Nick Chong · 6 days ago · 2 min read · Insights via Grayscale Investments
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Binance, the world’s largest crypto exchange by trading volume, announced the listing of Decred (DCR). After the news was released that trading for DCR/BNB and DRC/BTC pairs will be available starting Oct. 24, the token’s price surged by 27 percent.
According to historical data from CoinMarketCap, the market cap of DCR which was hovering around $330 million in the whole of October saw a $90 million jump to $420 million within few hours of listing on Binance.
Another strong community project. Busy week! https://t.co/FAkIyv2HyC
— CZ Binance (@cz_binance) October 23, 2018
According to the announcement, Binance will open trading for DCR/BNB, and DCR/BTC trading pairs at Oct. 24, 2018, 04:00 AM (UTC), but have enabled users to deposit DCR in preparation for trading effective immediately.
Following their Oct. 8 decision to make new cryptocurrency listing fees transparent and donate 100 percent of those fees to charity, Binance did not charge a listing fee for Decred.
Jonathan Zeppettini, International Operations Lead, Decred told CryptoSlate:
“The Decred community is honored to be listed with Binance. We see it as validation of Decred’s core principles, it’s Politeia system of governance, and it’s approach to get listed on the best exchanges without raising funds from investors or outsourcing risk.”
A Positive Reaction from the Market
Decred is the second altcoin to be added to Binance in October 2018, following the Oct. 12 listing of Ravencoin. Following its Binance listing, RVN pumped around 32 percent within 24 hours of the announcement on Oct. 11.
Mirroring Ravencoin’s growth, DCR surged nearly 27 percent in less than two hours after the announcement and is currently trading at $46.58, its highest level since early August. Compared to other major altcoins such as Cardano which has collapsed nearly 94 percent since January 2018, Decred seems to be leading the altcoin game.
The Decred Project expressed their gratitude on Twitter:
— Decred (@decredproject) October 23, 2018
Decred is self-described as an “open and progressive cryptocurrency with a system of community-based governance integrated into its blockchain,” and separates itself from Bitcoin and other digital currencies thanks to its governance.
Powered by a hybrid consensus model of PoW and PoS, the company recently launched a new system called “Politeia.” The censorship-resistant blockchain-anchored public proposal platform enables DCR stakeholders to decide which proposals get funded by the project treasury.