Less than five hours after popular cryptocurrency exchange Binance listed the Bella Protocol (BEL) token on its platform, the token has spiked by over 1000%.
The exchange, which added several trading pairs for the BEL token, including BEL/BNB, BEL/BTC, BEL/BUSD, BEL/USDT, opened trading at exactly 08:00 UTC today and has since grossed at least 1000% on all pairs.
The token was initially scheduled to commence trading at 06:00 UTC on September 16, 2020, however, Binance made a last-minute announcement yesterday to bring forward the date to today.
“Binance will bring forward the trading start time for Bella Protocol (BEL) to 2020/09/15 8:00 AM (UTC), and open trading for BEL/BNB, BEL/BTC, BEL/BUSD, BEL/USDT,” the exchange said.
It was unclear what prompted Binance’s decision to bring forward the trading date, but the move has not deterred the token from having a remarkable debut.
Binance replicates DeFi
Recall that Binance recently made efforts to replicate the frenzy around decentralized finance (DeFi) protocols by unveiling its Launchpool service.
The service allowed users to stake various digital currencies, including Binance Coin (BNB), BUSD, and ARPA, to earn BEL tokens.
The move, which was met with wild jubilation across several social media platforms, saw users stake over $250 million worth of BNB in three days after the project’s launch.
Bella Protocol, which owns several DeFi products, including Bella Liquidity Mining, Flex Savings, One-Click Portal, and Lending, is focused on bringing traditional finance experience to crypto investors who want to get involved with crypto-banking services like yield farming.
DeFi continues to boom
With several users committing large funds to Binance’s recently launched Launchpool service, it is clear that more investors are interested in participating in DeFi.
However, the complex process of staking funds on decentralized exchanges has discouraged some users from getting involved.
Binance has somehow made the process easier for users with a few clicks, as more centralized exchanges look set to launch the same initiative.
Meanwhile, Coinfomania reported that popular crypto spot and derivatives exchange OKEx also launched its yield farming initiative that saw users staking more than $50 million OKB a few minutes after the service went live.