By
Godfrey Benjamin
April 30th, 2024
In a bid to showcase how serious the Neutron project has become, more than 190 million ATOM tokens have been staked through the CosmWasm platform.
Leading cryptocurrency exchange by Bitcoin balance and registered global users with KYC, Binance, has announced that Neutron (NTRN), a cross-chain smart-contracting platform, will be available for spot and margin trading with a seed tag. According to the announcement, the NTRN token spot trading will be available for select Binance users beginning October 10. The NTRN token will be tradable on the spot platform through Bitcoin, Binance Coin (BNB), and Tether (USDT) pairs. The crypto exchange added that Neutron (NTRN) will be added as a borrowable asset with the Tether USDT pair on margin trading within 48 hours.
Notably, the withdrawal of Neutron tokens from the Binance exchange will be opened on Wednesday, October 11. Meanwhile, the Neutron listing fee has been set 0 BNB, as the exchange is one of the original investors in the project.
Why Binance Supported Neutron Project with Token Listing
The listing of Neutron tokens on the Binance cryptocurrency exchange was strategic as it helps in the mainstream adoption of the supported chains including BSC, which in turn helps BNB widen its liquidity and daily traded volume. Notably, the Neutron project has been vocal since its inception that it intends to streamline the challenges faced by the multi-chain protocol hubs. By introducing a secure and neutral cross-chain infrastructure for the DeFi developers, the Neutron project anticipates further democratization of smart contracts technology.
The Neutron (NTRN) project is backed by some of the leading crypto-centric venture capitals including CoinFund, Binance Labs, Semantic, Swiss Staking, Nomad Capital, Longhash ventures, and Chainlayer, among many others. The Neutron team developed an infrastructure that enables smart contracts that can query, transact, and manage accounts remotely.
In a bid to showcase how serious the Neutron project has become, more than 190 million ATOM tokens have been staked through the CosmWasm platform.
“Neutron is bringing interchain accounts (ICA) to CosmWasm smart contracts. ICAs allow modules and smart contracts to execute and track transactions on foreign zones, without deploying additional code. With ICQs, they’re the Interchain’s secret DeFi sauce,” the company noted in its documentation.
Following the announcement, the Cosmos Hub native token (ATOM) rallied about 3 percent to trade around $6.91 on Tuesday. Notably, the ATOM market had a valuation of about $2 billion and a 24-hour trading volume of approximately $208 million.
Bigger Picture
Amid global regulatory scrutiny of digital assets led by the United States, the Web3 industry is fast evolving to accommodate the mainstream adoption of blockchain technology by democratizing smart contracts. Moreover, smart contracts that are deployable securely from different chains can onboard billions of global users seeking to scale their networks and operations.
