Key Points

• Binance announced the listing VELODROME/USDT today, and withdrawals will open on December 14.
• VELODROME’s price spiked by over 155% following the announcement.

Binance announced that Velodrome Finance (VELODROME) will be listed later today.

Trading will open with VELODROME/USDT pair at 14:00 (UTC) and withdrawals will open tomorrow, December 14, at 14:00 (UTC).

According to Binance’s announcement, users can start depositing VELODROME two hours later in preparation for trading.

The token’s listing fee will be 0 BNB.

Also, the exchange noted that the Seed Tag will be applied to VELODROME. Binance applies this tag to newer projects which might exhibit higher volatility compared to other already listed tokens. Users should do their own research before deciding to invest in these projects.

Following the exchange’s announcement, VELODROME experienced a notable spike in its price.

VELODROME Price Surges Significantly

Ahead of Binance’s listing announcement, VELODROME was trading around $0.14 today, but following the exchange’s notes, its price spiked considerably, peaking above $0.41, ahead of a slight correction afterward to around $0.39.

At the moment of writing this article, VELODROME has a market cap of over $342 million, up by more than 155% today.

VELODROME‘s total supply is 1.93 billion tokens.

What is Velodrome Finance (VELODROME)?

Velodrome Finance is an automated market maker (AMM) designed to serve as the liquidity hub for the Superchain, according to the official website of the project.

Velodrome NFTs vote on token emissions and receive incentives and fees generated by the protocol.

Here are the main features offered by Velodrome:

• Stable and volatile trading for low fees
• 100% of protocol incentives and fees go to voters
• Liquid-locked positions in the form of NFTs
• Permissionless pools, gauges, and incentives
• Self-optimizing liquidity flywheel
• Anti-dilution rebases for voters

The platform is designed to reward participants who enable the sustainable growth of the protocol. Velodrome operates on the Optimism Network.