Binance Adds Gov Token, LDO, to Crypto Conversion Platform

Binance, the world’s largest cryptocurrency exchange by trading volume, has added LDO, the governance token of the Lido decentralized autonomous organization (DAO) to Binance Convert.

Binance Convert is a service where users can transform the cryptocurrency they hold into another cryptocurrency within seconds.

In addition. the service powers the convert function of the Binance app and is the main option for buying crypto on the Binance Lite app.

The exchange, which first disclosed its intention to list the token a few days ago, announced the addition on Friday on its website.

“Binance is excited to announce that LDO has been added to Binance Convert (previously named Convert & OTC Portal), with 30 new pairs available,” the exchange wrote on its website.

Users can now trade LDO tokens against Bitcoin (BTC), Binance USD (BUSD), USD Coin (USDC), Tether (USDT) and other tokens.

Additionally, the users can now check for indicative prices on these assets through Binance Convert, the exchange said.

More on LDO

LDO, as the Lido DAO governance token, provides governance rights to members of the Lido community.

This means that anybody holding LDO can vote in any decision-making process. However, the amount of tokens such holders are willing to stake determines their voting power.

Trading Suspension

The addition of LDO comes on the same day the top cryptocurrency exchange suspended the trading of LUNA, Terra's native token, and UST, the algorithmic stablecoin Stablecoin Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Read this Term, on its platform.

The suspension follows plunges in the cryptocurrency markets. For instance, LUNA has dropped by more than 99% within the last few days.

“Binance will suspend spot trading for the LUNA/BUSD and UST/BUSD trading pairs at 08:30 AM (UTC) on 2022-05-13. Withdrawals for LUNA and UST will open when the network becomes stable,” Binance said in an announcement.

“We are continuing to work with the project team to create a more stable environment for users and will keep the community updated accordingly,” the exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term added.