Binance, the world’s largest cryptocurrency exchange posted a tweet on April 18, hinting at the launch of its Decentralized Exchange; just a few hours later, Binance announced the launch of the DEX. Binance DEX announced this on their Twitter handle and said:
“@Binance Chain launches its mainnet and plans to execute Mainnet Swap on Apr 23, 2019. “
The exchange informed the community that on April 18, its pre-selected validators were online to produce blocks with consensus from the genesis block. According to the timeline provided by the exchange, Binance’s native coin, Binance coin, would be created on the genesis block. The Binance Chain explorer will be available for public access with the Web Wallet only by April 23.
The team presented how the Binance coin will be managed:
- Initial total supply of BNB will be 200,000,000.
- Same as the ERC20 BNB, 11,654,398 of the total BNB supply will be burned on Binance Chain.
- Same as the ERC20 BNB, 48,000,000 BNB will be frozen.
- The first batch of 5,000,000 BNB will be allocated and deposited into an address belonging to Binance.com in order to convert the ERC20 BNB for existing owners. Binance will burn 5,000,000 ERC20 BNB as well, to keep the total supply of BNB constant. As more users convert to BEP2 BNB (native), more BEP2 coins will be released and proportional amounts of ERC20 BNB will be burned while keeping the total supply across both networks constant.
The exchange will not list any trading pairs in the beginning to allow the conversion of the first batch of BNB. On April 23, Binance.com will assist the mainnet swap and the users will be able to provide Binance Chain address for BNB withdrawal requests. These withdrawals will enable the users to convert ERC20 BNB tokens into BEP2 BNB tokens native to Binance Chain.
The users who do not want to convert their ERC20 BNB tokens will have to withdraw them from Binance.com and move them to Ethereum wallet before 2 AM UTC on April 23, after which Binance.com will not support ERC20 BNB tokens. However, the team informed that the ERC20 BNB tokens will only have temporary usage. The same is implied for various exchanges dealing with ERC20 BNB tokens.
Binance coin [BNB] saw a spike in its price following the announcement. It spiked by a massive 8.51% over the past day, while continuing to register a growth of 2.23% in the last hour. The token was valued at $21.26 with a market cap of $3 billion. It reported a 24-hour trading volume of $323 million, with a noted seven-day surge of 23.46%.
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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
Crypto News – 25 May – Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
— AMBCrypto (@CryptoAmb) 25 May 2019
Daily Crypto News – May 25
1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.
Read more at https://bit.ly/2VRQwb0
2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.
Read more at https://bit.ly/2W40sTR
3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.
Read more at https://bit.ly/2X6fdlw
4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.
Read more at https://bit.ly/2McaTjE
5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.
Read more at https://bit.ly/2wmk4mJ
6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.
Read more at https://bit.ly/2HUEnNB
7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.
Read more at https://bit.ly/2W64KKj
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