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Binance Smart Chain Welcomes New Protocol Under Its Belt

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Binance Smart Chain [BSC] has been bustling this bull market. The latest one to jump into the bandwagon is ‘The Graph’ which happens to be an indexing and query layer of the decentralized web.

According to the latest announcement by the exchange giant’s blockchain system has integrated with the indexing protocol, The Graph which is used for querying networks like Ethereum and IPFS.

The integration is set to allow the developers to create applications on Binance Smart Chain using subgraphs. The official blog post also revealed that The Graph protocol reportedly solves the problem of indexing for blockchain data.

The release further stated,

“Users no longer have to trust teams to operate servers and developers can deploy to reliable public infrastructure. BSC developers can master subgraphs using Graph Docs which will be supported via the hosted service.”

Besides, blockchains based on Binance Smart Chain are set to join ‘The Graph’s’ current support for Ethereum, POA, Polygon, and Fantom.

Owing to the latest integration, the developers can leverage the protocol to explore querying of subgraphs for increased data access. These ‘Subgraphs’ in question already exist for decentralized platforms [DeFi] such as Uniswap, Synthetix, AAVE, Gnosis, Balancer, Foundation, and many others..

Furthermore, the protocol will also assist the Binance Smart Chain to build all kinds of decentralized applications [DApps] for DeFi, non-fungible tokens [NFTs], gaming, marketplaces, and more.

One of the leading decentralized exchanges [DEX], PancakeSwap, has reportedly requested the integration of The Graph on BSC.

Binance Smart Chain: Sneak Peek

Launched in September 2020, Binance Smart Chain made a debut just in time DeFi revolution gained serious traction. As network fees went up on Ethereum, the conversation began to shift to alternative blockchains.

Since then activity on BSC has seen tremendous growth. In the last week of Feb, one of the largest DEX aggregators by trading volumes, 1inch went live on Binance Smart Chain as it branched out from the Ethereum network.

Ethereum Maxis Deploys Controversial Contract On Binance Smart Chain

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The war between Binance Smart Chain [BSC] and the Ethereum network is intensifying in the wake of tremendous DeFi activity. The competition to become a more efficient and better blockchain is far from over and is taking turns that no one ever expected.

Ethereum maximalist reportedly deployed a contract called “TANKS OF TIENANMEN” to the Binance Smart Chain. This was in response to a series of tweets by Binance CEO, Changpeng Zhao who said that “Ethereum is a network for rich guys, but soon those guys will be poor.“

What was the point of the “attack” on Binance Smart Chain?

As CZ criticized Ethereum, singling out its Achilles heel: high fees, the ETH community lashed back by creating a contract with a controversial Chinese subject referring to the infamous Tiananmen Square protests that were student-led demonstrations held in Tiananmen Square, Beijing back in 1989.

BSC

For the most part of the year, Binance Smart Chain has witnessed a greater daily transaction volume than Ethereum. As Ethereum’s fees became restrictively high, many people were encouraged to hop onto an alternative despite previously held views regarding centralization and censorship by one of the world’s largest cryptocurrency exchanges.

Decentralization cannot be taught in a day and even as the creation of BSC in itself, as most experts claim, goes against the very ethos of this industry, it still trumps, at least it is currently doing a lot better than Ethereum in terms of activity.

Hence, the Ethereum maximalist went on to create a contract for which Binance could essentially get into trouble if not taken down.

But was the point made?

According to few in the community, the consequence of this stunt could potentially draw physical harm on Binance employees. Some claimed that the move was not necessary since it is already known that Binance Smart Chain is centralized in nature and that CZ can always take down the contract.

Commenting on the weekend fiasco, the founding partner of Primitive Crypto, Dovey Wan believes that it would not have any impact on Binance. Her tweet read,

“Literally zero impact LOL. Just reveal how childish they are, not taking a side simply commenting on this behavior. Chinese gov failed in shutting down even Huobi/Okex while having them operating primarily in the mainland and what they can do with BSC again?”

She defended Binance Smart Chain and went on to say that the latest contract has nothing to do with “cypherpunk spirit” and that “cypherpunk can do much better”. The exec also added,

“If Ethereum ppl believe the future of Ethereum is as bright as Vitalik gone silent, they should know such naive “attack” can barely harm BSC”

Binance Smart Chain Transactions Are Now Over 2x Ethereum’s

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Binance Smart Chain is on a roll.

Binance’s blockchain for developing decentralized applications [DApps] has proved to be one of its top runners. In the latest development, Binance Smart Chain’s [BSC] daily transactions have not just exceeded that of Ethereum’s but are now more than 2x than the latter.

This was revealed in the latest edition of the Binance Weekly Report. It also stated that BSC has processed 3.2 million transactions as of 19th Feb. This makes the total figure stood at nearly 250% more than the 1.3 million transactions on Ethereum

Defi

In addition, the total value locked [TVL] on Binance Smart Chain has neared an astonishing $11 billion. Interestingly, the TVL figures on its projects have doubled in a span of a week, from $4.69 billion to $10.84 billion, according to Defistation’s latest charts.

Binance Smart Chain Stats

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The unique addresses on the Binance Smart Chain have surged by more than 270% in the last seven days alone. The monumental rise, as depicted by the above chart, is undoubtedly in response to the high Ethereum transaction fees which continue to be expensive as the network works at a 98% capacity.

This, in turn, has led investors to onboard the BSC train seeking a more efficient alternative with high yields at low fees.

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With a quick scan of the above chart, it was found that that the average Gas price on the BSC network was around 16.75 Gwei as of 20th Feb as opposed to 201 Gwei on Ethereum

The fact that the workings of the Binance Smart Chain are fairly similar to that of Ethereum has given the blockchain a massive edge. Devs need not worry about transaction fees and focus more on innovating. All this while leveraging the existing developer tooling they are familiar with in the ETH ecosystem.

BNB Steals the Show

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Binance Coin [BNB] not only surpassed several crypto-assets but also toppled the world’s largest stablecoin USDT. Despite a minor retracement, the exchange token was still up by 103.27% over the last week and was trading at 103.27%.

While macroeconomic factors like the prices of Bitcoin and Ethereum reaching all-time highs has catapulted BNB’s value, there are other things at play as well.

But BNB is reaping rewards from the newfound attention on Binance Smart Chain whose impressive activity reflected the rising demand for DeFi products on the cheap.

Binance Garners Backlash For Temporarily Halting ETH Withdrawals

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All the cryptocurrency exchanges were required to spruce up their game as the market was soaring. Binance, the world’s largest cryptocurrency exchange, during this time decided to put a hold on one specific cryptocurrency.

Ethereum [ETH] with its price change had slithered under the crypto spotlight. Surging by over 10% over the last seven days, the price of ETH had hit an all-time high of $2,034.40. During press time, ETH was trading for $2,000 with a 4% surge in the last 24-hours.

Amidst this price rise of the altcoin, the crypto exchange decided to put a halt on withdrawals of ETH.

Binance Momentarily Pulled The Plug On ETH Withdrawals Citing Congestion Issues

Binance took to Twitter to reveal that it would be stopping the withdrawals for Ether as well as any ERC-20 tokens. While assuring that the funds of the exchange’s users were “SAFU”, the exchange apologized for the inconvenience it had caused. The tweet further read,

This certainly spiked tension in the community. Responding to the same, the crypto exchange once again shared a tweet elaborating on the reason behind its latest move. The exchange wrote,

“Following peak traffic and transaction volumes, we have upgraded and optimized our ERC20 wallet to help with wallet congestion issues.

Binance is committed to providing reliable service to our users. With the upgrade, we anticipate higher volumes and less ETH withdrawal issues.”

Several in the community responded to this tweet by suggesting that ETH had previously experienced congestion that was even worse than the current one. Ethereum has been time and again called out for its high gas prices. However, this time, its gas price was comparatively lower than it was at the beginning of the month.

Binance
Source – Etherscan

While all this led to an array of people questioning Binance’s move, the exchange restored withdrawals for ETH.

The last couple of days have been great for the Binance Smart Chain as well as the Binance coin [BNB]. Consequently, BSC emerged as an Ethereum killer, BNB towered up as the third-largest cryptocurrency.

Binance Coin [BNB] Targets $200 After Turning Extremely Parabolic

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Binance Coin [BNB] has surpassed crucial levels to skyrocket to an all-time high of $192.4 on the 18th of Feb. This came as the cryptocurrency exchange, Binance saw massive money inflows that have catapulted its price up. It amassed gains of more than 52%

The parabolic bullish run has pushed Binance Coin to the fifth position in the cryptocurrency ladder after its market cap rose to $29 billion. Despite a minor retracement, BNB was still up by 41.03% over the past 24-hours and trading at $185.23.

At the time of writing, the crypto-asset registered a 24-hour trading volume of $7.6 billion.

Binance Coin [BNB] Daily Chart:

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As demonstrated by the above daily chart, Binance Coin [BNB] has outperformed its peer cryptocurrencies after an astonishing price rise this week. Notably. the crypto-asset consolidated gains after hitting the first milestone near $130.

During this time, the Bollinger bands noted signs of enveloping the BNB price candles. This period of stagnation was shortly flipped as bulls renewed the pressure resulting in a sharp upward price movement.

At press time, the diverging Bollinger Bands demonstrated a period of price volatility in either direction.

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The technicals projected a highly bullish environment for the crypto-asset to book further gains before a reversal in its price.

The green bars of Awesome Oscillator have resumed which essentially signified a shift to the bullish momentum. Further validating the presence of the bulls was the MACD which extended its positive run above zero indicating a strong upside price potential.

The RSI was also in no hurry to fall below the overbought zone as it continued to hover in the region for 18 straight days suggesting the intense buying pressure instead of a profit-booking sentiment.

BNB was is in a price discovery mode and was now aiming to breach the coveted $200 resistance level. The above charts are indicative of strong technicals that are backing up the price action.

However, in the case of a bearish flip, BNB could essentially target its nearest support level of $150.8, as highlighted by Fib Retracement.

However, if the exchange token breaks this level, it could find support at $124 which is an important level to discontinue the streak of losses to other levels such as $88.4 and $73 respectively.

Binance Coin [BNB] Bulls Remains Unruffled By Market Correction

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Binance Coin [BNB] was on fire and can be easily deemed as one of the best performing crypto-asset in the recent week with its unstoppable bullish streak. Despite the market-wide pullback, BNB along with several altcoins slid down multiple support levels.

Even as BNB’s remarkable rally has come to a halt, the exchange token was still up by 140% over the last 7-days.

After a slump of 13.15% over the past 24-hours, Binance Coin was trading at $123.29. At the time of writing, the cryptocurrency climbed into the 7th position as it held a market cap of $19.16 billion while recording a 24-hour trading volume of $4.63 billion.

Binance Coin [BNB] Daily Chart:

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Binance Coin’s [BNB] parabolic rise first gained traction in the second week of December 2020. Soon after climbing its first crucial level of resistance at $51, there was no stopping for the exchange token which rode the bullish wave climbing to levels never seen before.

The latest price action by the token also sparked off substantial volatility. This was evidenced by the diverging Bollinger Bands and the rising gauge which depicted an extended period of volatility in the Binance Coin’s price.

The Awesome Oscillator also rose high with its green closing bars depicting a strong bullish momentum. Interestingly, the technicals remained unfazed by the downside correction which led to a drop close to its nearest level of support.

The RSI also aligned with the bears. At the beginning of the month, the RSI had entered the extremely overbought territory, suggesting the bulls might be a little overextended right now. Despite a minor plunge right after hitting the ceiling of overbought, the indicator was still well above the 50-median line depicting that the sentiment of buying pressure was still very much intact.

A major takeaway from the chart is that Binance Coin [BNB] remained in the bullish realm even after the market-wide rout. Looking ahead, the first level of resistance is located at $128 before targeting its recently established ATH of $148.

On the other hand, the support levels lie at $72.89 and $51.07 respectively.

Binance Smart Chain Flips Ethereum In Terms Of Daily Transaction

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Binance Smart Chain [BSC] has emerged as a fierce competitor to the Etheruem network. Not just that, it has also become an important DeFi product that was championed by the world’s leading centralized cryptocurrency exchange, Binance.

Binance Smart Chain Breaks Several Records

As the cryptocurrency market was grappled by yet another bullish streak, the after-effects were also felt in terms of user activity on the Binance Smart Chain.

For one, BSC has staged an impressive growth since its mainnet was first rolled out on the 1st of September 2020 which was evidenced by its unique address count which exceeded previous highs and skyrocketed to 1.20 million on the 9th of February. This indicated the growing usage of the network.

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Yet another milestone Binance Smart Chain reported a higher number of daily transactions than Ethereum for the first time. This can be attributed to the massive gas fees on the Ethereum network due to which many network participants were forced to go for other viable alternatives.

Furthermore, the ratio of daily transactions has also hit 130%, according to the latest Binance Smart Chain stats. While BSC’s gas fee was found to be at $0.04, Ethereum’s transaction fee, on the other hand, was still high.

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Meanwhile, despite cooling off, Ethereum gas was still found to be over one hundred times higher than on the BSC. Announcing the same, Binance CEO, CZ tweeted,

“Today is an important day. BSC [BinanceSmartChain] flipped Ethereum on daily transactions. This validates the logic that low fees attract more users & projects. We will continue to work with the BSC community to promote low fees (even as BNB rises) and build more.”

Binance Smart Chain uses Binance Coin [BNB] to pay for gas fees instead of Ethereum. Thanks to the market-wide surge, BNB, too broke several levels even briefly exceeding $144. With this, BNB has continued to extend its parabolic climb that first kicked off at the beginning of the year.

20210210 binance coin charts coinmarketcap

Nigeria Takes A U-Turn By Ceasing Banks From Rendering Services To Crypto Platforms

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The cryptocurrency industry is currently valued at a high of $1.18 trillion. While governments have been steering towards the industry, Nigeria seems to be moving away. The country had previously recorded increased crypto activity, which led to several platforms venturing into its markets. But, the latest decision by the Nigerian government wasn’t very favorable for the crypto-verse.

Nigeria’s Latest Move Causes Unrest In The Crypto-Verse

In a recent letter, the Central Bank of Nigeria revealed that all the financial institutions like banks in the country were to close all the accounts that had a history in carrying out cryptocurrency transactions, at the earliest. The letter read,

“Accordingly, all DMBs, NBFIs, and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency [sic] exchanges within their systems and ensure that such accounts are closed immediately. Please note that breaches of this directive will attract severe regulatory sanctions.”

Nigeria

While Binance recently rolled out a platform exclusively for the citizens of Nigerians, the exchange decided to reciprocate to the latest news by suspending Nigerian naira [NGN] deposits. In a recent blog post, Binance announced that all the deposit services of NGC payment partners on the exchange would be temporarily suspended starting from 5 February 2021. Binance revealed that it was looking into the matter and would lift this temporary suspension as soon as it receives clarity on the matter.

Changpeng Zhao aka CZ, the CEO of Binance also commented on the same. He tweeted,

“Received notice from our channel partners that NGN deposits and withdrawals will be affected. Still confirming details on when/how. Please withdraw your NGN as early as possible to avoid potential channel issues. Will share more details as they become available.”

Just when the entire crypto market was seen on a rise, Nigeria’s latest restriction could curb the benefits that its citizens could bag.

Bitcoin’s Plunge Below $35K Triggers $1.22 Billion Liquidations

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Corrections in the cryptocurrency market are inevitable. Shortly after Bitcoin rallied past the crucial $40k last week, the growing volatility in the market led the crypto-asset’s plunge of more than 15% over the last 24-hours. Bitcoin tanked to a price of $33,942. This, in turn, triggered massive liquidations on several derivatives platform over the weekend.

bybt chart

According to the latest stats, $1.22 billion longs were liquidated following Bitcoin’s abrupt fall close to the previously breached level of $35k. Moreover, as per the data provided by bybt, $219.2 million shorts were liquidated in the process.

Interestingly, the largest liquidation for long positions occurred on the leading exchange Binance’s platform which totaled $447.29 million. In fact, Binance saw $90 million of futures contracts long liquidations within just 10 minutes of Bitcoin’s downside correction. This was revealed by the CTO of blockchain intelligence platform, Glassmode Rafael Schultze-Kraf, whose tweet read:

This was followed by other derivatives platforms such as Bybit with $302.7 million and Huobi with $233.5 million respectively.

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As the Bitcoin market plummeted by roughly $7,000 in a matter of hours, the long sentiment fell into the negative realm, in tandem with which the shorts dropped too, even though the more longs were liquidated than the shorts.

According to the latest chart by Datamish, the longs dropped to -562. Nevertheless, the figures appeared to be recovering as it increased to the press time value of -78. The shorts did not see much fluctuation and remained above -243 for the entire period before flipping to the positive side at 22.

Positive Bitcoin fundamentals ensue

The cryptocurrency market was in a very interesting stage at the moment. In terms of the price, BTC has been soaring higher and hitting new peaks almost every day and hence a healthy correction could, in fact, mitigate the chances of a more damaging correction in the coming days.

Despite having to establish a strong footing above $40k, BTC address activity has continued to grow at a historic rate thus, strongly backed Bitcoin’s price run.

Who Dumped?

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Ki Young Ju, the  CEO of South Korea-based analytics firm CryptoQuant suggested that miner selling contributed to the price drop as Bitcoin went down right after Miner Position Index reportedly approached to make a local top.

A quick primer: The 30-day average of Miner’s Position Index is essentially the ratio of total miners’ outflows in terms of USD divided by the 365-day moving average of the outflows in USD. MPI surged all the way to 2.20 on the 10th of January after it bore the previous level that was hit back in July 2019. Notably, a reading above 2.00 demonstrated that the miners were selling.

Bitcoin’s Taproot Is One Step Closer To Fruition With Binance Pool’s Support

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Bitcoin exploded in 2020, and the community saw an increase from around a little over $3,000 to now eyeing yet another high of $30,000. As the world’s largest cryptocurrency gains more and more recognition, in yet another positive news for the ecosystem, Bitcoin just received a seal of approval from Binance for one of its most anticipated technological upgrades.

According to the latest development, BTC’s Taproot update appears to be set for activation, with more than 91% of the hash rate have extended support for it. The latest news was revealed by Alejandro De La Torre, VP of Poolin who congratulated the BTC community.

It was Gregory Maxwell who first proposed Taproot back in January 2018. And this upgrade is perhaps the most anticipated soft-fork in Bitcoin since SegWit was activated in 2016.

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A quick primer: Taproot is essentially aimed to upgrade BTC’s smart contract capabilities, enabling the network users to send smart contracts disguised as regular transactions on the network. The goal is to modify the way Bitcoin’s scripts operate in a bid to improve privacy, scalability, and security by implementing a new digital signature scheme called, Schnorr. Implementing the upgrade requires a “soft fork” of Bitcoin’s code.

It was earlier seen that Binance Pool, which happens to be a recent entrant to the Bitcoin space, had not responded for the activation of the upgrade. Prior to the approval, out of the major mining pools, Binance Pool was the only one to withhold support.

Despite launching in just April of 2020, it turned to be the third-largest pool controlling over 11% of the hash rate, and hence its vote on the matter was crucial. Apart from a few smaller Bitcoin mining pools, the prominent ones had already given the green light to this upgrade.

Earlier in October 2020, the codebase for the smart-contract upgrade to BTC’s blockchain was reportedly merged into the BTC Core library, nearly a month after BTC core dev, Pieter Wuille created a pull request to merge the feature. Despite the fact that the finalization of the code for Taproot was the biggest upgrade in years, the Bitcoin developers were divided as to how to go about with its activation.