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Altcoin Project Built on Ethereum Jumps After Earning Support From Crypto Exchange Binance

A decentralized finance (DeFi) protocol built on Ethereum is getting a boost from the world’s largest crypto exchange by trading volume.

In a new announcement, Binance reveals it is introducing Alchemix (ALCX) for trading on the popular platform.

“Fellow Binancians,

Binance will list Alchemix (ALCX) and will open trading for ALCX/BTC, ALCX/BUSD, and ALCX/USDT trading pairs at 2021-11-30 06:00 (UTC).”

ALCX token is the native governance and staking token of the Alchemix protocol. Alchemix is an automated yield farming, lending, borrowing, and staking protocol that uses tokenized yield funds to repay debts. Users can open collateral-backed loans that are paid off automatically using the yield generated by the collateral.

The Alchemix protocol runs on the Ethereum blockchain and currently utilizes SushiSwap (SUSHI), Curve Finance (CRV), and Yearn.Finance (YFI). ALCX can be staked and earned in liquidity pools. ALCX also gives holders a vote in Alchemix decentralized autonomous organization (DAO) governance.

Alchemix Finance shared news of the Binance listing on Twitter with its 52,000 followers.

The Binance announcement sent ALCX soaring to a 24-hour high of $444.08 after starting the day near $376, an approximately 18% increase. ALCX has since corrected and is currently trading at $387.66, a 3.27% increase over the last day.

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