Biswap saw a major 100% spike in hours, just after Binance announced that it would delist the token.
Crypto markets are not always driven by fundamentals. On Thursday, June 26, Binance announced the delisting of five tokens, including Biswap (BSW). However, instead of triggering a price collapse, the delisting news sparked a major rally.
Despite the Binance delisting, the small-cap token rallied 118% in just a few hours, rising from $0.017 to a peak of $0.037. Biswap’s price subsequently stabilized at $0.026, but the token remains up 30% over the past 24 hours.
One potential reason for the price spike is the announcement of a new roadmap by the project. Biswap outlined plans to make the project more decentralized, enabling users to vote on rewards rather than just passively farm the token. The protocol also announced steps toward on-chain governance, as well as updates to its tokenomics.
Why Binance delisted Biswap
Binance periodically reviews tokens on its platform to ensure they meet the standards for listing. The exchange considers factors such as regulatory compliance, trading volume and liquidity, security, team commitment, and ownership structure. Binance did not explicitly state why it delisted Biswap or the other tokens. However, the announcement suggests that it failed to meet one or more of these criteria.
Biswap launched in 2021 as a decentralized exchange on the BNB Chain. It allows users to swap tokens, earn yield by providing liquidity, and stake crypto rewards. The token peaked in December 2021 at $2.13 and has since lost nearly 99% of its value.
Since launch, Biswap has faced criticism over the security of its protocol and centralization concerns. In June 2021, Valix Consulting discovered a critical exploit in its code that allowed an attacker to mint unlimited BSW tokens via the exchange. Biswap patched the vulnerability afterward.
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