An Ethereum (ETH)-based decentralized finance (DeFi) altcoin is displaying volatility after gaining support from Binance, the world’s largest crypto exchange platform by volume.
In a new press release, Binance says that the cross-chain DeFi protocol Dolomite (DOLO) – which offers its products across the ETH, Arbitrum (ARB) and Berachain (BERA) blockchains – will be added to its suite of crypto products.
“Binance is excited to announce that Dolomite will be added to Binance Simple Earn, ‘Buy Crypto,’ Binance Convert and Binance Margin.”
News of the addition preceded price swings for the asset, as it went from an August 26th low of $0.229 to a peak of $0.301 just a day later. However, DOLO subsequently plunged down to $0.193. It has since stabilized and is trading for $0.239 at time of writing, a 21.2% decrease during the last 24 hours.
In its official whitepaper, the development team behind the project says its goal is to create a fully operational DeFi protocol that can be operated completely through a simple crypto wallet.
“The goal of this infrastructure and system is to enable easy and unstoppable access to spot trading, margin trading, passive liquidity provisioning, and other financial instruments through nothing more than a cryptocurrency wallet. It is important that systems that are fragile to price movements are incapable of going down and minimize any centralized points of failure.
Dolomite intends to be amongst the first decentralized exchanges to tie major trends in decentralized finance into a uniform, sleek, and capital-efficient system that users can access at any time, from any type of device.”
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