In a recent move, Binance, one of the world’s leading cryptocurrency exchanges, has launched its ninth phase of Proof of Reduction (POR 8-1). This latest development has triggered changes in user asset deposits, with some notable decreases in key cryptocurrencies.
Users have observed a decline in their asset holdings when comparing the current POR 8-1 to the previous phase (7-1). Bitcoin (BTC) deposits have decreased by 0.6%, which is equivalent to a reduction of 3,835 BTC. Furthermore, Ethereum (ETH) holdings have also experienced a decline of 2.3%, resulting in a decrease of 95,000 ETH.
Binance Coin (BNB), a popular cryptocurrency, has experienced a decrease in user holdings by 1.4%, resulting in a reduction of 423,000 BNB. Furthermore, Tether (USDT), the stablecoin, has witnessed a decline of 1.2%, leading to a reduction of 197 million USDT.
In its ongoing pursuit of optimizing asset management strategies and ensuring a balanced distribution of cryptocurrencies, Binance has implemented these changes. A particular release, POR 8-1, is now in place to maintain a healthy equilibrium within the exchange’s ecosystem. This demonstrates Binance’s unwavering commitment to providing users with a reliable and secure platform for cryptocurrency trading and investment.
YGG Soars 90% After Binance Launches Perpetual Contract
Meanwhile, blockchain-based game guild DAO Yield Guild Games (YGG) has witnessed an astonishing surge in value, skyrocketing over 90% within the past 24 hours, according to recent data from Coinglass and Binance. This surge closely follows Binance’s launch of the YGG U-based perpetual contract.
The token price of YGG underwent a brief surge, reaching $0.550 USDT before stabilizing at $0.41 USDT and is currently trading at $0.4974 USDT. What stood out was the launch of the YGG U-based perpetual contract on Binance, which ignited significant interest among both traders and investors.
This resulted in an astonishing trading volume of YGG futures amounting to a staggering $3.95 billion. Such impressive trading activity has propelled YGG into a prominent position, trailing only Bitcoin (BTC) and Ethereum (ETH) in terms of trading volume on the platform.
Yield Guild Games has gained recognition by utilizing blockchain-based games and non-fungible tokens (NFTs) to generate revenue. Their Axie Infinity scholarship program specifically empowers players in the Philippines to earn a sustainable income through in-game earnings.
With the recent partnership with Binance and the YGG U-based perpetual contract introduction, Yield Guild Games solidifies its standing in the crypto market, attracting both seasoned traders and newcomers alike. This surge underscores the growing interest in play-to-earn opportunities and blockchain-based gaming, positioning YGG as a frontrunner in this innovative space.
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