Category Archives: BSC News

By

Prashant Jha

Published 43 seconds ago Updated 1 second ago

Binance the world’s leading crypto exchange by trading volume announced a new partnership with Dubai World Trade Center Authority (DWTCA) to build a crypto hub. The Memorandum of Understanding (MoU) with the DWTCA would see the global crypto exchange help Dubai become a leading center for crypto businesses and also build a crypto ecosystem that “generate long-term economic growth through digital innovation.”

Dubai https://t.co/yzTbV76geb
— CZ 🔶 Binance (@cz_binance) December 21, 2021

The official press release from the crypto exchange read:
“Binance believes that Dubai’s new agenda will contribute to the growth of the global economy. In order to support this, Binance will participate in this knowledge-sharing ecosystem by sharing its experience in collaborating with global regulators to aid the development of progressive Virtual Asset regulations. The goal is to assist crypto exchanges, businesses that offer blockchain and Distributed Ledger Technology (DLT) services, and a wide range of digital currencies and assets to become licensed in Dubai.”

The agreement between the two parties was expected given Binance had made its plans of opening a crypto venture in Dubai a while back. The partnership announcement also comes just a day after the government of Dubai declared DWTCA as the regulator and comprehensive zone for the crypto industry. Binance CEO Changpeng Zhao has even tweeted about the same yesterday.

» Dubai World Trade Centre to become comprehensive zone and regulator for virtual assets and Crypto https://t.co/Ndr6GDcJ4u
— CZ 🔶 Binance (@cz_binance) December 20, 2021

Binance extends its dominance in Asia
The new agreement in Dubai would play a major role for Binance and its plans to conquer the Asian pacific markets. Earlier, the leading crypto exchange also announced a new crypto venture in Indonesia with the country’s top telecom provider. The Indonesian crypto venture was confirmed just days after Binance’s affiliate exchange in Singapore pulled out its crypto license which was pending for over six months now.
Binance has global aspirations but a slew of compliance warnings in the May-July phase put a dent in the rapid rise. However, the crypto platform has jumped back quickly and is expected to raise a couple of hundred million dollars for its US venture called Binance.US.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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Binance Labs, the venture capital and incubation arm of Binance cryptocurrency exchange, has led a financing round for the cross-chain protocol Multichain, previously known as Anyswap.Shortly after rebranding from Anyswap last week, Multichain has raised $60 million in a seed funding round led by Binance Labs, the firm officially announced on Dec. 21.Other participants in the raise included major VC firms and industry investors like Sequoia China, IDG Capital, Three Arrows Capital, Primitive Ventures, DeFiance Capital, Circle Ventures, Hypersphere Ventures, HashKey and Magic Ventures.Apart from providing capital investment for Multichain, Binance is also building a stronger relationship with the cross-chain protocol. On Dec. 20, Multichain announced that it is now officially recommended as a tool to bridge bToken across chains through Binance’s smart contract platform, the Binance Smart Chain (BSC).BSC said that Multichain is “one of the biggest routers on BSC,” providing “non-custodial plus multi-party computation model to guarantee the security of on-chain assets.”Thanks Binance Smart Chain @BinanceChain for promoting #Multichain as officially recommended bridge#Multichain’s top priority is to guarantee the security of on-chain assets https://t.co/CEocRygXzq— Multichain (Previously Anyswap) (@AnyswapNetwork) December 20, 2021Founded in July 2020, Anyswap was originally positioned as a cross-chain decentralized exchange. The platform gradually evolved into Multichain, a cross-chain router protocol (CRP) providing a mature real-time CRP system, enabling interoperability on multiple networks including Ethereum, Binance Smart Chain, Avalanche, Moonriver and others.According to the announcement, the total value locked on Multichain now amounts to more than $5 billion, with the number of users exceeding 300,000. Multichain co-founder Zhaojun said that the protocol connects “more public blockchains and crypto assets than anyone else, with lower transaction fees, shorter bridging time and higher security levels.”The funds raised in the seed round will be used in the growth of the team and ecosystem, including the research and development teams focused on crypto algorithms, audits and security, the firm said.Related: Binance to launch $1B fund to develop BSC ecosystemOfficially launched in September 2020, BSC is a decentralized finance solution to bring programmability and interoperability to the Binance Chain, relying on a system of 21 validators with Proof of Staked Authority consensus. BSC has been growing increasingly popular this year, with the network hitting a historical high of over 16 million daily transactions on Nov. 25.

By

victoria

Published 9 mins ago Updated 1 second ago

It is no news that the prices of major cryptocurrencies have hurtled in the past week or so, especially after Bitcoin slipped below its $50k mark. This drop-down in prices has caused the technicals to flash bearish signals at the time of writing. Polkadot moved southwards by 7%, BNB shed over 5%, and EOS also was in control of the bears as it was trading at 3.11% after depreciating by 3% in the last 24 hours.

Polkadot/USD Four Hour Chart

Polkadot’s market price has declined from November, and the coin had managed to stay put above the long-standing support mark of $23. At press time, the coin price was $23.42, falling beneath which it would invalidate its four-month long price floor and trade near $19.
DOT’s drop in prices has formed a descending triangle in the last week and a half, hinting that the bears have become stronger.
The cryptocurrency aggressive decline can also be tied to increased selling pressure. The Relative Strength Index was in the negative zone as the asset was oversold owing to the high fear index. On Balance, Volume has also affirmed the above reading is indicating a mundane buying strength. The Directional Movement Index displayed bearish robustness as the -DI was above the +DI line.
BNB/USD Four Hour Chart

Binance Coin was seen trading below the 20-SMA line, which signaled that sellers had driven the price momentum in the market. At press time, the coin was valued at $506.9 after it noted a pullback at $581.4 and then at $528.5, respectively.
By reading the technicals, a price reversal over the upcoming trading sessions looks bleak.

Over a week now, BNB’s price action has been mundane as the coin stood at the same price. The immediate resistance mark for the coin was at $528.5, while the support rested at $474.6.
The Relative Strength Index was parked in the oversold zone as the asset was immensely undervalued at press time. Awesome Oscillator saw emerging red histograms, which signified a downtrend in prices.
EOS/USD Four-Hour Chart

EOS struggled to move past the 23.6% Fibonacci level since the beginning of December, and that level has been acting as the immediate resistance level.
The further downtrend will cause EOS to fall below its $2.93 price floor, which the coin hasn’t fallen since January 2021. EOS last lost over 6% in the last week after it tried to topple over its overhead resistance of $3.28.
In case prices recover, there are strong chances that the bulls might get rejected at the 23.6% Fibonacci level and subsequently at the 38.2% level too. The technical outlook was skewed towards the bear of the market.
The Relative Strength Index had dipped below the half-line as selling pressure took over due to bearish price action. The Directional Movement Index was inclined towards the bears. Awesome Oscillator had also gravitated towards the bears in the market.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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News Dubai World Trade Centre will be designed to become a comprehensive crypto hub in the UAE. Binance CEO gave this clue in a tweet. Dubai World Trade Centre will welcome crypto products, operators, and exchange services in the country. Binance CZ has given a clue that Dubai World Trade Centre (DWTC) will become a[Read more…]

The market’s altcoins have suffered terribly since the start of December. Even so, there are exceptions, with Terra emerging to be the most significant gainer of most large-cap alts. Terra is the leading decentralized and open-source public blockchain protocol for algorithmic stablecoins. And, one can argue that there is a good reason behind the protocol’s recent popularity.
In fact, according to data provided by Defi Llama, Terra is the now second-largest smart contract platform by total value locked, surpassing Binance Smart Chain. At press time, its TVL recorded figures of more than $17B, a surge of 8% in 24 hours.
Source: DeFiLama
Here’s a caveat
But, as always, there’s a caveat, and this time, it’s no different. Soon after the aforementioned stats did the rounds, Delphi Digital’s Larry pointed out that the said data is incorrect because Defi Llama double-counted the TVL of Terraswap and Astroport.

stop posting ‘Terra flips BSC in TVL’ lol
it flips because @DefiLlama double counts Terraswap and Astroport TVLs rn
when liquidity is migrated in 1.5 days, we likely will drop back to 3rd
— *larry (@larry0x) December 19, 2021

Double count or not, however, Terra and its native token LUNA have indeed come a long way since inception.
Looking back
At press time, LUNA had surged by 10% in a day, nearing $78 on the charts. As a result, the asset has entered the top-10 om CoinMarketCap, replacing Polkadot in the process.
What are some of the main reasons behind this unprecedented dominance and where is this TVL, double-counted or not, coming from?
a) UST or Terra USD
One of the major developments from the network’s Columbus-5 upgrade in October is a new design for keeping stablecoins pegged to their fiat value. Whenever UST is minted, LUNA with the same amount of value is burned. 93 million Luna tokens were burned in the production of UST. Not only does UST have clear backing, but users can also use that UST to lock-in multiple DeFi offerings with great incentives.
b) DeFi Protocols and User incentives
Anchor, a savings protocol, is the most popular protocol on the Terra network with $7.14 billion worth of value locked. Liquid staking protocol Lido and decentralized exchange Terraswap are the next projects on the list.
Automatic market-making Astroport has also surfaced recently post-launch of its ‘lockdrop’ event. In doing so, it allowed users to lock LUNA in order to receive a drop of the ASTRO token.

✦ Mission Update | Lockdrop Phase 1b ✦
Thank you, fellow Astrians, for contributing to reaching this spectacular milestone: 1B TVL locked 🌌
Astroport is just getting started together with the whole @terra_money ecosystem. Let´s check the following steps! 🧑‍🚀
🧵👇 /n pic.twitter.com/nooHiyEOAe
— Astroport ✦ (@astroport_fi) December 19, 2021

Needless to say, different prominent investors and executives have shared their bullish position on the network. Crypto-exchange platforms such as Binance and Kraken, for instance, have supported the token and its ecosystem.
However, it must also be noted that if the double-counting has actually happened, it will eventually reflect in the prices.

Well, Terraform Lab’s native cryptocurrency LUNA is clearly dodging the broader crypto market. While heavyweights like Bitcoin (BTC) and Ethereum (ETH) are moving sideways, LUNA has touched a new all-time high gaining another 10% and moving past $81.

The weekly gains for Terra LUNA stand at a staggering 31% as it makes way into the top ten crypto-list unsettling Polkadot’s DOT. On the technical charts, LUNA has given a strong breakout above $80 levels which suggests that we could be heading for potential upsides in the coming days.

Can wait for tomorrow. We are breaking the $80 handle.
Les Gou!!!
$LUNa $UST pic.twitter.com/EPeIqBV04y
— LUNAomics🌖 (@Shigeo808) December 20, 2021

The Terraform Labs platform is also becoming a strong destination for most of the DeFi protocols. Popular crypto analyst and CNBC Crypto Trader Ran Neuner said that Automated market maker, ASTROPORT pools has locked $1 billion on Terra LUNA.
The growth of this Tier-1 AMM on LUNA will encourage more players to join the platform. Besides, this $1 billion in LUNA-related locked will stay for a year. This will be a big pivot point for Terraform Labs.

$1bn locked in ASTROPORT pools! Many people don’t understand this;

1. Finally a tier 1 AMM with incentives on $LUNA.
2.$1bn in $LUNA/related locked, most of it for a year.
3. This move paved the way for many new project launches – more UST minted!
It’s a pivot point for $LUNA
— Ran NeuNer (@cryptomanran) December 19, 2021

Terra Flips Binance Smart Chain in Total Value Locked (TVL)
The Terraform Labs platform has hit another major milestone in terms of the DeFi total value locked (TVL) on the platform. With a $17.2 billion in TVL, Terra comes second after Ethereum flipping the popular binance Smart Chain (BSC).
Thanks to the recent announcement coming from ASTROPORT with $1 billion locked. The important thing to note is that Terra’s LUNA hosts far fewer protocols as compared to the Binance Smart Chain (BSC).
While Terra has 13 active protocols as of now, BSC hosts more than 222 active protocols. However, a staggering 140+ protocols are scheduled to arrive on Terra the next year in 2022.
Terra’s LUNA has been one of the game-changing altcoins for 2021. From less than under $1 at the beginning of 2021, LUNA’s price has surged 88x year-to-date with a staggering 8700% returns in one single year. Probably, we can see LUNA among the top-five cryptos in 2022.

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Advertisement &nbsp &nbsp Digital Dinosaur is an NFT GameFi-game, based on the Binance Smart Chain (BSC). The game has a Dinosaur theme and is releasing its first on-chain game tagged “The Digital Dinosaur”. This is a play-to-earn game that allows its players to obtain $TDD rewards through guarding the territory, PvE Lord Challenge, PvP player[Read more…]

Polkadot saw an expected dropdown from the 20-SMA level while it continued to flash bearish technical indications. AAVE saw an uptrend and managed to form a reversal pattern on the 4-hour timeframe. Moreover, Binance Coin flashed mixed signs after forming a bearish flag.
Polkadot (DOT)
TradingView, DOT/USDT
DOT bears over-retraced its previous bull run in an up-channel (white) as the token lost its 16-week previous support at the $26-mark. The alt was down by over 54% since its ATH on 4 November.
The digital currency refrained from halting its aggressive decline as the bears endeavor to test the $24.31 support for the fourth time in 15 days. Thus, the Supertrend mostly wavered in the red zone. As mentioned previously, the buyers retested the 20-SMA (blue) and saw a slight pullback. Also, the OBV marked lower highs and confirmed the slackening buying power.
At press time, the alt traded at $25. The RSI was southbound and showed no revival signs. Further, the DMI reaffirmed the bearish vigor, but the ADX displayed a weak directional trend for the token.
Binance Coin (BNB)
TradingView, BNB/USDT
Over the past few days, BNB formed a bearish flag as the bulls attempted to retest the $532.8-mark.The price action price bounced back from the lower channel (yellow) but saw resistance at the 50-SMA (green).
However, a green candlestick on 19 December crossed the above mark and displayed increased bull pressure. 
The bulls have ensured the $505-mark for seven weeks now. At press time, BNB traded at $538.6. The RSI stood at the 54-mark after preferring the bulls but formed a bearish divergence (green) with the price action. The AO saw an uptrend after forming bullish twin peaks below the equilibrium. 
AAVE
TradingView, AAVE/USD
After forming a double-bottom in late November, the price action saw a break out of the channel but immediately saw a sharp pullback. AAVE saw a monstrous 46.9% 30-day decline and poked its record low on 13 December at $157.29.
As mentioned in the previous article, AAVE saw an expected falling wedge breakout on 15 December. Now, the alt yet again marked a reversal pattern by forming a rising wedge on its 4-hour chart.
At press time, AAVE traded at $185.09 after noting a 3.2% 24-hour loss. The RSI saw a steep plunge but managed to mark higher lows. Also, DMI flashed a slight bullish bias in the near term.

Binance discusses with UAE a plan to pilot its headquarters in the country.
The exchange mainly talked with officials in Abu Dhabi Global Market, Dubai International Financial Centre, and Dubai Multi Commodities Centre.
This confirms CZ’s statement that they have planned to establish multiple headquarters.

Binance exchange has discussed with United Arab Emirates (UAE) regulators on their plans to open headquarters in the Gulf Arab nation.

Specifically, Binance held a discussion with economic officials from Abu Dhabi Global Market, Dubai International Financial Centre, and Dubai Multi Commodities Centre. 

Alongside this, Binance tagged Dubai Financial Services Authority’s Senior official Mark McGinness on a plan for its headquarters. They did this with a mindset to gain approval to kickstart the headquarters in the country.

Looking at its monumental effort these days, Binance wants to establish itself as matured and regulated financial institution. In essence, appearing as a matured crypto exchange can help it drive immense innovations and trust for mainstream adoption compared to what it has today.

Additionally, Binance plan to establish headquarters around the UAE confirms CEO Changpeng Zhao’s (CZ) statement that said,

Binance is stepping up on licensing and compliance procedures and plans to establish multiple headquarters.

On this note, Abu Dhabi Global Market officials commented that the country has a strong love when it comes to new opportunities and innovations. With this, they have rolled out a virtual asset framework to attract and embrace financial technology companies.

According to Abu Dhabi Global Market (ADGM),

All local and global entities seeking to access opportunities in the region and its “comprehensive” virtual asset regulatory framework is built for exchanges, custodians, intermediaries, and related services. It already has a number of digital assets entities and the ecosystem is growing rapidly.

Since the post is hearsay, we will keep our eyes open and update you if UAE agrees to Binance’s headquarters plan in the country.

Binance has formed a joint venture with a consortium led by Telkom Indonesia’s $830-million venture capital arm. Binance aims “to expand the blockchain ecosystem in Indonesia with the development of a new Indonesian-based digital asset exchange.”
Binance Building Cryptocurrency Exchange in Indonesia
Blockchain and cryptocurrency infrastructure provider Binance announced Wednesday that it has established a joint venture with a consortium led by Telkom Indonesia’s $830-million venture capital arm, MDI Ventures (MDI). Telkom Indonesia is the country’s largest telecoms company.
The aim of the joint venture is “to expand the blockchain ecosystem in Indonesia with the development of a new Indonesian-based digital asset exchange,” the announcement details, elaborating:
Binance will provide world-class asset management infrastructure and technology to support the development of the new exchange platform.
“Our ambition at Binance is to grow the blockchain and cryptocurrency ecosystem globally, and this initiative in Indonesia is a significant step in that direction,” Binance CEO Changpeng Zhao (CZ) commented.

Zhao revealed last week, “We’re making a number of very substantial changes in organizational structures, product offerings, our internal processes, and the way we work with regulators.” He detailed specifically that his company is “in the process of setting up real offices, legal entities, a proper board, proper governance structures in most places, including the U.K.”
This week, Binance announced that it is shutting down its crypto exchange in Singapore. “Binance made a sizable investment into regulated exchange HGX last week. This investment made our own application somewhat redundant. We will continue to work through our partners to grow the crypto industry in Singapore,” explained Zhao.
The Indonesian government has previously indicated that it will not impose an outright ban on cryptocurrency as China did. Crypto assets are allowed to trade alongside commodity futures in Indonesia but cannot be used as a currency. The government is also pushing to set up a crypto exchange and Bank Indonesia has been exploring a central bank digital currency (CBDC).

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What do you think about Binance helping to build a cryptocurrency exchange in Indonesia? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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