Binance
Binance CEO shares ‘two huge lessons’ once FTX’s liquidity crunch
Published
2 years agoon
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adminCZ took to Twitter on Nov. 8 sharing “two huge lessons” that crypto firms have to be compelled to learn amid the downfall of crypto exchange FTX.
Binance CEO Changpeng “CZ” Zhao has shared his defy “two huge lessons” to be learned from the FTX story, auditory communication cryptocurrency firms shouldn’t use their own tokens as collateral and will in addition keep “large reserves.”
In a Nov. 8 tweet, Zhao ordered out two learnings once the many “liquidity crunch” at FTX that has ultimately resulted in AN passing non-binding letter of intent from Binance to accumulate the troubled exchange.
Two big lessons:
1: never use a token you created as collateral.
2: Don’t borrow if you run a crypto business. don’t use capital “efficiently”. Have a large reserve.
Binance has never used BNB for collateral, which we have not taken on debt.
Stay #SAFU.
— CZ Binance (@cz_binance) New Style Nov. 8, 2022
Zhao shared that his initial lesson is to substantiate a firm’s collateral should not incorporates a token that it’s created, and claims his exchange’s token — Binance Coin BNB tickers down $321 — has never been used as collateral for its services.
FTX’s liquidity issues gave the impression to have returned once a Nov. 6 tweet from Zhao auditory communication Binance would be liquidating its holdings of FTX token FTT tickers down $4.60 following “recent revelations” related to reportable ties between FTX and conjointly the mercantilism firm Alameda analysis showing the firm had important FTT holdings.
While Binance does not presently disclose proof of what reserves it uses as collateral, Zhao mentioned in a passing New Style calendar month. eight tweet that in a trial to be whole clear Binance will presently provide proof of reserves, adding:
“Banks run on rudimentary reserves. Crypto exchanges should not.”
Zhao’s second lesson from the downfall of FTX is that crypto businesses shouldn’t be borrowing, and instead have to be compelled to worth additional extremely to keep up large reserves — which will rather be in relation to FTX users whiny sluggish withdrawals on Nov. 7, sparking rumors the exchange failed to have enough to cover user funds.
Zhao’s tweet confirming Binance’s FTT holdings liquidation ended up triggering what some brought up as a “bank-run” on the exchange, with analytics platform CryptoQuant information revealing that FTX’s Bitcoin BTC tickers down $18,425 balance had fallen by 19,956 on Nov. 7 alone.
At the time of writing, FTT is down seventy fifth inside the last twenty four hours, with the last price around $5.70 at the time of writing compared to its gap price of $22.14.
The post Binance CEO shares ‘two huge lessons’ once FTX’s liquidity crunch first appeared on BTC Wires.
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Altcoins
Binance Launchpool Rolls Out Staking and Trading Support for New Layer-1 Blockchain Project
Published
4 weeks agoon
April 14, 2024By
adminTop global crypto exchange Binance is planning on launching trading support for another new layer-1 altcoin project via its Launchpool platform.
Binance Launchpool, which lets users stake coins to farm new assets, says its 52nd project will be Omni Network (OMNI), a network that aims to integrate Ethereum’s (ETH) rollup ecosystem into a single, unified network.
Explains the project,
“Omni is an Ethereum-native interoperability protocol that establishes low-latency communications between all Ethereum rollups. Omni offers a secure, performant, and globally compatible architecture that presents Ethereum as a single, unified operating system to both users and developers.”
Between April 13th and 17th, Binance users can stake BNB, the crypto exchange platform’s native asset, as well as the stablecoin First Digital USD (FDUSD) into separate pools to farm OMNI tokens.
The exchange then plans to list the asset on April 17th. Binance will attach a seed tag to OMNI, which the exchange applies to lower-liquidity projects that may exhibit higher volatility compared to other listed tokens.
Binance requires users who own assets with seed tags to pass quizzes every 90 days to ensure they’re aware of the risks before trading the tokens.
Last week, Binance Launchpool kicked off support for Saga (SAGA), a layer-1 project that aims to enable developers to launch interoperable, application-specific chains called “Chainlets.”
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Altcoins
Kraken Crypto Exchange Plans To Delist Monero in Two European Countries in Two Months
Published
1 month agoon
April 11, 2024By
adminOne of the biggest centralized crypto exchange platforms in the world is planning on delisting a popular privacy-focused altcoin in two European nations in the coming months.
In a new article, crypto exchange Kraken says it’s going to be delisting Monero (XMR), a blockchain focused on anonymity that launched in 2014, from Ireland and Belgium starting in June.
According to Kraken, after June 10th, all remaining XMR on the crypto exchange will be automatically converted into Bitcoin (BTC), the top crypto asset by market cap.
“We will be delisting Monero (XMR) from the Kraken platform, for clients in Ireland and Belgium, on June 10, 2024. As of May 10, 2024 trading and deposits will be halted for XMR.
All margin positions will need to be closed by May 10, 2024 or these positions will be auto-closed. We will halt withdrawals of XMR on Kraken on June 10, 2024. At this time, any remaining XMR balances will be auto-converted into BTC.”
In February, XMR itself was delisted from Binance, the world’s largest crypto exchange platform by volume, and subsequently crashed 32%.
At the time, Binance went on a delisting spree, expelling digital assets such as decentralized governance network Aragon (ANT), artificial intelligence-focused blockchain Vaiot (VAI) and enterprise blockchain platform Multichain (MULTI), as well as XMR.
Being delisted earlier this year caused XMR to plunge to $108.80. However, the 57th-ranked digital asset has since recovered and is now trading for $134 at time of writing, a 1.3% gain during the last 24 hours.
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Altcoins
Binance Launchpool Rolls Out Support for New Layer-1 Crypto Project Focused on Developers
Published
1 month agoon
April 6, 2024By
adminTop global crypto exchange Binance is rolling out support for a new layer-1 crypto project via its Launchpool platform.
Binance Launchpool, which lets users stake coins to farm new assets, says its 51st project will be Saga (SAGA), a web3 platform designed for developers.
Saga aims to enable developers to launch interoperable, application-specific chains called “Chainlets.”
Explains the project’s website,
“We are building this by rearchitecting developer and end-user interactions with blockchains. Using shared security, innovations in validator orchestration, and an automated deployment pipeline, Saga makes launching a dedicated blockchain, or Chainlet, as easy as deploying a smart contract.”
Between April 5th and April 9th, Binance users can stake BNB as well as the stablecoin First Digital USD (FDUSD) into separate pools to farm SAGA tokens. The exchange then plans to list the asset on April 9th.
Launchpool will offer 45,000,000 SAGA as token rewards, 4.5% of the asset’s max supply.
Binance will attach a seed tag to SAGA, which the exchange applies to lower-liquidity projects that may exhibit higher volatility compared to other listed tokens. Binance requires users who own assets with seed tags to pass quizzes every 90 days to ensure they’re aware of the risks before trading the tokens.
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