Bitcoin and Ether Aren’t the Top Traded Crypto’s on Binance Or the Biggest South Korean Exchange

Bitcoin and Ether Aren’t the Top Traded Crypto’s on Binance Or the Biggest South Korean Exchange

DOGE is the one that is yet again leading the market, closing in on a $100 bln market cap, and is accounting for 41.55% of Upbit’s overall volume, which is also more than Coinbase Pro’s entire volume.

Yet again, DOGE has gone parabolic.

Hitting a new all-time high at nearly $0.69, DOGE is up over 140% in the past 7-days ahead of Tesla CEO and “Dogefather” Elon Musk’s appearance on SNL on May 8.

Dogecoin is currently the 4th largest crypto asset with a market cap of $85 billion.

The DOGE FOMO is getting real, which yet again ends up taking Robinhood down. “We’re currently experiencing issues with crypto trading,” said the retail trading app on Tuesday, yet again, before restoring the crypto trading an hour later.

Retail traders are all simply FOMOing in on the meme coin, as evident from the fact that Dogecoin is the most traded crypto asset on the leading cryptocurrency exchange Binance.

According to CoinGecko, DOGE/USDT on Binance is recording $14 billion in volume, accounting for 19.82% of the overall exchange volume. ETH/USDT and BTC/USDT account for only 7.74% and 6.42% of Binance’s total volume, only to be followed by DOGE/BTC yet again at 3.78%. ETH 9.79% Ethereum / USD ETHUSD $ 3,527.78
$345.379.79%
Volume 48.06 b Change $345.37 Open $3,527.78 Circulating 115.75 m Market Cap 408.36 b
3 h WallStreetBets Launches Blockchain-Powered Exchange Traded Portfolios, Ran Through A DAO 7 h Ether Retraces to Trade Under $3,400 But Several Catalysts Are Still Present to Sent it Higher 8 h Raydium (RAY) Alone Accounts for Nearly 90% of Solana Ecosystem’s TVL
BTC 8.56% Bitcoin / USD BTCUSD $ 57,504.68
$4,922.408.56%
Volume 68.9 b Change $4,922.40 Open $57,504.68 Circulating 18.7 m Market Cap 1.08 t
5 h JPMorgan’s Jamie Dimon Still Has ‘No Interest’ in Bitcoin Despite Growing Adoption 5 h Grayscale Partners with New York Giants, Becoming the Second Crypto Sponsor of an NFL Team 6 h NYDIG Partners with FinTech Giant to Enable US Bank Customers to Buy, Hold, and Sell BTC through their Existing Accounts

Meanwhile, as per Binance owned Coinmarketcap, ETH/USDT derivatives are seeing the highest volume at $20.4 billion, followed by DOGE/USDT derivatives recording $19.4 billion in volume.

While BTC/USDT derivatives are the third most traded pair with a $19.4 billion volume, DOGE/USDT spot trading is yet again seeing $15.8 billion volume.

Just like the global users of Binance, South Koreans are all-in on DOGE as well. Dogecoin is accounting for 41.55% of all the volume on the largest cryptocurrency exchange of the country, Upbit.

Trading at a premium of 9.75%, DOGE/KRW is at $0.7077, down from a $0.7142 high earlier in the day.

Compared to Coinbase Pro’s $9.3 billion total volume, DOGE/KRW alone on Upbit did $14.3 billion in the past 24 hours.

As we previously reported, South Koreans have been more involved in altcoins than Bitcoin and Ether. And this continues with Ethereum Classic accounting for nearly 19% of all Upbit volume and the highest 20.69% on Bithumb.

XRP, BTT, EOS, LINK, and LTC are other popular altcoins on Korean exchanges. XRP 19.50% XRP / USD XRPUSD $ 1.64
$0.3219.50%
Volume 13.38 b Change $0.32 Open $1.64 Circulating 45.4 b Market Cap 74.4 b
8 h SEC Moves To Expunge XRP Holders From Ongoing Ripple Lawsuit With Latest Filing 9 h Bitcoin and Ether Aren’t the Top Traded Crypto’s on Binance Or the Biggest South Korean Exchange 2 d Due to Increased Demand, Social Trading Platform Firm eToro Now Supports DOGE
BTT 5.17% Blocktrade Token / USD BTTUSD $ 0.00
$0.005.17%
Volume 0 Change $0.00 Open $0.00 Circulating 55.75 m Market Cap 231.49 K
9 h Bitcoin and Ether Aren’t the Top Traded Crypto’s on Binance Or the Biggest South Korean Exchange 4 w South Koreans Are Trading XRP & BTT More than BTC and Ether 4 w Bitcoin Takes A Dive & Altcoins’ Drop Hard, But People Are Still ‘HODLing and Not Selling’
EOS 39.15% EOS / USD EOSUSD $ 8.75
$3.4339.15%
Volume 8.56 b Change $3.43 Open $8.75 Circulating 953.13 m Market Cap 8.34 b
9 h Bitcoin and Ether Aren’t the Top Traded Crypto’s on Binance Or the Biggest South Korean Exchange 2 d Due to Increased Demand, Social Trading Platform Firm eToro Now Supports DOGE 1 w USDT Supply on Tron Surpasses Ethereum as Tether Hits $50 Bln in Market Cap
LINK 9.64% Chainlink / USD LINKUSD $ 49.49
$4.779.64%
Volume 4.91 b Change $4.77 Open $49.49 Circulating 419.01 m Market Cap 20.73 b
9 h Bitcoin and Ether Aren’t the Top Traded Crypto’s on Binance Or the Biggest South Korean Exchange 2 d Due to Increased Demand, Social Trading Platform Firm eToro Now Supports DOGE 4 d Binance Smart Chain (BSC) TVL Reaches $45 Billion, Catching Up Fast to Ethereum
LTC 18.31% Litecoin / USD LTCUSD $ 356.66
$65.3018.31%
Volume 13.11 b Change $65.30 Open $356.66 Circulating 66.75 m Market Cap 23.81 b
5 h Grayscale Partners with New York Giants, Becoming the Second Crypto Sponsor of an NFL Team 9 h Bitcoin and Ether Aren’t the Top Traded Crypto’s on Binance Or the Biggest South Korean Exchange 2 d Due to Increased Demand, Social Trading Platform Firm eToro Now Supports DOGE

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Author: AnTy

Another BSC-based DeFi Protocol gets Exploited for Over $30 Million

Another Binance Smart Chain (BSC)-based DeFi Protocol Gets Exploited for Over $30 Million

Spartan protocol team ensures that they will rebuild with a focus on review, unlike Uranium Finance which, after the $50 million exploit, said the project won’t be reborn and is currently activating the distribution of 300k.

Over the weekend, yet another BSC-based DeFi protocol got exploited.

On Saturday, Spartan Protocol, a project that incentivizes deep liquidity pools for leveraged synthetic token generation, reported an attack that resulted in a loss of more than $30 million.

Its native token SPARTA took over a 40% drop as a result of the exploit but had since then recovered to $1.65, just about 25% down from its ATH of $2.25 from mid-February.

The next day, blockchain security company PeckShield Inc. released an analysis of the attack stating it was due to a flawed liquidity share calculation in the protocol, which was exploited to drain assets from the pool.

As for the technical part of the attack that involved a number of operations to prepare the vulnerable pool and then manipulate it to drain funds, the attacker first borrowed a flashloan from PancakeSwap with 10K WBNB, which was returned at the last step with 260 WBNB as the flashloan fee.

The vulnerability stems from the fact that the liquidity share calculation calcLiquidityShare() is querying the current balance, which can then be inflated for manipulation, noted PeckShield Inc.

Spartan Protocol team ensured that they would rebuild with a focus on reviews. It also mentions that their code that contained the flaw was already audited by CertiK.

While sharing this, it further said that “Sparta is innovative code, built from scratch, it is not a clone of anything,” amidst the growing criticism around the DeFi projects built on BSC copying other projects that are already running on Ethereum.

“Sparta does not copy a single line of SNX code, and the Sparta community feel the brand is sufficiently differentiated, un-owned, and unique to the BSC community,” it stated.

Earlier last week, another BSC-based DeFi project, Uranium Finance, was exploited for $50 million despite the project being audited by BSC Gemz, which didn’t pick up the critical vulnerability.

The exploit was possible due to an update of the codebase for v2, which changed the swap fees from 0.20% to 0.16%.

Unlike Spartan Protocol, Uranium Finance said they are not releasing v3, adding, “We will not be trying to make this project reborn again, doing so is not possible under these circumstances.”

Currently, they are activating the distribution of less than 300k from the bonus money pot while asking users to remove liquidity from pools.

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Author: AnTy

BaFin Warns Binance of Offering “Stock Tokens’ Without ‘Necessary Prospectuses’

BaFin Warns Binance of Offering “Stock Tokens’ Without ‘Necessary Prospectuses’

This is in violation of European Union securities law, as per Germany’s financial regulator, while Binance says it is “committed to following local regulator requirements.”

Germany’s financial regulator is warning that Binance risks being fined for offering its tokenized stocks without filing a prospectus before offering the assets. The regulator said in a statement,

“BaFin has grounds to suspect that Binance Germany is selling shares in Germany in the form of ‘share tokens’ without offering the necessary prospectuses.”

“Please bear in mind that securities investments should only ever be carried out on the basis of the necessary information.”

Earlier this year, the leading stock exchange announced the launch of zero-commission stock trading, starting with Tesla (TSLA). Binance then announced the listing of competitor Coinbase’s COIN shares, and then this Monday, MicroStrategy (MSTR) joined Apple (AAPL) and Microsoft (MSFT) on the platform.

These “stock tokens” are denominated in the exchange’s own stablecoin BUSD.

The Federal Financial Supervisory Authority (BaFin) said this week that there is no prospectus on the exchange’s website for MicroStrategy, Tesla, and Coinbase issues, which is a violation of European Union securities law.

The violation can result in Binance being fined 5 million euros ($6 million). A spokesperson for the UK’s financial watchdog said,

“The firm offers a number of regulated and unregulated products and services across multiple jurisdictions … We are working with the firm to understand the product, the regulations that may apply to it, and how it is marketed.”

The synthetic shares, backed by actual stock, allow investors to reap the economic gains of a company’s stock performance and dividends, according to Binance. A Binance spokesperson said,

“Binance takes its compliance obligations very seriously and is committed to following local regulator requirements wherever we operate. We will work with regulators to address any questions they may have.”

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Author: AnTy

BSC Recording ‘Tremendous’ Usage, Fees Cut in Half as Transactions & Active Wallets Explode Higher

BSC Recording ‘Tremendous’ Usage, Fees Cut in Half as Transactions & Active Wallets Explode Higher

BNB price is soaring while several DeFi projects launch flash loans, margin trading products, and more on BSC, “offering strong competition for Ethereum.”

While heightened activity on the Ethereum blockchain ends up pricing out smaller users, sending the gas fees to crazy levels, Binance Smart Chain has cut down its fees in half this week in light of growing network usage.

On Wednesday, the BSC community urged the validator to decrease the minimum gas price amidst the BNB price surging to new highs above $400 and the blockchain itself growing fast. BNB 8.40% Binance Coin / USD BNBUSD $ 418.12
$35.128.40%
Volume 4.55 b Change $35.12 Open $418.12 Circulating 154.53 m Market Cap 64.61 b
4 h TrueUSD (TUSD) Stablecoin to Go Live on Tron Network Tomorrow 8 h BSC Recording ‘Tremendous’ Usage, Fees Cut in Half as Transactions & Active Wallets Explode Higher 10 h Crypto Market Is Getting Ridiculously Euphoric; Bitcoin Only Consolidating with Several Catalysts Ahead

“The greatest benefit of BSC rather than Ethereum network is lower transaction fees. We would like to decrease BSC gas fee for the future growth of BSC DeFi platforms,” wrote one user on the platform.

The same day the community celebrated the gas fees cutting down in half.

The fees on the network are rising fast with the usage with the highest so far 6,031 BNB collected in fees on Monday while it was keeping under 1k BNB up until Jan.

According to Cryptofees, Binance Chain is generating about $42k in average daily fees versus $25 million by Ethereum network. ETH 3.84% Ethereum / USD ETHUSD $ 2,088.41
$80.193.84%
Volume 25.32 b Change $80.19 Open $2,088.41 Circulating 115.39 m Market Cap 240.98 b
2 h Billion Dollar Stablecoin Fei Protocol Struggles As Token Drops Below USD Peg 4 h TrueUSD (TUSD) Stablecoin to Go Live on Tron Network Tomorrow 8 h BSC Recording ‘Tremendous’ Usage, Fees Cut in Half as Transactions & Active Wallets Explode Higher

Ethereum’s gas fees going through the roof is one of the reasons people are shifting to BSC.

According to a recent report by Dapp Radar, Binance Smart Chain has seen “tremendous growth in the DeFi sector” by allowing users to swap tokens relatively cheaply.

BSC has overtaken Ethereum in Q1 of 2021, with the former bringing in an average of 105,000 daily active wallets compared to the latter’s 75k.

“‘ETH is scaling; it’s coming.” Okay, I’ll be excited then, but BSC is doing 4x as many transactions as ETH today, and SOL is superior tech than ETH with a burgeoning developer community springing up,” noted trader The Crypto Dog. SOL -0.04% Solana / USD SOLUSD $ 27.03
-$0.01-0.04%
Volume 378.18 m Change -$0.01 Open $27.03 Circulating 268.42 m Market Cap 7.26 b
8 h BSC Recording ‘Tremendous’ Usage, Fees Cut in Half as Transactions & Active Wallets Explode Higher 10 h Crypto Market Is Getting Ridiculously Euphoric; Bitcoin Only Consolidating with Several Catalysts Ahead 1 d Tether (USDT) to Become First Stablecoin on Polkadot (DOT) And Kusama (KSM) Network

However, in terms of total value locked (TVL), Ethereum is keeping its leadership and “is still the most significant blockchain within the DeFi ecosystem.”

In the meantime, the Binance Smart Chain usage has exploded this year as the market rides the bulls, DeFi protocols, and NFT.

According to BSC scan, on April 7, BSC recorded more than 4 million total transactions, up from about 350k at the beginning of the year and just a few thousand in Sept. last year.

BSC is particularly getting a lot of traction in Asia as DeFi heats up in the region. The low fees is making it an attractive alternative to Ethereum.

Moreover, as DeFi goes multi-chain, popular projects like Alpha Finance, SushiSwap, and others are also launching on BSC. ALPHA -1.76% Alpha Finance Lab / USD ALPHAUSD $ 1.75
-$0.03-1.76%
Volume 89.16 m Change -$0.03 Open $1.75 Circulating 250.15 m Market Cap 438.47 m
8 h BSC Recording ‘Tremendous’ Usage, Fees Cut in Half as Transactions & Active Wallets Explode Higher 2 w Alpha Tokenomics Makes Value Accrual Integral to the Usage of Core Protocols; 75% of Fees to Stakers 2 w Total Value Locked in Binance Smart Chain (BSC) Surpasses $15 Billion; Brave Joins in with Wrapped BAT
SUSHI 1.37% SushiSwap / USD SUSHIUSD $ 14.41
$0.201.37%
Volume 213.89 m Change $0.20 Open $14.41 Circulating 127.24 m Market Cap 1.83 b
8 h BSC Recording ‘Tremendous’ Usage, Fees Cut in Half as Transactions & Active Wallets Explode Higher 9 h Coinbase Accelerates Altcoin Listing Ahead of Going Public, Bringing Millions of Retail to DeFi 3 d Force DAO, A DeFi Hedge Fund, Loses Over $375k in xFORCE Token Exploit

Today, Cream announced that it is bringing flash loans onto BSC and bZx is yet another one “excited” to launch Yield Farming on BSC — “the first DeFi margin trading product on BSC.” CREAM 8.96% Cream Finance / USD CREAMUSD $ 161.61
$14.488.96%
Volume 6.46 m Change $14.48 Open $161.61 Circulating 616.38 K Market Cap 99.61 m
8 h BSC Recording ‘Tremendous’ Usage, Fees Cut in Half as Transactions & Active Wallets Explode Higher 3 w DeFi “DNS Hijack:” Cream Finance Deployed to New Domain, PancakeSwap Regains Access 1 mon Rug Pulled on Users as DeFi Project Meerkat Finance Disappears Along with $31 Million

“BSC is offering strong competition for Ethereum in the DeFi ecosystem. Taking into consideration how extensively DeFi dapps are expanding to BSC, it might not take long for BSC to become a leader across all key metrics,” concluded Dapp Radar.

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Author: AnTy

Wrapped IOTA Launches on Binance Smart Chain (BSC) to Boost DeFi liquidity

Wrapped IOTA Launches on Binance Smart Chain (BSC) to Boost DeFi liquidity

  • IOTA launches on Binance Smart Chain, or BSC, introducing decentralized finance (DeFi) capabilities for its holders.

In a blog post shared on Monday, IOTA Foundation announced the launch of “wrapped IOTA” on Binance’s decentralized platform, Binance Smart Chain (BSC). The introduction of IOTA on BSC will enable holders of MIOTA, IOTA’s native token, to participate in DeFi applications built on Binance Smart Chain. With the release of this feature, IOTA now lives on two blockchains for the first time.

“Now, with wrapped IOTA on Binance Smart Chain, IOTA holders can use the IOTA Token to participate in DeFi applications on the Binance network.”

This integration follows previous attempts by IOTA developers to build bridges across different blockchains to improve cross-chain interactions. The integration aims at growing liquidity across multiple chains providing IOTA as one of the asset classes you can borrow, lend, stake, and earn on BSC-based DeFi apps.

Users can use the IOTA-Binance bridge to swap their IOTA tokens to wrapped IOTA on Binance to start enjoying DeFi on BSC. The portal also allows reverse transactions from wrapped IOTA to IOTA at a 1:1 exchange ratio at all times. Once the wrapped IOTA has been deposited to your BSC wallet, users can trade, swap, and interact with services similar to any BEP20 token.

IOTA Foundation expects this integration to be the first of multiple chains – possibly Ethereum ETH 1.69% Ethereum / USD ETHUSD $ 1,846.31
$31.201.69%
Volume 22.52 b Change $31.20 Open $1,846.31 Circulating 115.27 m Market Cap 212.82 b
3 h Wrapped IOTA Launches on Binance Smart Chain (BSC) to Boost DeFi liquidity 5 h Cosmos (ATOM) Enhances Interoperability with Inter-Blockchain Communication (IBC) Protocol Rollout 7 h CME Is Launching Cash-Settled Micro Bitcoin Futures, One-tenth the Size of One BTC
and Solana SOL 2.49% Solana / USD SOLUSD $ 19.22
$0.482.49%
Volume 263.92 m Change $0.48 Open $19.22 Circulating 268.2 m Market Cap 5.16 b
3 h Wrapped IOTA Launches on Binance Smart Chain (BSC) to Boost DeFi liquidity 5 d Stablecoin Giant Tether Sets New Record as USDT Market Cap Hits $40 Billion 1 w Solana (SOL) is ‘Uniquely Positioned’ to Snatch Market Share from Ethereum & ETH Killers, says VC
– to increase the cross-chain liquidity.

“We see this integration with Binance Smart Chain as the first step in growing liquidity across multiple chains, while also preparing for the ability for other assets to live on the IOTA network,” a spokesperson from IOTA Foundation said.

IOTA token is up 4.2% in the past 24 hours, trading at $1.55 following the news and Bitcoin’s surge past $59,000 on news that PayPal is adding crypto payments in its 29 million merchant checkouts.

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Author: Lujan Odera

$1.2 Billion Liquidated on Binance, Taking the Lead like Always, on Bitcoin’s Drop to Nearly $50k

$1.2 Billion Liquidated on Binance, Taking the Lead like Always, on Bitcoin’s Drop to Nearly $50k

Binance, which leads in Bitcoin futures volume is accounting for nearly 50% of all the liquidations. The exchange has a default setting of 20x leverage and offers up to 125x, which has been used by 20% of traders in the past.

The price of Bitcoin tumbled to about $50,300 on most of the cryptocurrency exchanges during the latest sell-off.

As of writing, the leading digital currency is trading around $51,500, but it is yet to be known if the market has bottomed or, as we have seen this entire week, BTC would fall further to a new lower level.

Still, there is nothing to be worried about as of yet, as the last two pullbacks were 31% and 26%.

Meanwhile, in the past 24 hours, a whopping $2.44 billion and 328,306 traders have been liquidated, as per Bybt. These liquidations now surpass the level seen on March 14, which sent us to $53,150 the day after hitting the all-time high of nearly $62,000.

Today’s liquidation of both longs ($2.23 billion) and shorts ($190.36 million), however, hasn’t reached the level of Feb. 22nd and is far off from the day before that.

image1

Source: Bybt.com

Out of these $2.44 billion liquidated, about $28 million belongs to Bitcoin traders and $3.91 million to Ethereum ETH -0.04% Ethereum / USD ETHUSD $ 1,595.51
-$0.64-0.04%
Volume 29.07 b Change -$0.64 Open $1,595.51 Circulating 115.2 m Market Cap 183.8 b
5 h Coinbase Selected By Meitu For $90 Million Crypto Purchase and Custody 6 h $1.2 Billion Liquidated on Binance, Taking the Lead like Always, on Bitcoin’s Drop to Nearly $50k 6 h Theta Mainnet 3.0 Delayed Till June; Devs Needs More Time for Elite Edge Nodes & TFUEL Staking
. Another whopping $1.18 million and $1.03 million belong to Filecoin FIL 5.21% Filecoin / USD FILUSD $ 91.17
$4.755.21%
Volume 2.89 b Change $4.75 Open $91.17 Circulating 60.52 m Market Cap 5.52 b
5 h Decentralized Cloud Storage, Filecoin Integrates Chainlink for Bidirectional Smart Contract Support 6 h $1.2 Billion Liquidated on Binance, Taking the Lead like Always, on Bitcoin’s Drop to Nearly $50k 1 w Grayscale Launches Investment Trusts for LINK, Filecoin, Decentraland, BAT, & Livepeer
and Polkadot DOT 1.43% Polkadot / USD DOTUSD $ 29.94
$0.431.43%
Volume 3.42 b Change $0.43 Open $29.94 Circulating 923.31 m Market Cap 27.64 b
6 h $1.2 Billion Liquidated on Binance, Taking the Lead like Always, on Bitcoin’s Drop to Nearly $50k 3 d Solana (SOL) is ‘Uniquely Positioned’ to Snatch Market Share from Ethereum & ETH Killers, says VC 6 d “Dark Horse”: BNT Burn Is Around the Corner As A Swiss Bank Embraces Bancor
, respectively.

Interestingly, like always, Binance leads in liquidations accounting for nearly 50% of all the liquidations at $1.2 billion, out of which $1.1 billion were longs.

Bitfinex and Deribit traders remain to be level-headed, with their funds accounting for a mere 0.12% and 0.83% of the total exchange liquidation share, respectively.

These liquidations could be in part related to Binance managing $38.16 billion volume in Bitcoin futures in the past 24 hours compared to Bitfinex and Deribit’s $70 million and $2.56 billion, respectively, as per Skew.

Another reason could be the high leverage offered on Binance. While leverage is available up to 125x on crypto perpetual contracts, the default is also 20x.

As we shared before, Binance reported in December 2019 that within its first two months of its futures operations, on average, over 60% of traders use 20x or higher, and 21% of traders use the maximum 125x leverage.

Leverage is extremely popular in crypto and tends to exacerbate Bitcoin’s moves both on the upside and downside. Traders and industry experts have time and again advised people to refrain from using leverage in the crypto space, which already enjoys high volatility.

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Author: AnTy

Alpha Begins its “Multi-Chain Ecosystem” with the Launch on Binance Smart Chain (BSC)

Alpha Begins its “Multi-Chain Ecosystem” with the Launch on Binance Smart Chain (BSC)

Alpha Homora is now also running on Binance Smart Chain (BSC), besides the second largest network Ethereum.

“The beginning of a multi-chain Alpha ecosystem and the value accrual mechanism across multiple chains starts now,” stated the Alpha team.

BSC has seen a lot of traction lately as fees on Ethereum remain elevated, helping Binance Smart Chain make new highs in transaction volumes.

This launch on BSC happened today, and in a matter of three hours, the DeFi protocol had about $117.5 million in total value locked (TVL).

Already, Alpha Homora is among the top ten projects on BSC in terms of TVL. Another lending project, Venus, is the leading one with $5.11 billion in TVL, followed by popular PanakeSwap with $3.65 billion, as per BSCProject.

Alpha’s BSC launch means users can now lend BNB, yield farms on the AMM PancakeSwap with leverage, and receive liquidity mining incentives for both activities.

Leveraged pools that went live with the launch are BNB-ALPHA (2.5x), BNB-CAKE (2.5x), BNB-BUSD (3.0x), BNB-BTCB (3.0x), BNB-ETH (3.0x), and BNB-USDT (3.0x).

Alpha Finance Lab is an ecosystem of cross-chain DeFi products backed by The Spartan Group, Multicoin Capital, DeFiance Capital, and Delphi Ventures.

Alpha Homora is its first product which is a leveraged yield farming and leveraged liquidity providing protocol. The lending DeFi protocol has more than $900 million in TVL on Ethereum.

Last month, the protocol launched its v2 supporting leveraged yield farming of Curve and Balancer pools, alongside Uniswap and SushiSwap pools.

The token ALPHA is a $465 million asset trading at $1.83, up 763% YTD.

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Author: AnTy

“It’s not a bull market without FUD,” says CEO as Binance Gets Probed by CFTC

“It’s not a bull market without FUD,” says CEO as Binance Gets Probed by CFTC

Jake Chervinsky is urging caution, to take this “seriously,” saying the “CFTC & SEC have fully shut down crypto companies for regulatory violations before.”

Leading spot cryptocurrency exchange Binance is being investigated by the Commodity Futures Trading Commission (CFTC) over concerns that it allowed Americas to trade on the platform that violated US rules.

The CFTC is investigating if the exchange permitted US residents to trade derivatives, reported Bloomberg on Friday. While the exchange says it doesn’t have a corporate headquarters, the report notes that it has a Singapore office.

Binance isn’t registered with the agency. However, unlike BitMEX, Binance hasn’t been accused of misconduct, and the investigation may not lead to enforcement action, the report added.

Interestingly, the news came on when the market saw a deep sell-off that took Bitcoin to $3,800 a year back. As of writing, BTC is trading around $57,400 while BNB, the native token of Binance exchanges at $272, down about 20% from its $340 peak hit on Feb. 19.

Amidst this, Binance Chief Executive Officer Changpeng Zhao made several tweets referencing the regulatory action as “FUD.”

However, Jake Chervinksy, General Counsel at Compound Finance, urges the crypto community to take things “seriously.” He said,

“Even without individual criminal charges, civil enforcement actions can have serious consequences. CFTC & SEC have fully shut down crypto companies for regulatory violations before.”

Just this week, Binance named a former U.S. politician Max Baucus as a policy and government-relations adviser. The 79-year-old Democrat has served as Senator from Montana for over three decades, including the Senate Finance Committee for seven years.

Baucus will provide guidance and policy advice and further liaise with U.S. officials on best practices and policies affecting the industry, said Binance in a statement. And today, Binance is facing scrutiny from the regulators. However, what’s important is that it has a San Francisco-based exchange Binance.US that was established in 2019.

In the past 24 hours, its US entity recorded $655 million in volume, nowhere near the $32.7 billion managed by Binance. In the Bitcoin futures market, Binance leads with $31.44 billion volume and $3.67 billion in bitcoin open interest, as per Skew.

The exchange also follows withdrawal limits, analyzes deposits for signs of illicit transactions, and implements know-your-customer (KYC) restrictions on its users.

“Binance is committed to working closely with governments around the world,” maintains “CZ.”

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Author: AnTy

Top Crypto Exchange Launches Binance Pay for Swift Cryptocurrency Payments

Top Crypto Exchange Launches Binance Pay for Swift Cryptocurrency Payments

  • Binance CEO, Changpeng Zhao, says the company launched a payment service “quietly” over the weekend.
  • The service hopes to rival PayPal in the growing crypto payments industry.

Binance is forging ahead in its plan to have more people use crypto. To get this mission onboard, the world’s largest crypto exchange by trading volume launched a new payment service over the weekend.

Binance Pay Makes A “Quiet” Entrance

Binance boss, Changpeng “CZ” Zhao, has revealed Binance Pay, the exchange’s latest crypto-based payment app. He made the revelation at the annual Binance Blockchain Week.

An explainer on Binance’s website describes Binance Pay as a way to send and receive crypto payments. A sort of crypto version of PayPal, if you will. The website explains,

“Binance Pay is a contactless, borderless and secure cryptocurrency payment technology designed by Binance.”

Binance users can access Binance Pay from their wallets. Binance Pay integrates directly with the Binance VISA card. It can also be refilled from the spot wallet balances on the main Binance platform. Binance Pay is currently in beta.

At the conference, Zhao said that Binance was dabbling into the payment space because it noticed a need for a better, more innovative payment service. The CEO explained that many merchants still don’t trust crypto assets in their payment systems, as they prefer credit cards and cash. Once customers make payments with crypto, the merchant receives a stablecoin that can be converted to fiat easily.

The PayPal Slayer?

Binance Pay will support six currencies; BNB (Binance’s native token), BUSD (Binance’s stablecoin), Bitcoin (BTC), SXP, ETH, and the Euro. Discussing why fiat was included at all in the lineup of currencies, Zhao said that this was to boost merchants’ confidence and avoid cryptocurrencies’ volatility risks.

Binance Pay is now live for customers. However, anyone looking to access the offering will need to register for it from their Binance wallets. They will then need to complete a quick three-step process, including setting a nickname, a PIN, and a password. Users also get to select and arrange the currencies they want to send and receive payments out of the six listed. Transactions with the app will be done through QR codes.

Paypal has been around long enough to gather a large share of the retail payment market. With 60 million merchants worldwide preferring to use the payment giant’s services, Binance has a lot of work cut out for it.

Asides from Binance Pay, Zhao also mentioned a more simplified version of the Binance app that will be released soon. The Binance Lite, according to Zhao, was created as a response to their customer’s request for a more intuitive dashboard. Zhao pointed out that many users have complained about the app’s seemingly busy appearance and confusing user interface. Binance Lite was created to address this issue, displaying only important and relevant data.

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Author: Jimmy Aki

Nexus Mutual Now Covers Binance, Coinbase, Gemini & Kraken Users Against Security Breaches

Nexus Mutual’s Insurance Now Covers Binance, Coinbase, Gemini & Kraken Users Against Security Breaches

Decentralized finance insurance protocol Nexus Mutual has updated the list of cryptocurrency exchanges that are eligible for incidence protection. The company’s services will now include customers of centralized exchanges like Coinbase, Binance, Gemini, and Kraken.

More Custodians Welcome

The update, which was announced on Monday, will allow these exchanges’ customers to purchase protection against certain hacks or asset withdrawal issues.

It’s part of the Custody Cover initiative, and it provides compensation for users who lose over ten percent of their funds in the event of a security breach on any of the supported exchanges. Users can also claim cover if an exchange suspends withdrawals for over 90 days.

Nexus Mutual launched Custody Cover in December 2020 to provide insurance cover for centralized crypto. At the time, the company explained that it was branching out of DeFi to build its insurance marketplace. The company’s long term goal is to use blockchain to provide cover for companies and individuals within and outside the crypto space.

“We’re focused on the longevity of Nexus Mutual and want to become a marketplace that covers diverse risks both in and outside of the crypto space. We want to use the benefits of blockchain to protect all underserved communities and this is our first step in that direction.”

Custody Cover launched with support for six custodians – Celsius, BlockFi, Hodlnaut, Nexo, inLock, and Ledn.

With Custody Cover, Nexus Mutual is looking to solve the issue of overly high insurance coverage prices in the crypto space. While premiums for insurance vary based on the platform, numbers appear to be too high for everyday customers and traders.

A Spotlight on Custody

Nexus Mutual’s branching out into the centralized space is coming amid significant growth in the crypto custody space. In response to increased institutional crypto demand, custody providers have also done their bit to improve security.

Recently, Bank of America-Merrill Lynch conducted a survey showing increased Bitcoin activity from Wall Street players. The survey interviewed fund managers with $534 billion in assets under management. They found that institutions were increasingly trading in Bitcoin. Only the dollar and tech stocks saw more trades.

report from Fidelity Investments also revealed that a third of institutional investors now own crypto assets. This increased enthusiasm from investors means asset custodians need to ramp up their security infrastructure to protect against hacks and other mishaps. In a report, auditing giant KPMG explained that custodians’ top action will be to enable next-generation compliance and security measures.

The company recommends incorporating leading cryptographic techniques like sharding, multi-signature wallets, and multi-party computation. Essentially, cryptocurrency security will require input from both hardware and software solutions.

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Author: Jimmy Aki