An altcoin designed for decentralized finance (DeFi) surged 56% to a new all-time high after it launched on popular crypto exchange platform Binance.
Binance says it is launching support for Rari Governance Token (RGT), the Ethereum-based governance token of Rari Capital, a DeFi platform allowing participants to borrow, lend and earn yields on cryptocurrencies.
RGT’s price spiked from $41.17 to a new all-time high of $64.42 within hours after the listing. The coin has retraced since and is exchanging hands at $43.73 at time of writing, a 33% decrease from its all-time high, according to CoinGecko.
Holders of RGT can take part in the protocol’s governance system through on-chain voting, contribute to liquidity pools found on decentralized exchanges to earn mining and transaction fee rewards and use the token to obtain service fee discounts from the protocol.
According to Rari, RGT is a deflationary coin that burns tokens as it earns money.
“RGT will be burned on every cent made by the protocol (70% of all revenues to be exact), decreasing the total supply of the token as the protocol succeeds.”
RGT currently has a circulating supply of 11.25 million coins, according to CoinMarketCap.
