Minswap Labs, the premier multi-pool decentralized exchange on Cardano, takes steps to get its native token MIN to trade on the largest crypto exchange, Binance.
The Minswap Labs team recently disclosed this move via a post on their official X account. Per the update, Minswap Labs filed and submitted an application for MIN to be listed on Binance.
@binance Listing Application Submitted ✅ as part of their Project Applicants program!
✦ What’s next for $MIN CEX Listing?🤔
📅 Dates coming tomorrow, turn on🔔 pic.twitter.com/M2DKnaxoWe
— Minswap Labs (@MinswapDEX) May 26, 2024
MIN Listing on Binance
This move comes amid MIN’s low trading volume and market cap of $29.4 million, which places it at position 802 in the CoinMarketCap ranking. Listing MIN on Binance is expected to positively impact its volume and market share. Specifically, the listing will expose MIN to millions of investors and traders on the exchange, potentially boosting its market value.
Notably, Minswap Labs applied to list MIN on Binance by leveraging the exchange’s recently announced program to foster a healthy crypto market environment. The Binance initiative aims to tackle the rising concern regarding dishonest token launches characterized by elevated fully diluted valuations and limited initial circulating supplies.
For context, such launches involve projects releasing a small token quantity at the beginning, creating an artificial scarcity to drive up prices. However, these projects typically retain the larger reserve, potentially offloading it later, which hurts retail investors.
To counter this trend, Binance moved to empower promising small and medium-sized projects with solid fundamentals. It opened applications to participate in its listing program, including direct spot listing, Mega Drops, and Launchpools.
Notably, in this program, Binance welcomes only projects that allocate a significant portion of tokens to community users, maintain a reasonable token float at launch, and limit allocations to non-community users.
Additionally, Binance prioritizes projects with an organic user base and a commitment to responsible regulatory and compliance practices.
MIN Lists on MEXC
While the MIN listing application is pending on Binance, the Cardano-based token has recently been listed on MEXC, one of the top centralized exchanges. MEXC opened the MIN/USDT trading pair on May 28 after a $50,000 airdrop reward pool. At press time, only MEXC and CoinEX are leading centralized exchanges that have listed MIN.
Interestingly, following the latest announcement, MIN’s volume has spiked 218% to $198,350, per CoinMarketCap data. Of this figure, MEXC, which recently listed it, commands $152,054, representing 76.58%. Binance’s listing is likely to further boost this total figure.