Binance exchange, even after its fair share of problems, has managed to retain its reputation throughout the cryptoverse. The cryptocurrency exchange recently released a research report that detailed the comeback of fiat-backed stablecoins, in terms of adoption and trading pair usage. It also highlighted the inevitable rise of many stablecoin-related projects that are aimed towards expanding the use-cases and reach of these coins, beyond USD barriers.
A comparison between the previous year and the current year’s 24 hour Quote Asset volume indicated the growing popularity of stablecoins on Binance.
Quote asset volumes driven by stablecoins such as PAX, TUSD and USDC on Binance (denoted as USD(S)) recorded a 69% increase in the market share. Interestingly, the share of volume in BNB pairs also doubled during the same time period, making a jump from 0.69% to 1.41%. As a result, BTC pairs have lost almost 40% of its market share. The report attributed this change to the “introduction of several stablecoin pairs with new quote assets and base assets.”
Out of all the trading pairs, USD Tether (USDT) saw the largest net inflow, with a total increase slightly below
$1 billion. Among the non-USDT stablecoins, USDC was the biggest gainer in circulating supply, seeing
an inflow of nearly 60 million USD in January. Out of other trending stablecoins, GUSD was the only stablecoin not to have an inflow in any of the four months, displaying a continual net redemption trend.
Subscribe to AMBCrypto’s Newsletter
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.
Subscribe to AMBCrypto’s Newsletter