UNFI Drops 40% Ahead of Binance Delisting on November 6.
Key Takeaways:
UNFI, the native cryptocurrency of the Ethereum-based decentralized finance (DeFi) platform Unifi Protocol, has declined by a staggering 40% in just 24 hours following reports that Binance will be delisting the token next month.
Binance Set to Delist UNFI, OOKI, KP3R, and IDRT on November 6
Earlier today, Binance announced that UNFI will be among the four cryptocurrencies removed from its trading platform on November 6, 2024. The company conducted a routine review of cryptocurrencies listed on its exchange and deemed these assets failed to meet the criteria.
The list also includes the Ooki Protocol (OOKI), Kee3rV1 (KP3R), and Rupiah Token (IDRT). The delisting will take place on November 6 at 03:00 UTC. At that time, all trading pairs associated with the tokens – USDT/IDRT, KP3R/USDT, OOKI/USDT, UNFI/TRY, UNFI/USDT, and UNFI/BTC – will cease trading.
Explaining its decision, Binance said it was based on factors such as the projects’ development activity, stability of their networks, and adherence to regulatory requirements. The exchange notes that the measures were undertaken to protect users and ensure a healthy trading environment.
Unifi Protocol offers a suite of DeFi products, such as a cross-chain token bridge, a multichain automated market maker, and arbitrage strategies. The platform is designed to reduce reliance on inflationary gas fees and provide a more sustainable blockchain-based economy.
UNFI was listed on Binance in November 2020. It was launched through the Binance Launchpool, which allowed users to farm UNFI by staking BNB, BUSD, and ETH. The Unifi Protocol DAO token was available to trade on the exchange in the trading pairs UNFI/BTC, UNFI/BNB, and UNFI/BUSD.
UNFI Price Declines Sharply as Traders and Investors Rush to Exit Their Positions
The UNFI/USDT trading pair crashed from a high of $2.786 to a low of $1.631 in less than 24 hours. With Binance set to delist the token, traders are rushing to exit their positions, intensifying selling pressure on the cryptocurrency.
The UNFI market remains highly volatile, with chances of potentially sharp, short-lived rebounds as speculative traders are the on lookout for quick profit opportunities before it is removed from the exchange.
Binance has encouraged holders to take action before the deadline. While spot market trading will close on November 6, the exchange has outlined several earlier dates on which margin trading, futures contracts, and other services will cease.
Isolated margin borrowing for UNFI, OOKI, KP3R, and IDRT will be suspended on October 25, and closures for all positions are set for October 31. Binance users holding these tokens are advised to settle their positions and transfer any assets out of the exchange to avoid losses.
Binance will Allow Users to Withdraw Their Funds Until February 6, 2025
Once they are delisted, Binance will not allow any deposits starting November 7. However, users with UNFI, OOKI, KP3R, and IDRT in their portfolio will be able to withdraw their holdings until February 6, 2025. The exchange also hinted at the possibility of converting the delisted tokens into stablecoins, but this has not been confirmed yet.
As part of the review, Binance will also be removing the ALGO/FDUSD, CHR/ETH, DGB/BTC, and GMX/BTC trading pairs on October 25 due to low liquidity and trading volume.
At the time of writing, UNFI is trading at $2.25 – down 14.9% over the last 24 hours. The token’s market cap has dropped to $21.43 million but its 24-hour trading volume is up a whopping 3,863% at $393.65 million as traders and investors are worryingly moving out their funds or exiting their positions.
Read More:
