The Ontology Gas (ONG) token has recently seen its price more than double, after leading cryptocurrency exchange binance announced it would add trading pairs with the cryptocurrency, greatly increasing its liquidity.
According to available data, the token is now up nearly 140% in the last 24-hour period thanks to the listing, as it’s trading at a little over $1 on the platform. Against BTC, the cryptocurrency surged nearly 140%, it’s trading at 0.0002881 BTC.
Per Binance’s announcement , trading pairs against BNB, USDT, and BTC are going to be added to its platform. The token works on the Ontology (ONT) network in a similar way GAS works on the NEO network, as it’s a required “fuel” needed for some functionalities and transactions.
The token likely didn’t just surge because of the added liquidity, but also because Binance has been distributing ONG to users who hold ONT on its platform, and who will now be able to trade it as well.
Ontology itself, according to Binance Info, is a project that “provides new high-performance public blockchains that include a series of complete distributed ledgers and smart contract systems, and at the same time supports public chain customization and chain network collaboration, while continuously providing common modules in various distributed applications.”
It includes a “centralized identity authentication protocol, distributed data management protocol, and credit score protocol.” Ontology itself is currently trading at $0.9, and has seen its price rise by nearly 70% thanks to Binance’s listing.
When it was launched, a total of $37 million in Ontology were airdropped to NEO token holders. Since then, the development team behind the cryptocurrency has revealed it’ll develop “private” smart contracts through a partnership,