Alpaca Finance (CRYPTO: ALPACA) — a lending protocol — saw an intense price uptick following its listing on the world’s top crypto exchange Binance.
What Happened: According to CoinMarketCap data, the coin skyrocketed by over 84% from its 24-hour low of $0.9462 to today’s high of $1.7413.
After this spike, the coin settled down at $1.25 as of press time — up 31% from its all-time low.
Why It Matters: Binance announced the Alpaca Finance listing earlier today, shortly before the price spiked.
The exchange announced that it would list the coin along with Harvest Finance (CRYPTO: FARM) and allow for its trading against Bitcoin (CRYPTO: BTC), Binance Coin (CRYPTO: BNB), Binance USD (CRYPTO: BUSD), Tether USDT (CRYPTO: USDT). Alpaca Finance deposits and trading are already available on Binance; withdrawals will be available on Thursday.
What Else: Alpaca Finance is a lending protocol on Binance Smart Chain (CRYPTO: BNB) that enables borrowed assets to be used for leveraged yield farming — earning interest on leveraged assets. ALPACA is this protocol’s native token and is used to pay fees, governance, earn rewards, and obtain access to nonfungible tokens.
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