Velodrome Finance (VELO) Takes Off Following Surprise Binance Listing

Decentralized finance (DeFi) altcoin Velodrome Finance (VELO) is skyrocketing following a new listing from the world’s largest crypto exchange by trading volume.

Earlier today, Binance announced the addition of VELO to the crypto exchange.

“Binance is excited to announce that Velodrome Finance (VELODROME) will be added to Binance Simple Earn, ‘Buy Crypto’, Binance Convert, Binance Margin, Binance Auto-Invest, and Binance Futures at the respective dates and timings listed below.”

According to the announcement, Binance’s Simple Earn will list VELO Flexible Products for subscription today. Binance users will be able to purchase VELO on Monday, December 16th.

VELO has almost doubled in value in the last 24 hours. The DeFi token is up 90.3% on the day at time of writing, currently going for $0.292.

Velodrome is a trading and liquidity decentralized exchange (DEX) marketplace built on Optimism (OP), a leading Ethereum (ETH) layer-2 blockchain, making it Ethereum Virtual Machine (EVM)-compatible. According to CoinGecko, Velodrome is currently the top DEX by 24-hour trading volume.

Velodrome has also spawned a popular fork on Base called Aerodrome Finance, in which Coinbase has been heavily investing.

“Coinbase Ventures historically do six-figure venture deals and seldom went beyond $1 million investments until recently. And now we have the largest-ever investment made on a liquid token (>$20 million) bought from the open market like every other market participant. Think about why they are so bullish and still buying more.”

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