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96-97% of Binance Users Stick with the Exchange After Mandatory KYC, CZ Said to Bloomberg

Binance’s notorious CEO Changpeng “CZ” Zhao spoke to Bloomberg, and said that less than 4% of users stopped using the exchange after the introduction of mandatory KYC procedures.

At the end of August this year, in an attempt to build relationships with regulators who had been hammering Binance all summer, the largest cryptocurrency exchange required its users to undergo a verification procedure, including sending a scan of an identity document. All users without exception had to do this in order to use any of the site’s services.

The head of Binance said that after all the measures taken, the authorities have a better attitude towards the exchange, though they were skeptical at first. “We have established global holding entities etc. So we’ve set up a much more centralized structure. The details of that will probably come out soon. We want to communicate this with regulators around the world before we make any public announcements of the structure.” – CZ said in an interview.

Zhao only mentioned decentralization when asked about the recent Squid Game token case and its investigation, noting that such schemes are one of the drawbacks of the decentralized approach.

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Review

Will Solana Become a Blockchain of the Future?

The problem of blockchain scalability is old, but nevertheless burning. Ethereum has been claiming for years that it could solve it with sharding, and it sort of has, but with some side effects. Meanwhile, other blockchains use side-chain or off-chain computing as a way to reduce the load on the network and these methods lead to improvements in the traditional linear blockchain structure, however the greater complexity leads to imminent technical problems. In addition, there is often a need to reconcile different branches, leading to reduced involvement of the entire network and therefore – jeopardizing decentralization.

Solana is a (relatively) new blockchain platform that aims to solve the scalability problem using several unique innovations. The blockchain, which name refers to a sunny beach in California, where its creator Anatoly Yakovenko used to spend his time before releasing the whitepaper in 2017, celebrated its mainnet beta one year anniversary in March 2021. And while the latest fundraising round led by Andreessen Horowitz and Polychain Capital brought Solana additional $314,159,265, which in turn the team promised to spend mostly on the expansion of the blockchain, most recently, the assistant to all marketers, California-based Neon Labs launched Ethereum Virtual Machine on Solana, thus inviting the diverse range of Ethereum-native projects to the network.

The Solana team has introduced the Proof of History consensus and Tower BFT to the world. In this article we will focus on these two novelties that allegedly help the network grow and still be quick, secure and decentralized.

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News

Celer has Launched a Multi-chain cBridge on its Main Network

The second-level scaling platform Celer Network has launched a multi-chain cBridge v1.0 on its main network, to support the exchange of tokens with other Layer 2 networks. Operations can be performed with Arbitrum and Polygon, smart contracts compatible with the Ethereum virtual machine, and Binance Smart Chain, as well as the main Ethereum network.

The company claims that their new bridge can solve many existing problems that prevent the full integration of Layer 2 solutions. For example, users can hope for a lightweight interface and reduced resources for moving assets between multiple chains.

Mo Dong, the Celer Network’s co-founder, said ”As an open-source platform with the mission to bring blockchain adoption to mainstream, our goal with cBridge is to deliver a high-performance and cost-efficient interoperable value transfer network with no compromise on the security or trust-free guarantee.”

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News

FTX Bought Back Binance’s Shares, CEO Says

Cryptocurrency exchange FTX has ended its investment relationship with Binance, having bought world’s biggest cryptoexchange shares in its company.

“We recently repurchased shares from Binance to buy them out of our cap table,” FTX CEO Sam Bankman-Fried told Decrypt. He added it can also give both exchanges more flexibility going forward. Bankman-Fried explained this attempt to distance FTX from Binance by noting “there are some differences between how we run our businesses.”

Bankman-Fried commented on “quite the barrage” of warnings from regulators around the world Binance has, while pointing out that FTX is trying to be as cooperative with the regulators, as its actually possible.

Binance was an early investor FTX, when it was founded by Bankman-Fried in 2019. Bankman-Fried hasn’t disclosed the initial investment and the exit sum, but worth to add that FTX grew from $1.2 billion a year ago to $18 billion, as valuated at its recent fundraise round on July 21. FTX has successfully closed the round at $18 billion valuation, receiving $900 million from 60 high-profile investors.

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News

CryptoBlades Attracted 1000% More Users and Entered the Top-5 of the DappRadar Rating

CryptoBlades, an NFT Blockchain game on Binance Smart Chain, has attracted 1000% more unique active users over the past week and reached the fifth place in the weekly DappRadar rating. This growth allowed the game to earn more than $9M over these days, and the number of transactions made on the platform also increased by more than 400%.

As DappRadar notes in its blog, the team behind the platform is actively working to promote it, integrating numerous new features and launching advertising campaigns and giveaways.

The SKILL platform’s own token is also on the wave of growth of the entire project; over the past seven days its price has increased from about $4 to about $44.

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Review

AMA Recap: DeFiTeller x Impossible Finance

DeFITeller

Hi everyone, today we are here with Impossible Finance protocol builder Calvin Chu! Hi Calvin! We are very happy to have you with us today!

Calvin Chu | Impossible Finance

Hey, thank you for having me here today. 

DeFITeller

As always, we’d first like to ask you a few introductory questions about the project and your role in it. Can you say a few words about the mission of the project and what it’s about briefly?

Calvin Chu | Impossible Finance

Good question!

Impossible Finance was created by builders, hackathon-goers, and power users of defi and on-chain applications.

We believe the best way to make DeFi more accessible for a wider audience is to provide institutional-quality deal flow to the regular user. Coming from the industry-leading centralized launchpad platforms, we’re excited to tackle the challenge of building a decentralized incubator and launchpad to support the project teams innovating tomorrow.

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News

Binance Burned a Pile of BNB Tokens Worth $390M

Binance, the world’s biggest cryptocurrency exchange has reported it burned $390 million worth of BNB, its native token.

Binance had destroyed 1,296,728 BNB tokens on July 18, as a part of its 16th quarterly token burn event. An additional 5,163 BNB were burned through Binance’s Pioneer Burn Program. The biggest Binance burn was registered in March when the exchange destroyed $600 million worth of BNB tokens.

It was the sixteenth’s time when Binance stood to its promise to burn 20% of revenue every quarter. The latest burn suggests that the exchange might have earned $2 billion in Q2 2021.

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News

ChainSwap Exploit Resulted in Millions Lost

ChainSwap, a cross-chain bridge that enables users to trade crypto assets of different chains, revealed a critical vulnerability in its protocol due to a recent attack. The attack happened on July 10 and affected 14 projects that had used ChainSwap to launch Ethereum tokens on Binance Smart Chain.

As the research of Wilder World developers shows the attacker took over BSC-contracts through a loophole in ChainSwap protocol and minted tokens directly to their address, to sell them later on PancakeSwap. WILD devs prompted users to refrain from trading on Binance Chain and PancakeSwap.

The list of affected tokens includes Wilder Worlds (token symbol: WILD), Antimatter (MATTER), Option Room (ROOM), Umbrella Network (UMB), Blank, Nord Finance (NORD), Razor Network (RAZOR), Peri, Unido (UDO), Oro, Vortex (VTX), Corra (CORA), ROCKS, Dafi, and Unifarm (UFARM). ChainSwap announced to its users it has frozen its bridge between Ethereum and Binance Smart Chain, and promised that all ASAP holders will be compensated. Last week ChainSwap suffered another attack which caused it to lose $800,000

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News

OpenOcean’s IDO Is Live on Polkastarter

Cryptocurrency exchange aggregator OpenOcean has launched an IDO for its future token on Polkastarter, Polkadot’s launchpad for crypto assets.

The token $OOE refers its name to OpenOcean Ecosystem. With Polkastarter Pool opening today, OOE distribution to the community will take place on July 12, along with liquidity mining on the OpenOcean BSC network, crypto aggregator promised.

OOE is the governance and utility multichain token of OpenOcean. The ERC-20 coin is minted on Ethereum with a fixed supply of 1,000,000,000 (one billion) items.

As DeFiTeller reported, OpenOcean earlier announced it has connected to Polygon Blockchain, promising 100,000 OOE of rewards for traders.

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News

OpenOcean Aggregator Has Connected to Polygon Blockchain

Cryptocurrency exchange aggregator OpenOcean, developed to connect DeFi and CeFi exchanges on one platform, has integrated Polygon.

Before expanding to Polygon, OpenOcean asked its users over which network to add with over 44,000 votes cast in favor of Polygon. Now aggregator promises traders will be able to make trades on the network at the best prices with low slippage.

To promote trading on Polygon, OpenOcean will offer 100,000 of its native OOE tokens in the coming weeks. In a blog post, OpenOcean also promised its next move will be the release of cross-chain aggregations, to make possible trades across different chains.

Currently, OpenOcean is connected to major public chains such as Ethereum, Solana, Binance Smart Chain, TRON, and more. As DeFiTeller reported, last week aggregator gained support from Huobi Ventures.