Binance, the largest cryptocurrency exchange in the world, is firmly establishing itself as the top dog in the initial exchange offering [IEO] market. Following the launch of several successful tokens via their launchpad, competing platforms are nowhere in sight.
With BitTorrent [BTT] and the Matic Network [MATIC] shooting for the moon, Binance has strengthened its position as a big player in the IEO space, among competing platforms backed by the likes of OKEx, Huobi Global Kucoin, and Bittrex.
According to data released by Ceteris Paribus, Binance registered a whopping 501 percent return from their token sales. Most of their token sales have been successful, with MATIC, BTT, and Fetch AI [FET] offering 870 percent, 869 percent and 128 percent return, respectively.
Similarly, the current Return on Investment [ROI] for the tokens was 13.8x [BTT], 11.0x [MATIC], 3.3x [CELR], and 3.2x [FET].
Binance’s rival Maltese exchange, OKEx, took the second spot, amassing 272 percent returns on their token sales, the most notable of which were from Blockcould [BLOC], recording 399 percent return and Allive [ALV] with 145 percent increase. Their ROI stood at 5.7x and 2.4x, respectively.
Huobi Global took the third spot, despite having the token Top Network [TOP] enjoying 417 percent returns with 3.8x ROI, while Newton [NEW] accounted for 106 percent increase with an ROI of 2.3x.
Matic is undoubtedly the hot topic in terms of token sales via IEOs, with many notable crypto-influencers stating that any correction would not thwart Binance’s long term ambitions for the token.
Jonathan Habicht, Founder of BlockFyre, chided the “dump” that pushed the coin’s price down by 41.72 percent and foretold that it would “start pumping again.” He added that Binance will push the token till it enters the “top 50,” thus portraying the prowess of their IEO.
The BlockFyre Founder added,
“The $Matic dump was brutal but I have a feeling that it will start pumping again.
Don’t take my word for it but I believe, Binance will not let this thing go until its in the top 50. They want to showcase that their IEOs are successful.
Wouldn’t buy the dip though, too risky.”
At press time, the Matic Network occupied the 87th spot on CoinMarketCap, the crypto-market aggregator. The MATIC token surged by 22.6 percent over the past 24-hours, while the seven-day price gain was in the region of 235.44 percent. Its market capitalization stood at $65.28 million.
Interestingly, apart from BTT, MATIC, CELR, and FET recorded similar performances, when measured against the top cryptocurrency, Bitcoin, as the below charts reveal.
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XRP TipBot comes back online after a tiny downtime; Nothing to be worried about, says Wietse Wind
XRP TipBot’s website and the corresponding application suffered a downtime on June 23, 2019 for a few hours, during which the application wasn’t showing the balance of users. The website and the API for TipBot instead, displayed a “500 Internal Error.”
A Twitter user, @BlueNETGaming, tweeted Wietse Wind, inquiring the same. Wind confirmed that it was just an “infrastructure blip,” and that there was nothing to be worried about.
Oops! Sorry! Infrastructure blip. Really easy fix but I enjoyed an offline afternoon with my girls 😇 So I only found out after some time, when I checked my phone. Monitoring, messages, calls 😇 Social media tips went through during the downtime. Sorry! 😆
— Wietse Wind (@WietseWind) June 23, 2019
XRP TipBot is probably the first and most widely accepted use-case of XRP. It leverages the transaction settling time of XRP Ledger to make tipping easy among peers on Twitter, Reddit, and other platforms, and this was the brainchild of developer Wietse Wind.
After TipBot, a lot of other cryptocurrencies have tried to mimic this idea of facilitating tipping; an example being Bitcoin’s, Tippin.Me which leveraged Lightning Network for tipping users. Although successful, it isn’t as popular as Wind’s TipBot.
The reason behind the same is that XRP Ledger allows transaction settlement in under 5 seconds, which makes tipping fast and efficient, unlike Bitcoin’s transactions which take a few minutes for transactions to be confirmed.
This is same reason why XRP is being used as a liquidity provider for cross-border payments in Ripple’s proprietary product, xRapid.
XRP community is a tightly-knit community with people who are very bullish about XRP’s success. There are equally talented developers in the community who are developing apps that help create more use-cases for XRP.
SchlaubiDev is one such developer known for developing plugins for Gmail and Microsoft Office, plugins that allow a user to send XRP over e-mails.
Ripple has identified Wind and his team’s talent and inducted them into Xpring, which finances them to help develop more community-based apps for increasing XRP use-cases.
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