Binance will launch an altcoin-only spot liquidity program aimed at small market makers

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PANews reported on June 4 that, according to The Block, Binance announced the launch of its first spot liquidity plan for altcoins only, aiming to meet the market's demand for greater diversity. The new Altcoin Liquidity Enhancement Program is designed to offer the most attractive altcoin market making rebates in the industry to attract small and mid-sized liquidity providers who want to focus on altcoin market making to complement the exchange's existing liquidity programs. According to the details of the plan, market makers only need to focus on altcoin trading pairs to participate, and it is no longer mandatory to participate in market making of mainstream currencies such as Bitcoin. There are two rebate tiers: 0.005% rebate for market makers with a monthly trading volume of 0.5% of the market, and 0.01% for those with a 1% market share.

The first supported trading pairs include INIT/USDT, EOS/USDT, HYPER/USDT, PARTI/USDT, ICP/USDT, KERNEL/USDT, CFX/USDT, W/USDT, KMNO/USDT, IOTX/USDT, ONDO/USDT, TON/USDT, FIL/USDT, WCT/USDT, BABY/USDT, SXT/USDT, SYRUP/USDT and STO/USDT. Catherine Chen, head of VIP and institutional business at Binance, said that existing liquidity programs tend to favor large market makers, and the new program will help small and medium-sized market makers gain a competitive advantage in the altcoin market. Applicants need to meet the threshold of trading volume of more than $20 million in the last 30 days and demonstrate a high-quality liquidity delivery strategy. The program's eligibility review will begin on June 9, and rebate distribution will begin on June 17.

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