Thursday, February 22, 2024
Blockchain

Binance to Delist SNM, SRM, and YFII on August 22, 2023

Binance, the world’s leading cryptocurrency exchange, has confirmed that it will delist three cryptocurrencies: SNM (SONM), SRM (Serum), and YFII (DFI.Money) on August 22, 2023.

While the specific reasons for the delisting were not accessible at the time of writing, exchanges typically make such decisions based on a variety of factors. These can range from low trading volume, concerns about the project’s development, or regulatory issues.

Users of Binance are advised to take note of the delisting date and make necessary adjustments to their portfolios. It’s common for exchanges to provide a grace period for users to withdraw delisted tokens, but exact details should be checked on the official Binance announcement page.

It’s worth noting that delisting from a major exchange can impact a token’s liquidity and market perception. However, it doesn’t necessarily reflect the overall viability or future potential of a project.

For those holding SNM, SRM, or YFII, it’s essential to stay informed and consider seeking advice from financial professionals if unsure about how to proceed.

About SNM (SONM)

SONM provides decentralized cloud services using distributed user hardware like PCs and servers. The SNM token is the marketplace’s currency, facilitating access to Sonm’s resources. This approach, termed “fog computing,” emphasizes a network of individual devices over centralized data centers.

About SRM (Serum)

Serum is a decentralized exchange (DEX) enhancing DeFi with high speed and low costs. Unique for its fully on-chain order book and matching engine, Serum addresses DeFi’s challenges like high gas costs and slow transactions on Ethereum. The SRM token offers fee discounts, voting rights, and benefits from exchange fees through buy-and-burn, staking, and grants.

YFII (DFI.Money)

DFI.MONEY (YFII) is a fork of the DeFi aggregator yearn.finance (YFI). Launched in July 2020, it was created in response to a proposal, YIP-8, not meeting yearn.finance’s quorum. DFI.MONEY offers similar services with different protocol rules and new features like the Vault, aiming to optimize DeFi returns. YFII, its native token, rewards liquidity providers. DFI.MONEY emphasizes community ownership and lacks commercial incentives like developer rewards.

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