Decentralized finance (DeFi) altcoin Velodrome Finance (VELO) is experiencing a significant price surge following its listing on Binance, the world’s largest cryptocurrency exchange by trading volume.
Binance announced the addition of VELO to several of its services, including Simple Earn, Buy Crypto, Binance Convert, Binance Margin, Binance Auto-Invest, and Binance Futures.
The news has propelled VELO’s price upwards by nearly 90% in the last 24 hours, currently trading at $0.292. This sharp increase comes as Binance’s Simple Earn begins listing VELO Flexible Products for subscription today, with the official purchase of VELO on the exchange set for Monday, December 16th.
Velodrome, an innovative trading and liquidity DEX built on the Optimism (OP) layer-2 blockchain, has quickly gained traction in the DeFi space. Its compatibility with the Ethereum Virtual Machine (EVM) and its leading position as the top DEX by 24-hour trading volume according to CoinGecko further solidify its prominence.
The impact of Velodrome extends beyond its native platform. It has spawned a popular fork on the Base blockchain called Aerodrome Finance, which has garnered significant attention and investment from Coinbase.
Coinbase Ventures’ substantial investment in Aerodrome Finance signals strong bullish sentiment towards the Velodrome ecosystem. This strategic move, involving a significant open-market purchase of tokens, highlights the growing interest and confidence in the future of Velodrome and its associated projects.
December 2024, Cryptoniteuae
