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Binance’s DEX project, Fantom, migrates to Binance




Binance DEX project, Fantom, becomes the first to migrate from DEX to Binance
Source: Unsplash

Binance is the world’s largest cryptocurrency exchange and has consolidated its position after it announced its proprietary idea of “IEOs” [Initial Exchange Offering]. Fantom [FTM] became the first project to get an approval to move from Binance DEX to Binance exchange.

Changpeng Zhao, CEO and Co-founder of Binance, tweeted,

Fantom was first listed on Binance in May 2019. During the same month, it moved to Binance blockchain from ERC20. The main aim of the project is to build a platform consisting of fast, scalable, and secure DAG-based [Directed Acyclic Graphs] distributed ledger, using BFT principles to achieve consensus and a new verifiable compiler and register-based virtual machine for smart contract execution.

It does so by enabling smart contracts in a DAG-based system, using the Lachesis protocol and by using Lamport timestamps to achieve topographical ordering of event blocks. Additionally, the project also aims to develop a new verifiable compiler and register-based virtual machine, which automatically checks for correctness, generates proofs of smart contract behavior, and executes instructions more efficiently than existing models.

The project raised a total of ~$39 million in private and public sale of tokens back in June 2018. However, the seed sale was conducted between February and March 2018.

The token, at press time, was priced at $0.0289 and was ranked 112th on CoinMarketCap. It had a market cap of $52 million and a 24-hour trading volume of $14.5 million, most of which was contributed to by KuCoin exchange via FTM/BTC and FTM/ETH trading pairs.

A Twitter user, @JBTheCryptoKing, commented,

“One of my favorite projects from 2017, been in since the ICO. Showing holding after being down in USD and ETH for 1 year pays off handsomely.”

Another Twitter user, @Amel_FRJC, commented,

“@cz_binance binance dex should utilize fantom tech. cosmos (tendermint) already outdated. BFT consensus by far the best.”

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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time writer at AMBCrypto and a part-time novice trader.


ErisX goes all hands on deck to launch a Bitcoin Futures market




ErisX goes all-hands on deck to launch a Bitcoin Futures market
Source: Unsplash

ErisX’s CSO, Matt Trudeau, detailed the company’s four important plans for the future, which includes launching a spot market, to secure a Bit License, DCO, and to launch a futures market.

ErisX currently has a DCM contract, which is a Derivative Contract Market that allows ErisX to run a CFTC-regulated futures exchange. However, ErisX aims to get a DCO [Derivatives Organization], which will effectively allow it to run a CFTC-regulated clearinghouse. A clearinghouse would mean that ErisX can take control of the custody of the assets and clear and settled trades.

The CSO explained the benefit of this, stating,

“There is some efficiency for firms like producers [like mining companies]; if they need to hedge their inventory or need liquidity on a spot market, they could do that conveniently on a single platform. “

Trudeau added that from the “post-trade standpoint” and “the collateral management standpoint,” ErisX would have cash, crypto, and the futures, all stored in their clearinghouse. This would boost efficiency since it would be available for all customers under a single platform. The CSO added,

“… so there is some efficiency in terms of managing collateral, if you don’t have assets on  multiple platforms, it can all be in our clearinghouse.”

Apart from the aforementioned plans, Trudeau added that the crypto-industry needs to mature more and that ErisX plans to make a significant contribution to that. He added,

“The market is professionalizing and we think that in terms of what institutions are expecting from a trading/custody experience, we will bring some of the solutions to the market and that’s really the foundational pieces that they are looking in order to build their businesses on top of us.”

Apart from ErisX, LedgerX has also received a go-sign from the CFTC to settle Bitcoin Futures in Bitcoins. Other exchanges include Intercontinental Exchange’s Bakkt and Seed CX.

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