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Aave (LEND) Token Swap to AAVE Will Be Supported on Binance With Various Service Updates & Settlements

Aave (LEND) Token Swap to AAVE Will Be Supported on Binance With Various Service Updates & Settlements

2020-10-03 10:59
Fellow Binancians,
Binance will support the Aave (LEND) token swap to AAVE, with the following timeline:
  • At 2020/10/04 3:00 AM (UTC), Binance will suspend LEND isolated margin trading (including restricting transfers, borrowing, buying long etc), LEND Savings and LEND Loan services.
  • At 2020/10/10 0:00 AM (UTC), Binance will conduct an automatic settlement on both LENDBTC and LENDUSDT isolated margin trading pairs, as well as settling all LEND/USDT perpetual contract positions. We will then proceed to delist these pairs and contracts. Please refer to the Delisting Process of A Futures Contract for more details.
  • At 2020/10/10 4:00 AM (UTC), Binance will perform an automatic redemption of all LEND tokens in flexible savings products and move these tokens to user spot wallets.
  • At 2020/10/11 4:00 AM (UTC), we will suspend LEND deposits and withdrawals and begin the token swap. Please ensure that you leave sufficient time for your LEND deposits to be fully processed prior to this time.
  • At 2020/10/12 3:00 AM (UTC), we will halt trading in all LEND trading pairs, and the trading pairs will also subsequently be delisted from the exchange. We will then take an immediate snapshot of all LEND balances and begin the distribution of AAVE to all eligible users at a ratio of 100 LEND = 1 AAVE.
  • At 2020/10/15 3:00 AM (UTC), we will open trading for the new AAVE/BNB, AAVE/BTC, AAVE/BUSD, AAVE/ETH, AAVE/USDT and AAVE/BKRW. Deposits and withdrawals for AAVE will also be opened at this time.
  • Finally, at 2020/10/16 7:00 AM (UTC), Binance Futures will launch and open trading for a AAVE/USDT perpetual contract with leverage of 1-50x.
Please note:
  • Deposits & withdrawals of LEND tokens will remain open after the token swap is complete. Users will be able to use the convert function to swap their LEND for AAVE tokens.
  • For further information on the token swap, please refer to Migration and Staking 101.
Thanks for your support!
Binance Team
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