Binance will cancel fees for trading Ethereum in pairs to BUSD

The promotion will last from August 26 to September 26, 2022

24.08.2022 - 06:45

631

2 min

What’s new? Cryptocurrency exchange Binance has announced the cancellation of the standard 0,1% fee for spot trading of Ethereum in a pair to the Binance USD (BUSD) stablecoin. The promotion will last one month — from August 26, 00:00 UTC to September 26, 00:00 UTC. The team of the exchange announced this on the official blog.

Announcement on the Binance blog

What is the reason for this decision? Binance believes that with The Merge upgrade approaching, there will be a large influx of users interested in the Ethereum ecosystem and its native asset, the cryptocurrency ETH. Binance wants to provide an option to buy and sell ETH with minimal barriers to entry.

Binance stressed that just like bitcoin, Ethereum is one of the cornerstones of the Web 3.0 ecosystem. Many decentralized applications (dApps) have been created on the Ethereum blockchain, and it has played a crucial role in the creation of DeFi, NFT,s and the use of smart contracts.

What is known about the Ethereum upgrade? Its release is scheduled for September 15, 2022. Due to the algorithm change from Proof of Work (PoW) to Proof of Stake (PoS), the way coins are earned on the network will change from mining to staking. The upgrade may also result in a split into two networks, one of which will continue to run on PoW. In August, the developers published a document refuting misconceptions related to the upcoming upgrade.

Earlier, Binance representatives reported that they allow the listing of tokens, which may appear as a result of potential hard forks. Listing decisions will be made on a case-by-case basis.

Author: