the Binance exchange from 28th Feb 2023.

LQTY crypto rallied 132% after listing on the world’s leading crypto exchange i.e Binance. Liquity issued LUSD stablecoin against the ETH deposited by the users on its protocol as collateral. Unlike Tether or BUSD stablecoins LUSD is a completely decentralized coin.

The protocol charges a small, one-time fee to borrow LUSD with 0% interest rate. Liquity as a protocol is decentralized, immutable, non-custodial and governance-free.

In addition to collateral, the protocol also has Stability Pool containing LUSD to secure the loans. Liquity has no admin keys so its smart contract cannot be altered or updated, making it completely free from external influence.

LQTY crypto is infact its secondary token which captures the fee revenue that is generated by the system. The token is used to incentivise early adopters and frontends. The total supply of tokens is fixed at 100 million.

The protocol also offers LQTY staking. To start staking, the user needs to deposit LQTY token to the Liquity smart contract and earn a pro-rata share of the borrowing and redemption fee in LUSD and ETH.

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