In addition to MINA and RAY, Binance currently has several other tokens listed in the Innovation Zone.
Binance is listing Mina (MINA) and Raydium (RAY), adding both to its Innovation Zone, where users can now trade digital currencies. The exchange platform intends to open trading for MINA/BTC, MINA/BNB, MINA/BUSD, and MINA/USDT. Other pairings now available in the dedicated trading zone include RAY/BNB, RAY/BUSD, and RAY/USDT.
All aforementioned pairs expect to start trading today, Monday, August 10th, at 06:00 AM (UTC). The platform is already accepting MINA and RAY deposits from users in anticipation of trading. The same users can expect to use the available withdrawal services for the tokens from August 11th at 06:00 AM (UTC). Binance is not charging a listing fee for Mina and Raydium.
The crypto exchange provides the Innovation Zone as a dedicated trading space for new and innovative tokens. Compared to regular tokens, the tokens in Binance’s Innovation Zone pose a greater risk to traders and have higher volatility. There are potentially bigger gains to accrue as well as worse losses to incur depending on which way the market pendulum swings. Overall, Binance now lists more than 500 cryptos and virtual tokens, with an active user base of about 13.5 million. The Binance decision for a Mina and Raydium listing opens up both assets to more access.
Mina (MINA) is a layer-1 blockchain protocol created to negate the computational requirements for running dApps more efficiently. It is referred to as the world’s lightest blockchain with a 22kb size that does not increase regardless of usage growth. This size is almost entirely insignificant compared to Bitcoin’s 300 GB blockchain.
In addition, Mina boasts of balanced security and decentralization, used for network transactions, staking rewards, and block production. The platform rebranded from Coda Protocol to Mina in October 2020, with MINA as its native utility token. The currency is a utility coin in addition to being a medium of exchange.
Raydium (RAY) is an automated market maker (AMM) and liquidity provider built on the Solana blockchain. The project has a first-mover advantage as an AMM within the Serum decentralized exchange (DEX). Here, it facilitates fast trades, yield earning opportunities, shared liquidity and new project launches. In addition, Raydium acts as a bridge for projects looking to expand to Solana and Serum, and it has a native utility token called RAY.
Unlike any other AMM, Raydium provides on-chain liquidity to a central order book. The implication of this is that Raydium LPs get to access Serum’s entire order flow and liquidity.
The Raydium protocol aims to establish and lead the way in AMMs and liquidity providers on Serum. It expects to do all this while leveraging the power of Solana to revolutionize decentralized finance (DeFi).
Other Listings on the Binance Innovation Zone
In addition to MINA and RAY, Binance currently has several other tokens listed in the Innovation Zone. These include QuickSwap (QUICK), RAMP (RAMP), Vai (VAI), Shiba Inu (SHIB), and Polkastarter (POLS).
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
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