BLUR skyrockets 30% following Binance listing announcement

November 24, 2023 at 7:52 am

Edited by Dorian Batycka

Markets

BLUR skyrockets 30% following Binance listing announcement

Crypto exchange Binance said it will open trading with the token on Nov. 24 at 09:00 (UTC).

Cryptocurrency exchange Binance will add support for BLUR, an ERC-20 native token of the NFT marketplace Blur, after the marketplace’s founder Tieshun Roquerre announced the launch of Blast, a layer-2 network aimed at non-fungible tokens.

In a blog announcement on Nov. 24, the exchange said it will open trading with BLUR/BTC, BLUR/USDT and BLUR/TRY at Nov. 24, 09:00 (UTC). Traders can already deposit BLUR, with withdrawal to be opened at Nov. 25, 06:00 (UTC). Beyond putting BLUR on its trading list, Binance will also list BLUR as a new borrowable asset with this new margin pair on Isolated Margin.

BLUR skyrockets 30% following Binance listing announcement - 1 — BLUR price | Source: CoinGecko

Following the news, BLUR price jumped nearly 30%, surging up to $0.62. The token’s market capitalization increased to $690.7 million, according to data from CoinGecko.

Additionally, I have raised another $40m to contribute to the Blur ecosystem. The funds will be used to build L2 apps for NFTs and continue advancing NFTs on ETH L1 as well.
— Pacman | Blur + Blast (@PacmanBlur) November 21, 2023

The listing comes shortly after Blur founder Tieshun Roquerre announced he had raised $40 million to contribute to the Blur ecosystem. Binance said in the announcement that the listing costed 0 BNB in fees. However, it’s unclear if the proceeds from the $40 million funding were used for the listing.

Moreover, the Blur team also launched its own layer-2 network called Blast in a bid to reduce transaction costs for digital collectibles and earn yield with Ethereum staking.

So while I personally think it's risky to send Blast funds in its current state, ultimately it's your decision and I'm just here to share what I learned.

I still wish the best for the Blast team and everyone who has sent money across already.

(23/24)
— Jarrod Watts (@jarrodWattsDev) November 23, 2023

Yet, the crypto community already noticed several issues related to Blast. According to Polygon engineer Jarrod Watts, five signer wallets of Blast’s multi-signature contract are all new unknown entities, which makes it risky for users “to send Blast funds in its current state.”