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Monat: März 2023

Binance’s Bitcoin Liquidity for TUSD Surges 250%: Zero-Fee Trading Option Boosts Market Share

von

am März 23, 2023

in Blog

• Binance’s Bitcoin liquidity for its TrueUSD (TUSD) surged more than 250% after it phased out its zero-fee trading feature for other stablecoins.
• Kaiko’s director of research, Clara Medalie, highlighted the role the zero-trading fee option played in improving Binance’s market share by 20%.
• TUSD has seen its circulating supply double to over $2 billion and become the second-largest stablecoin on the Tron network as a result of Binance’s decision.

Binance Phases Out Zero-Fee Trading For Stablecoins

Binance announced on March 15th that it was moving its zero-fee BTC trading feature from BUSD to TUSD on March 22nd. This resulted in a surge of more than 250% in Bitcoin liquidity for TrueUSD (TUSD), while Binance USD (BUSD) and Tether’s USDT saw their liquidity decline by 60% and 70%, respectively.

Zero-Fee Option Improves Market Share

Kaiko’s director of research Clara Medalie said that this free trading option has helped increase Binance’s market share by 20% within eight months, with the exchange controlling 72% of the market following FTX’s collapse in November 2022. According to Kaiko Data, the zero-trading option accounted for 61% of total volume on Binance as of last week.

TUSD Becoming Successor To BUSB

Riyad Carey from Kaiko highlighted that this decision showed that Binance had made an apparent move to promote TUSD as the successor to BUSB. Since then, TUSD has seen its circulating supply double to over $2 billion and become the second-largest stablecoin on the Tron network due to additional minted coins and new trading pairs being added to it by Binance.

Potential Impact On Market Share

Despite these benefits, Medalie warned that users drawn to Binance because of its free trading feature may leave for other rival platforms if this decision is not reversed soon enough.

Conclusion

Overall, while there are potential benefits from this decision such as increased circulation in TUSB coins and improved market share for Biance, there is also potential impact on user retention if users decide to go elsewhere due to lack of free trading options.

Unusual NFT Flipping Trend Revealed: Losses Surmounting

von

am März 16, 2023

in Blog

• NFTs have been gaining popularity over the past few weeks, but new data reveals that flippers are losing money on their investments.
• NFTStatistics reports that 12,000 ETH has been lost in Blur trades over the last month and this can be attributed to the downward trend of the market as well as high gas fees and royalties.
• Other notable NFT news includes Meta, Instagram, Facebook winding down their offerings, Manifold offering paid burns, Salesforce introducing customer offerings for integration with cloud computing, and Sotheby’s hosting an exhibition/auction featuring meme-inspired artworks.

Increased Flipping Despite Market Downswing

New data from @NFTStatistics shows a unique dynamic emerging within the NFT space. Despite a market downturn, sellers on the NFT marketplace BLUR keep flipping at increased rates — despite losses surmounting. Data shows that as NFT flipping has increased with the market upswing, flippers are now losing 4,000 ETH per week over the past two weeks — a historic high according to @NFTStatistics.

Losses Mount From Flipping

@NFTStatistics reported that 12,000 ETH had been lost in Blur trades over the last month due to several factors such as a downward trend of the market, high gas fees and royalties incurred during trading volumes. Additionally, many existing holders were dumping their assets onto bidders which contributed to these losses as well.

Notable News In The Space

Meta and Instagram have decided to wind down their NFT offerings 6 months after debuting them while Salesforce has tapped into NFTs through its suite of customer offerings designed to help integrate with cloud computing. Manifold offers paid burns allowing creators to add an option fee for minted editions; 100% of funds will be diverted to creator while Yuga Labs continues expanding its Bored Ape ecosystem with new Sewer Passes alongside generative drops and Ordinals ones too. Finally Sotheby’s announced an upcoming exhibition/auction at its Paris location featuring meme-inspired artworks by Anyma Beeple Lucas Zanotto Josh Pierce amongst others opening March 17-24th .

Conclusion

Despite a market downturn leading to losses for many investors in recent weeks – particularly in BLUR tradeoffs – there is still significant interest being generated in the space due to initiatives like those mentioned above by major companies like Salesforce & Sotheby’s entering and investing heavily within this sector demonstrating both potential profitability & longterm sustainability for those looking towards nonfungible tokens (NTFs).

Takeaways

Despite losses mounting from flipping activity due largely in part due to downward trends & high gas/royalties fees there is still significant interest being generated within this growing sector demonstrated by major companies investing heavily within it – indicating potential profitability & longterm sustainability when it comes to NonFungible Tokens (NTFs).

Hedera Smart Contracts Under Attack: What You Need to Know

von

am März 10, 2023

in Blog

• Hedera has been experiencing “network irregularities” due to an exploit targeting its smart contracts.
• The HBAR Foundation and core team are actively investigating the issue.
• Users with HBAR tokens in Pangolin pools and farms should withdraw their funds as soon as possible.

Hedera Experiencing Smart Contract Irregularities

Hedera (HBAR) has announced that their network is currently experiencing „network irregularities“ due to a discovered exploit targeting its smart contracts. The HBAR Foundation and core team have since been actively investigating the issue and have urged users with HBAR tokens in Pangolin pools and farms to withdraw their funds as soon as possible.

What’s Happening?

The exploit is targeting the decompiling process in smart contracts and affecting all Hedera dApps that are using Hedera Token Service (HTS). It was noticed that attackers had already hit pangolin and HeliSwap pools containing wrapped assets, leading Hashport to temporarily pause its bridge. Pangolin advised all users to withdraw their funds immediately after detecting the irregularity.

HBAR Foundation Response

The HBAR Foundation released a statement earlier today saying they are working on discovering what caused the issue, but no other information has been provided at this time. They also encouraged teams across the DeFi ecosystem to help determine potential impact of the attack. Updates will be provided when available.

Advice for Users

Users who hold HBAR tokens in Pangolin pools or farms should withdraw their funds immediately until further notice from the team at Hedera or more information becomes available about this attack. This is especially important because it is a time-sensitive situation, so any delay may lead to serious losses of capital for those affected by this attack.

Conclusion

Hedera (HBAR) is currently experiencing network irregularities due to an exploit attacking its smart contracts, leading some users with HBAR tokens in certain pools or farms to experience losses if not withdrawn quickly enough before any additional updates become available from the team at Hedera or more information surfaces about this incident.

RLY Soars Over 80% After Team Shares Treasury, Plans

von

am März 3, 2023

in Blog

• The Rally Token (RLY) has recorded an 83.73% increase in the last 24 hours.
• The project team published a thread on its official Twitter account to disclose the treasury holdings and future plans.
• Over 20 million USD Coin (USDC) and more than seven billion RLY tokens are currently held in the community treasury

Rally Token Surges Over 80%

The Rally token (RLY) surged over 80%, with an increase of 83.73% recorded in the last 24 hours, and a 108.96% and 121.61% surge in the last seven and 30 days, respectively. This was after the project team shared their current treasury holdings as well as their future plans via an official Twitter thread.

Treasury Holdings

The shutdown of RallyIO sparked insolvency concerns about the project, which were addressed via their Twitter thread. The team stated that RallyIO was one application of many being built on the RLY protocol, and that financially, there is significant funds held in the community treasury for them to continue innovating and supporting the ecosystem – over 20 million USD Coin (USDC) and more than seven billion RLY tokens are currently held there.

Future Plans

In terms of future plans for expanding upon their protocol, it has been stated that they will soon be announcing new additions to their open-source software to support growth within their ecosystem; such as Polygon (MATIC), Solana (SOL), Flow (FLOW), along with other protocols.

Conclusion

Overall, it seems that despite having to shut down one of its applications due to financial constraints, this hasn’t affected or changed the viability of Rally’s overall ecosystem; with significant funds remaining within their community treasury as well as ample opportunities for expansion available with other protocols now at hand.

Takeaway

It appears that this unexpected price surge could potentially be attributed to investors feeling more confident about Rally’s future – given how transparently they have detailed out not only their current holdings but also potential upcoming developments for building upon their protocol further down the line.

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