Binance Sparks Explosive Rally in Newly Launched DeFi Altcoin With Surprise Support for Trading

A newly launched decentralized finance (DeFi) altcoin is surging after earning a surprise listing by top crypto exchange Binance.

In a new announcement, Binance says that it is launching futures contracts with up to 75x leverage for Morpho (MORPHO), a decentralized lending protocol built on the Ethereum (ETH) blockchain.

As the listing announcement went out, Morpho exploded and is currently up 85.8% in the last 24 hours, trading for $1.67 at time of writing. With a market cap of $221.3 million, Morpho is the 347th largest crypto project.

The project aims to improve the efficiency and flexibility of borrowing using blockchain technology.

“The protocol matches liquidity on a peer-to-peer basis, resulting in a 100% capital utilization rate and better rates for both borrowers and lenders. If a peer-to-peer match for a loan isn’t found, the loan is matched with liquidity from underlying lending pools.”

Binance also announced future support for Solana (SOL)-based memecoin Chill Guy (CHILLGUY).

CHILLGUY is trading for $0.55 at time of writing, up 12.3% in the last 24 hours. With a market cap of $552.5 billion, the digital asset is the 180th largest crypto project.

The memecoin recently became embroiled in controversy when Chill Guy illustrator Phillip Banks threatened legal action against the project for alleged unauthorized, for-profit uses of his viral cartoon.

His complaint has not stopped other exchanges, including Crypto.com and Gate.io, from listing the token this month.

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