Harmony Protocol’s ONE Token Boosts Trading for Binance DEX
The ONE token is the first to be distributed in an IEO and launch directly on the Binance Chain.
Harmony Protocol (ONE) became the first token to seriously boost trading volumes for Binance DEX, just days after its listing. ONE is also the first post-IEO token to launch on Binance Chain. Binance has so far achieved a limited number of initial exchange offerings (IEO), but other assets were listed on the main exchange only. ONE trades in parallel on both exchanges.
Binance DEX marks volumes above $11.2 million’s equivalent this Tuesday. But more than 99% of this volume belongs to ONE. Other tokens that recently migrated, such as Mithril (MITH), show significantly weaker activity.
ONE trades in just one pair on the decentralized exchange, against Binance Coin (BNB). The asset has three pairs on the centralized exchange - against Bitcoin (BTC), Tether (USDT), and BNB.
ONE traded at $0.021, a significant increase from the crowdsale price of $0.003175. However, the token’s price remained volatile, moving down from $0.027. In general, IEO tokens go through a price discovery stage, and may appreciate and slide significantly during it.
The other worrying sign is the volume fluctuation - after an initial spike in activity and volumes above $600 million in 24 hours, activity for ONE fell significantly. While the token launched with much hype, it also comes with a warning, as no digital asset is guaranteed success. Additionally, having its sole listing on one exchange makes ONE prone to localized bot-driven activity.
Binance constantly expands its activity and liquidity instruments. Most recently, the exchange announced it would be testing a stablecoin based on the British pound. The newly introduced stablecoin would also run on the Binance Chain, and thus be ready to provide liquidity to Binance DEX.
Binance is the largest owner of USDT stablecoins, but also supports other major fiat-backed stablecoins, including Paxos (PAX) and True USD (TUSD). But for the first time, Binance will launch a stablecoin on its native blockchain.
Binance’s CEO Changpeng “CZ” Zhao confirmed the news, and pointed out the new stablecoin is not minted by Binance, but by a third-party project, Stably, Inc.