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Binance Expands Support For PHA, STEEM, USUAL, What’s Next?

Published

15 hours ago

January 9, 2025

Binance Expands Support For Pha Steem Usual.webp.webp

In a recent development, Binance has expanded its support for Phala Network (PHA), Steem (STEEM), and Usual (USUAL). Although this development provides a bullish outlook for these coins, they have experienced significant price drops due to the current bearish sentiment in the broader crypto market. Notably, these declines come amid Bitcoin dipping below the $92K mark. Phala Network (PHA) has seen a 13% drop in the last 24 hours, while Steem and Usual also experienced significant declines. While Binance’s move may bring enhanced liquidity and user engagement, the broader market conditions could still impact these coins’ potential to rally.

Binance Unveils New Trading Pairs for PHA, STEEM, USUAL, and PLN

On January 9, Binance’s announcement revealed new trading pairs for Phala Network, Steem, Usual, and Polish Zloty. The new pairs, PHA/USDC, STEEM/USDC, USUAL/USDC, and PLN/USDC, will be available for trading starting January 10 at 08:00 (UTC). This move further expands its trading options, catering to a wider range of users.

The announcement also confirmed the introduction of trading bot services for these pairs. Notably, PLN represents the Polish Zloty, a fiat currency, not a digital asset. These trading bots will enhance user experience by enabling advanced trading strategies across Binance Spot.

However, users in certain restricted regions, including the United States, Canada, and North Korea, will not be able to trade these pairs due to regulatory constraints. The leading crypto exchange, Binance, continues to prioritize compliance with international regulations to maintain a secure trading environment globally.

Phala Network Expands Its Reach with Ethereum Layer 2 Solution

Phala Network (PHA), a prominent player in Polkadot’s ecosystem, has launched a Layer 2 network on Ethereum. Developed in collaboration with Succinct Labs and Conduit, this rollup leverages OP Succinct technology, combining optimistic and zero-knowledge proofs. This transition allows PHA to connect with Ethereum’s robust user base while offering cryptographic computing solutions.

The project introduces Trusted Execution Environment (TEE) technology for secure, private smart contracts. With this, Phala Network aims to expand its AI capabilities, enhancing privacy and reliability for decentralized applications. Notably, the recent listings of Phala’s perpetual contract on Binance triggered a 300% price surge, showcasing growing interest in the project’s innovative solutions.

What’s Next For PHA, STEEM, And USUAL Coins

Phala Network’s (PHA) price saw a 13% drop in the last 24 hours, trading at $0.2970. The token recorded a 24-hour low of $0.296 and a high of $0.365. With a market cap of $237 million and a trading volume of $152 million, PHA remains up 82% over the last month and 170% in the last quarter.

STEEM price traded at $0.3028, with a 24-hour range of $0.28–$0.36. The coin was up 26% this month and 70% over the last quarter. It has a $146 million market cap and $613 million in trading volume.

However, USUAL price declined by 11%, trading at $0.65. It had a 24-hour low of $0.64 and a high of $0.75. The coin’s market cap stands at $341 million, with a $166 million trading volume, though it is down 36% in the past week.

Binance previously delisted trading pairs for Axelar (AXL), Coin98 (C98), and Enjin (ENJ) led to price declines for these tokens, as delisting reduces liquidity and market access. However, Binance’s listing of new pairs for tokens like PHA, STEEM, and USUAL could have the opposite effect. Listings on major exchanges generally improve token visibility, liquidity, and investor confidence, potentially resulting in price rallies. In other words, these tokens are expected to witness recovery ahead, given the exchange’s strong dominance in the market.