The Average Weekly Volume of Binance’s “Copy Trading” Exceeded US$2 Billions, Three Months After Launching
Binance Futures' copy trading feature, initially launched in October 2023, has seen a significant uptake, with the average weekly trading volume in the first three months surpassing $2 billion. In response to the strong demand and to improve user experience, Binance has now introduced several user-centric features such as simulated copy trading, private chat rooms, and Sharpe ratio indicators.
Simulated copy trading allows users to experience copy trading without investing real money. They are given a virtual amount to use in a simulated environment for contracts and copy trading. The introduction of private chat rooms has now enabled communication in over 150 countries and 14 languages, thereby breaking down communication barriers. Furthermore, the Sharpe Ratio Indicator provides an additional tool for users to evaluate performance risk and reward effectively.
Binance CTO, Rohit Wad, expressed enthusiasm about the platform expansion, citing this as a testament to Binance's commitment to creating products that are genuinely useful to users. He reinforced the vision of turning trading into a learning and growth experience rather than just a transaction.
The copy trading feature caters to both lead and copy traders. Lead traders can trade over 100 contracts while enjoying benefits like a 10% profit dividend and a 10% copy trading commission. On the other hand, copy traders can lower their entry barriers, gain knowledge from other traders for as little as $10, and simultaneously create up to 10 investment portfolios. With these enhancements, Binance continues to lower entry barriers to the crypto industry while promoting user learning and aiding more informed decision-making.
#Binance
Binance Research: Binance Sees Remarkable Crypto Market Growth in 2023, Projects High Potential for 2024
In a year-end review and outlook published by Binance Research, 2023 brought a sharp reversal of fortunes for the cryptocurrency industry, with the total market cap soaring by a significant 109%. The reinvigorated interest around the impending Bitcoin ETF approvals and the forward-looking Bitcoin halving contributed largely to strong gains during Q1 and Q4.
Spearheading the 2023 rally, Layer-1 (L1) cryptocurrencies returned to dominance. Bitcoin, particularly, stole the spotlight, suggesting a bullish trend may underpin the performance of key alt-L1s, such as Ethereum, BNB Chain, Solana, and Avalanche this year.
Meanwhile, the decentralized finance (DeFi) landscape saw an upswing, demonstrating solid growth, and marking a 38.9% year-on-year rise in the total value locked. This strength in DeFi can be attributed to several key developments, including the unprecedented rise of liquid staking tokens (LSTs) and increasing acceptance of real world assets.
On the NFT front, after winging through several highs and lows throughout the year, Non-Fungible Tokens (NFTs) ended 2023 on a strong note, with Bitcoin NFTs marking the most significant growth.
Furthermore, the gaming sector on the Binance platform has experienced a resurgence in activity towards the clasp of 2023. With over 12.6M weekly unique active wallets during the final week of the year, there are high expectations for the gaming sector in 2024.
Lastly, Binance's venture into the SocialFi space with the launch of friend.tech continues to affirm its potential for creators to monetize content, making the platform a notable focal point in crypto discourse.
As 2024 unfolds, Binance highlights exciting themes expected to shape the cryptocurrency landscape, including advances in the Bitcoin ecosystem, broader institutional adoption of blockchain, and an increased focus on real-world assets.
#BinanceUS
Honestly my favorite part about going to the gym is when my workout is finished and I can spend aan unreasonable amount of time taking pics and cute vids of my self twirling arount #gymgirl@Sprott
Web3 Game Gas Hero Enters Public Beta Testing Phase
According to Foresight News, the public beta version of Web3 game Gas Hero, developed by Find Satoshi Lab's STEPN team, has officially launched. Users can now test the game for free with four available heroes.
Binance Updates Leverage and Margin Tiers for Multiple USDⓈ-M and COIN-M Perpetual Contracts
Binance Futures has updated the leverage and margin tiers for several USDⓈ-M and COIN-M Perpetual Contracts, effective as of January 2, 2024. The contracts affected include BTCUSDT, ETHUSDT, ORDIUSDT, and SOLUSDT under USDⓈ-M; and BNBUSDT, OPUSDT, DOTUSDT, NEARUSDT, and 1000SATSUSDT under USDⓈ-M as well as the COIN-M ETHUSD perpetual contract.
Mickey Mouse Meme Coin Launched as Steamboat Willie Enters Public Domain
According to Decrypt, the first-ever cartoon of Mickey Mouse, Steamboat Willie, has entered the public domain, and crypto enthusiasts have celebrated by minting a meme coin. On January 1, the character from the 1928 cartoon became available for artists to use without permission. In response, a new token called MICKEY was minted, with its website stating that the launch marks the beginning of a new adventure into the unknown. The Mickey (MICKEY) meme coin is inspired by the original Mickey Mouse character from Steamboat Willie and runs on the Ethereum blockchain. With a current market cap of just $6,500, meme coins like MICKEY are known for their volatility and can drop in price as quickly as they gain value. Despite the 1928 version of Mickey Mouse entering the public domain, Disney plans to continue protecting its rights in more modern versions of the character and other works still subject to copyright.
Circle's Cross-Chain Transfer Protocol Integrated into dYdX Chain
According to Foresight News, Circle's Cross-Chain Transfer Protocol (CCTP) has been integrated into the dYdX Chain, allowing users to transfer USDC from Ethereum, Avalanche, or other chains to the dYdX Chain using CCTP. This integration enables seamless movement of USDC across various blockchain networks, enhancing the user experience and expanding the utility of the dYdX Chain.
#CCTP#USDC
SEC Scores Victory in Terra Case
The U.S. District Court for the Southern District of New York has delivered a mixed verdict in the high-profile case between the Securities and Exchange Commission (SEC) and Terraform Labs.
Judge Jed Rakoff ruled in favor of the SEC, declaring that Terraform Labs had offered and sold unregistered securities. However, the court also sided with Terraform in some aspects, particularly regarding the claims involving offering and effecting transactions in security-based swaps.
Investment contracts Judge Rakoff's ruling puts the spotlight on the Howey Test, a cornerstone of securities law, and its application to the crypto world. The SEC's case hinged on the argument that Terraform's digital assets are "investment contracts" and thus securities under the law.
The defense's push to sidestep decades of established Supreme Court and Second Circuit law didn't hold up. The court found that UST, in combination with the Anchor Protocol, unequivocally met the criteria of an investment contract. Despite Terraform's contention that UST was not a security in isolation due to its stable $1 value, the court pointed to the promotional efforts and the high yield promises associated with Anchor Protocol, which swayed the verdict.
Ethereum Surges past $2350 Mark
According to Binance market data, Ethereum (ETH) has crossed the $2350 threshold, trading at 2352.41 USDT, with a 7.42% rise over the past 24 hours.
#Ethereum#ETH#USDT
Three Ways to Promote NFTs in 2024
Here’s how crypto projects building non-fungible tokens (NFTs) can make their collections visible for millions of enthusiasts across the globe
Non-fungible tokens (NFTs) are one of the emerging technologies that took 2020 and 2021 by storm. Over those two years, the NFT market rose to over $11 billion, with February 2022 seeing over 400,000 users per week across sites like OpenSea and Mints. As the industry continued to build excitement around it, prices and user interest skyrocketed.
During the crypto winter, following several major crashes and industry-shifting events, the NFT market began to suddenly drop. However, while there was a major market value decrease, the NFT market is still alive and well in 2023. While many still see the meme sale events as the principle of what the NFT market has achieved, those in this industry know this to be far from the truth.
From Play2Earn games to online digital asset trading and the entire GameFI industry, NFTs have embedded themselves all across the world of Web 3 and blockchain. Especially in 2023, where many of the less-active NFT creators have faded away, there has never been a better time to launch NFT collections.
opBNB Successfully Resolves Congestion Issue Affecting AP Region
opBNB has announced successful resolution of a recent issue causing minor congestion and transaction failures in the AP region. The opBNB Mainnet is now operating smoothly, following diligent work by the BNB Chain Core Team to rectify the situation.
#opBNB
Cryptocurrency Liquidations Reach $88.94 Million in Past 12 Hours
According to Foresight News, data from Coinglass reveals that approximately $88.94 million worth of cryptocurrency liquidations occurred in the past 12 hours. Long positions accounted for $65.96 million of the liquidated amount.
Binance Completes Integration of 19 New dApps to Web3 Wallet, Enabling Seamless User Interactions
Binance has announced the successful integration of 19 new decentralized applications (dApps) into the Binance Web3 Wallet as of December 21, 2023. The integration facilitates users' interactions with the newly added dApps, only requiring a few steps in the Binance App to access and use them.
To access these newly integrated dApps, Binance directs its users to open the Binance App and follow the path: [Wallets] > [Web3] > [Discover] > [Trending DApps].
The newly integrated dApps include prominent platforms in the DeFi and gaming sectors, among others: Dodo, Radiant Capital, Maverick, WooFi, CyberConnect, QuickSwap, GMX, Gala Games, BinaryX, 1inch, Maker, Compound, Curve, Convex, Frax Finance, Sushi, Yearn Finance, Alpaca, and BiSwap.
Users will now be able to effortlessly interact with these dApps via the Binance Web3 Wallet, highlighting Binance's continued efforts to ensure a seamless user experience in the evolving crypto ecosystem.
#Binance
Iron Bank Euro Stablecoin Struggles to Regain Peg After 60% Drop
According to CoinDesk, Iron Bank Euro (ibEUR) is facing difficulty in returning to its stablecoin peg after experiencing a 60% drop in value early Monday. The alternative stablecoin, which has an $11 million market cap, fell from its usual price of $0.97 to as low as $0.39 after an imbalance in ibEUR's main trading pool. At the time of writing, ibEUR had recovered to $0.72 as risk-prone traders entered the market, hoping for a return to its Euro peg. However, there is no guarantee that ibEUR will quickly regain its previous price level, as the supporting protocol is not currently maintaining the peg and lacks the necessary treasury liquidity to stabilize the asset.
The depegging occurred after a single trader withdrew nearly $900,000 in USDC liquidity from the Curve pool, which supports most trading in ibEUR. The pool was slightly weighted toward ibEUR at the time, meaning it now lacks sufficient USDC liquidity to maintain stable trading. A pseudonymous admin of the Keep3r Network Telegram chat, associated with the project, suggested that the Iron Bank team should stop their credit borrowing contract, which has 2.5 million ibEUR borrowed and appears to be farming single-sided on the pools. The admin, known as Funk, did not respond to a request for comment.
Coinbase Challenges US SEC's Rejection of Its Rulemaking Request in Court
According to Golden Ten: Coinbase has filed an application in a US court to review a decision by the US Securities and Exchange Commission (SEC) rejecting its rulemaking request.
This move represents an escalation in the ongoing tension between the crypto industry and regulatory bodies. The precise nature of Coinbase's original request and the reasoning behind the SEC's decision to reject it remain unspecified. The outcome of the legal review could have significant implications for the interface between crypto businesses and regulatory authorities.
This comes at a time when the SEC continues to take an increasingly cautious and scrutinizing approach towards the crypto industry, delaying decisions on Ethereum-focused ETFs and initiating public discussions on the matter.
Arweave Ecosystem Storage Solution Irys Plans Fork, Founder Cites Greed as Possible Motive
According to Foresight News, Arweave founder Sam has cited a reliable source in a tweet stating that Irys, formerly known as Bundlr Network, is planning to fork Arweave. The move would involve ceasing maintenance of the dataset, resetting the token supply, and ignoring the protocol evolution mechanism. The ar.io network plans to remove Irys bundlers from the trusted settings of the Arweave main gateway, which could result in significant delays before user data becomes available.
Sam has announced that a discussion will be held on this event in X Space. He believes that for a permanent storage network, forks should be carried out by preserving and building the state, rather than destroying it. This would prevent the realization of information permanence, as all data would be periodically discarded. Sam thinks that the only possible reason for the Irys fork is greed. Currently, with the support of the ar.io network, Forward Research is running a free Arweave bundler service, which will continue to be provided after user migration. To use the free Arweave bundler service, users simply need to replace the Irys node URL in the code with up.arweave.net.
Solana (SOL) Threatens to Overtake XRP. Will This Flippening Happen?
Solana (SOL) is closing in on XRP, with the potential to overtake it in market capitalization
Solana (SOL) is making significant strides, threatening to overtake XRP in market capitalization, according to CoinGecko data. Currently, Solana stands sixth in the crypto market, with a valuation of approximately $32.18 billion, closely trailing XRP's $34.20 billion.
Binance Ends Russian Ruble Support on P2P Trading Platform
Binance has announced the discontinuation of support for Russian Ruble (RUB) trading pairs on its peer-to-peer (P2P) platform. The decision comes into effect from 00:00 (UTC), 31st January 2024.
The company made this announcement in line with its strategic move to exit the Russian market via a sale to CommEX, a digital currency exchange. Following the implementation of this decision, the affected trading pairs will include USDT/RUB, BTC/RUB, FDUSD/RUB, BNB/RUB, ETH/RUB, BUSD/RUB, and RUB/RUB.
#Binance
Binance Launchpool Debuts Fusionist (ACE), Stake BNB and FDUSD to Farm Tokens
Binance introduces its 40th project on Binance Launchpool, Fusionist (ACE), the native cryptocurrency of Endurance, a decentralized game/social blockchain. Intriguingly, Fusionist will be powering a web3 AAA game. The webpage is set to be accessible four hours prior to the Launchpool going live.
Starting from 13th December 2023 at 00:00 (UTC), users will be able to participate in farming ACE tokens for five days by staking their BNB and FDUSD in different pools. Binance is tentatively planned to list ACE on 18th December 2023 (06:00 UTC), offering trading pairs ACE/BTC, ACE/USDT, ACE/BNB, ACE/FDUSD, and ACE/TRY.
Key details about Fusionist Launchpool:
- Token Name: Fusionist (ACE)
- Total Token Supply: 147,000,000 ACE
- Launchpool Token Rewards: 10,290,000 ACE (7% of total supply)
- Initial Circulating Supply: 21,969,520 ACE (~15% of total supply)
- Smart Contract Addresses: Endurance, BNB Smart Chain
Staking terms include KYC requirement with an hourly hard cap per user of 6,860 ACE for the BNB pool and 1,715 ACE for the FDUSD pool. The farming period runs from 13th to 17th December 2023 (UTC).
Fusionist (ACE) rewards allocation:
- Stake BNB: 8,232,000 ACE (80% of rewards)
- Stake FDUSD: 2,058,000 ACE (20%)
On each day from 13th to 17th December, Total Daily Rewards will be 2,058,000 ACE, with 1,646,400 ACE for the BNB pool and 411,600 ACE for FDUSD pool.
Important: Binance will perform balance snapshots and pool balance checks multiple times per hour to compute user rewards. Users can accumulate rewards (hourly calculated) and claim these directly to their spot accounts anytime. Tokens can only be staked in one pool at a time.
BNB staked in the Launchpool will continue to offer standard BNB benefits such as airdrops, Launchpad eligibility, and VIP benefits.
BNB253.3+8.85%
FDUSD1.0015+0.27%
BTC41855-1.03%
#BNB