Binance Issues ONT-33 D Token for Decentralized Exchange Trading


Binance has launched an ONT backed Token
dubbed as ONT-33D which has been pegged by ONT coins on a 1:1 ratio on the
blockchain of Binance exchange.
The Token has been developed on the Ontology
blockchain of Binance and will be governed by the set of parameters called
BEP2.
How ONT-33 D Token pegged by ONT coins?
Each ONT-33D token will be backed by one
ONT coin at a 1:1 ratio. This ensures that the token price will be equivalent
to the ONT coins traded on the open crypto market. A per the protocols, the ONT
coins travel on Ontology’s main blockchain that makes them incompatible with
the Binance decentralized exchange(DEX) and thus the two will operate on two
entirely different blockchains.
While revealing about the ONT-33D, the a spokesperson from Binance said, “It will allow ONT holders to have
decentralized exchange service.”
It is noteworthy that the Ontology has been
ranked as one of the top 30 by analytics firm Coin market Cap which has been
acquired by Binance for $400 million. Currently, it possesses a market cap of
$271 million and a trading volume of about $93 million. The estimated supply
for the total ONT has been assumed around 1 billion but currently, only 650
million are under circulation.
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Jayashree Ingle
CBW - External Analyst
INDIA