• Binance, a cryptocurrency exchange, has launched support for the altcoin DeFi Project, causing volatile price movements

  • After launching on popular crypto exchange platform Binance, an altcoin designed for decentralized finance (DeFi) surged 56 percent to a new all-time high.

    Binance has announced the addition of Rari Governance Token (RGT), the Ethereum-based governance token of Rari Capital, a DeFi platform that allows users to borrow, lend, and earn yields on cryptocurrencies.

    Within hours of its listing, RGT’s price soared from $41.17 to a new all-time high of $64.42. According to CoinGecko, the coin has since retraced and is currently trading at $43.73, a 33% decrease from its all-time high.

    Holders of RGT can participate in the protocol’s governance system through on-chain voting, contribute to liquidity pools found on decentralized exchanges to earn mining and transaction fee rewards, and use the token to obtain protocol service fee discounts.

    Rari classifies RGT as a deflationary coin that burns tokens as it earns money.

    “RGT will be burned on every cent generated by the protocol (70 percent of total revenues), reducing the total supply of the token as the protocol succeeds.”

    According to CoinMarketCap, RGT currently has a circulating supply of 11.25 million coins.

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