Binance Announces Cease of Support for BUSD and Manga Token’s Strategic Moves

In recent developments, Binance, one of the leading global cryptocurrency exchanges, has announced the cessation of support for BUSD (Binance USD) and the subsequent delisting of BUSD from its margin and futures trading platforms. Concurrently, Manga Token, a prominent decentralized finance (DeFi) player, has significantly changed its liquidity pool (LP) strategy. This article explores these developments and their implications for the crypto community.

Binance Ceases Support for BUSD:

Binance has officially declared the discontinuation of support for BUSD, effective December 15, 2023.

This decision is part of Binance’s broader strategy to optimise its asset offerings and align with evolving market dynamics. Users are encouraged to review the detailed announcement on Binance’s official support page.

Delisting of BUSD from Binance Margin and Futures:

Binance has delisted BUSD from its margin and futures trading platforms in a related move. The delisting took effect immediately, as announced in an official statement by Binance. This decision will likely affect traders and investors utilising BUSD in these specific trading environments.

Manga Token’s Liquidity Pool Transition:

Simultaneously, Manga Token, a decentralized finance project, has undergone a strategic shift in its liquidity pool configuration. The token has transitioned its LP from BUSD to BNB (Binance Coin) with a clear timeline for these changes.

LP Migration Date: The liquidity migration from BUSD to BNB has been initiated and will conclude on October 2, 2024. We will be withdrawing the liquidity on this date.

Existing LP Providers: All existing liquidity providers are urged to remove their liquidity and switch from BUSD to BNB in line with Manga Token’s updated LP configuration.

New Liquidity Pool Details:

Transaction Confirmation: The creation of the new LP can be verified through the transaction on BscScan.

Settings for the New LP: The new LP’s settings include a minimum price of 1 BNB = 11,748,000 $MANGA, a maximum price of 1 BNB = 1,182,500,000,000 $MANGA, and an initial price of 1 BNB = 12,211,962 $MANGA.

$MANGA-BNB liquidity was created on 11 Dec 2023.

Utilizing Trading Fees for Buyback & Burn:

Manga Token has outlined its strategy for trading fees earned from the new LP. With a fee tier set at 1%, the fees collected in BNB and $MANGA components will be used for buyback and burn initiatives.

• LP Removal and Fee Distribution: During the LP removal, Manga Token received 7,844.353042382220151749 BUSD, converted it to BNB, and reinvested it into the new liquidity. Additionally, 413,674,509.27461536988837216 $MANGA was obtained, with a portion burned and the remainder added to the new LP.
• Burn Transaction: A detailed burn transaction for the $MANGA component can be tracked on BscScan.

Tracking the New Liquidity Pool:

DexTools Explorer: Users can monitor the performance and details of the new liquidity pool on the DexTools Explorer platform.

NOTE: We’re taking out the $MANGA-BNB liquidity on the same day as INUKO.

Conclusion:

Binance’s decision to cease support for BUSD and the subsequent delisting, coupled with Manga Token’s strategic shift in liquidity pool management, marks significant changes in the crypto landscape. As both platforms navigate these transitions, users and investors must stay informed about updates and adjust their strategies accordingly.