Binance Updates Loanable Assets to Banana, Harmony, and These Cryptos

Cryptocurrency exchange Binance has announced an update to its loanable asset offerings. Several tokens, including BANANA, LQTY, ONE, and others, will be removed from the loanable asset list.

Despite this news, LQTY has seen the highest price increase among the affected tokens, surging by 20% in the last 24 hours. BANANA and ONE have also experienced gains of 6.57% and 8%, respectively. IOST has seen a more modest price increase of 3.8%.

Binance Updates Loanable Assets to Banana, Harmony, and These Cryptos

According to an announcement on January 14 by Binance, the exchange has revealed a major update to its Flexible Rate Loan program. Effective January 15, at 03:00 (UTC), several cryptocurrencies will no longer be available as loanable assets.

These tokens include Banana Gun (BANANA), Harmony (ONE), Gains Network (GNS), Kadena (KDA), Liquity (LQTY), Livepeer (LPT), Portal (PORTAL), Tellor Tributes (TRB), Viberate (VIB), and Vulcan Forged PYR (PYR).

The decision is part of the platform’s regular product reviews, which aim to ensure that Binance provides the most valuable services to its users while considering evolving market trends.

The exchange has highlighted that active loan orders involving the affected cryptocurrencies will not be impacted by this change. Users can continue holding these loans until they fully repay their respective orders.

While no specific reason was cited for the delisting of these tokens, Binance's move reflects its strategy to streamline its offerings and focus on tokens that better align with its ecosystem and user activity.

The updates come as one of the top crypto exchanges continues to adapt to the rapidly evolving crypto landscape.

Binance Highlights Key Tokenomics Update for IOST

In other news, Binance has shared an important update regarding the tokenomics of IOST (Internet of Services Token).

As part of a strategic transformation under the IOST 3.0 initiative, the total supply and circulating supply of IOST will increase. This move is designed to enhance its Layer 2 infrastructure and position IOST as a leading Web3 payment solution.

The IOST project team has outlined a detailed reallocation framework to support this evolution. According to the project team, the increase in IOST’s total supply will accommodate new features like supporting over 5,000 validator nodes, powering Layer 2 infrastructure, and funding payment innovation.

The adjusted supply will be distributed across several key areas. Fifty percent of the total supply will be allocated over the next five years, with a focus on network infrastructure development, which will receive 60% of the growth allocation.

Additionally, 20% will support community development programs, rewarding early adopters and fueling ecosystem growth. Other allocations include a payment innovation fund (8%), technical development grants (5%), decentralized governance operations (4%), and team performance incentives (3%).

Price Context of Affected Coins

After the announcement from Binance, here are the prices and their respective gains:

Banana Gun (BANANA): The price is trading at $38.33, up 6.57% in the last 24 hours, and has a market cap of $131 million.

Gains Network (GNS): The price is changing hands at $1.544, and the token has gained 11% in 24 hours. The market cap is below $50 million.