• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / Archives for BNB

BNB

Bitcoin Dominance Surges As Ethereum Struggles To Keep Up: Kaiko’s Insights 

March 21, 2023 by Mishal Ali

The ratio of Bitcoin to Ether has reached its highest level since July 2022, as Bitcoin continues to outperform the broader cryptocurrency market. According to Kaiko Research’s report, BTC is currently trading at nine-month highs, up 30% over the past seven days. 

image 59

Investors are increasingly turning to Bitcoin in the spot markets and the perpetual futures market, as evidenced by a surge in open interest. The data shows $2.6 billion more in open positions in BTC than at the beginning of the week, indicating a significant influx of investment into derivative markets. 

The rise in open interest was driven by price effects and the opening of new contracts, as indicated by the increase in BTC open interest by over 50k in just one week. 

image 63

While ETH open interest only rose by $600 million, with an 18% increase compared to BTC’s 51% surge, suggesting that it struggled to gain as much momentum as BTC.

Bitcoin Rallies Amdist Market Uncertainty

The increase began after the USDC turmoil subsided and has continued despite ongoing stress in the banking sector and uncertainty around the Fed meeting. 

However, despite surging volumes, liquidity remains thin, with a 2% market depth for BTC-USD and BTC-USDT pairs hitting 10-month lows after Silvergate’s collapse, per the report. 

image 58

Depth dropped even lower than levels seen in the immediate aftermath of FTX, likely due to the closure of major on-ramps for crypto markets, which included Silvergate’s SEN payment network.

image 57

Meanwhile, the relevance of fiat versus stablecoin usage on centralized exchanges is on the rise. Presently, stablecoins dominate 78% of all trades on such exchanges, while only 19% are in fiat currencies. The remaining trade volume is divided between Bitcoin, Ethereum, and exchange tokens such as BNB. 

image 60

Additionally, as fiat on-ramps become scarcer, the market share of stablecoins is expected to grow, particularly on offshore platforms like Binance, which are already being disconnected from fiat payment rails. USDT accounts for 80% of all stablecoin-denominated trades. 

image 61

However, with every regulatory crackdown comes opportunity, particularly for regions abroad. The big question is whether Europe or APAC can replace some of the fiat payment rails that have been dismantled in the US. 

Moreover, the report revealed that in 2023, weekend liquidity management has also become a challenge for crypto markets, which operate 24x7x365 and struggle to match their needs with traditional financial institutions. 

image 62

On average, there was a 33% reduction in weekend trading volumes compared to weekdays, but this difference varied greatly among different exchanges. Nevertheless, the closure of two major crypto-friendly banks in the US is expected to worsen market fragmentation between these exchanges.

Related Reading |  Shytoshi Kusama Reacts To Shiba Inu-Themed Restaurant’s Live Broadcast

Filed Under: News, Bitcoin News Tagged With: Bitcoin (BTC), BNB, Ethereum (ETH), ftx, USDC

Justin Sun’s TRON Retains 2nd Spot On DeFi TVL

March 21, 2023 by Lipika Deka

TRON blockchain has maintained its second spot since Jan, ahead of BSC by $100 million in the latest ranking compiled by leading data tracker coinmarketcap.

Ethereum dominated the chart with over $28 billion total value locked, followed by TRON with $4.9 billion and BNB in the third spot at $4.8 billion.

Even though negligible, the margin is still noticeable. Tron has kept its TVL level while BNB Chain’s slight decline has helped it advance.

Justin Sun-led network flipped BNB Chain, which had been steadily declining over the previous few months, on January 2-3. In November 2022, BNB Chain had more than $6 billion in TVL, whereas, in the previous two months, Tron’s TVL fluctuated between $4 and $5 billion.

Interestingly, Binance’s stablecoin, BUSD, has lately been incorporated into Tron. Just one week after integration, the pegged form of BUSD has topped $101 million in TVL.

TRX’s greater TVL ranking could be attributed to higher network demand. Furthermore, it might lead to a long-term rise in demand and a positive perception of the network.

While TRON dominates TVL, BNB continues to lead in terms of protocol count, trailing only Ethereum. According to Defillama statistics, the former is home to 17 protocols, while the latter houses 561.

The BNB Chain, formerly known as the Binance Smart Chain [BSC], is a blockchain-powered by Binance that is community-driven, decentralized, and censorship-resistant.

It is made up of the EVM-compatible BNB Beacon Chain and BNB Smart Chain, which support a multi-chain ecosystem.

Having said that, the digital asset industry was just recuperating from the collapse of the crypto trifecta banks when another top European bank waved the red flag.

TRON Founder Proposes Acquisition Deal

Switzerland-based On March 14, Credit Suisse released its annual report, where it acknowledged “material weaknesses” in internal controls over financial reporting.

The following day, Saudi National Bank, its largest backer, turned down to provide a bailout, resulting in a decline of over 25% in the bank’s share price.

All attempts at preventing investors and clients to pull out money from the bank failed. With the help of Swiss regulators, the UBS group inked a deal of $3.25 billion to pump liquidity into the beleaguered bank.

As reported by TronWeekly, the TRON founder proposed to acquire the bank for $1.5 billion.

Filed Under: News Tagged With: BNB, BSC, Justin Sun, tron, TRX

From BUSD To Crypto: Binance’s $1B Industry Recovery Initiative Goes Native

March 13, 2023 by Ammar Raza

In a recent tweet, the CEO of Binance, Changpeng Zhao, announced that the remaining $1 billion Industry Recovery Initiative funds from BUSD (Binance USD) would be converted to native crypto, including Bitcoin (BTC), Binance Coin (BNB), and Ethereum (ETH).

Given the changes in stable coins and banks, #Binance will convert the remaining of the $1 billion Industry Recovery Initiative funds from BUSD to native crypto, including #BTC, #BNB and ETH. Some fund movements will occur on-chain. Transparency.

— CZ 🔶 Binance (@cz_binance) March 13, 2023

The move comes as a response to recent changes in stablecoins and banks, and CZ emphasizes the need for transparency in the transfer process. He also mentions that some fund movements will occur on-chain, meaning that the transfer will be made via blockchain technology, offering an added level of security and transparency.

According to CZ, the transfer took only 15 seconds and cost $1.29, highlighting the benefits of using cryptocurrency for large-scale transactions. He compares this to the hypothetical scenario of moving $980 million through a bank before banking hours on a Monday, suggesting that it would be an extremely time-consuming and costly process.

Following the announcement, members of the Binance community expressed their support for the decision. One community member mentioned feeling more reassured in light of recent stablecoin developments, while another asked about the safety of BUSD. 

CZ responded, stating that BUSD is safe as far as redemption goes, but no new minting is allowed, resulting in a decrease in market cap over time.

Another member questioned the incentive to move the assets if redemptions are safe, to which CZ replied that liquidity would become poorer over time. This exchange highlights the importance of maintaining liquidity in the cryptocurrency market, especially for large funds such as the Industry Recovery Initiative.

However, the decision to convert the remaining funds to native crypto is a positive step for the Binance community, offering increased transparency, security, and liquidity. As cryptocurrency continues gaining popularity and acceptance, we expect to see more large-scale transactions made via blockchain technology.

Lady Of Crypto Defends Binance On Twitter, Clarifies Sarcasm Misunderstanding

In a recent tweet, a popular crypto investor and trader, who goes by the name Lady of Crypto on Twitter, caused a bit of confusion among her followers. She had tweeted about Binance surviving a bank run with ease while a top-tier US bank like SVB couldn’t, but some interpreted her statement as FUD (fear, uncertainty, and doubt) against Binance.

☝️ some are reading this as fud. I need to stop using sarcasm on CT. I thought it was obvious from the tone of the tweet that I'm saying Binance is NOT the problem, banks are. Binance is seemingly backed 1:1 whereas banks operate on fractional reserves making them vulnerable

— Lady of Crypto (@LadyofCrypto1) March 12, 2023

Lady of Crypto quickly clarified her statement, stating that her tweet was meant to be sarcastic and that she actually believes that Binance is not the problem, but rather, banks are. She praised the exchange for seemingly being backed 1:1, unlike banks that operate on fractional reserves, making them vulnerable to bank runs.

However, one member commented on Lady of Crypto’s tweet, expressing concern that FUD against the exchange could harm the crypto industry. Lady of Crypto responded, stating that she was not FUDing the exchange and that she was aware of the important role played by figures like CZ Binance in the industry. However, CZ himself responded to Lady of Crypto’s tweet, simply laughing at the sarcasm.

Related Reading |  Debate Sparks Over Bitcoin’s Legitimacy As an Antifragile Asset: Taleb vs. Critics 

Filed Under: News, World Tagged With: Binance, Bitcoin (BTC), BNB, Ethereum (ETH)

Polygon Network Takes Second Place In Daily Active Users, Surpasses Ethereum

January 28, 2023 by Ammar Raza

According to data from Token Terminal, the Polygon network has seen a significant surge in daily active users (DAU), reaching a total of 344,000. It surpasses Ethereum’s DAU of 324,000, making Polygon the second-largest blockchain in terms of daily active users.

The Binance Smart Chain (BNB) still holds the top spot with 781,000 DAU. However, the gap between Binance and Polygon has narrowed, indicating that more and more users are turning to the Polygon network for their blockchain needs.

image 97
Source: token terminal.

This rapid growth can be attributed to the network’s ability to handle high throughput and low latency, making it a popular choice for decentralized finance (DeFi) and gaming projects. In addition, the network’s low transaction fees have also attracted a large number of users.

Many experts believe that Polygon’s success is just the beginning and that the network will continue to grow in the future as more and more projects migrate to its infrastructure. Polygon could even surpass BNB in the near future, becoming the leading blockchain in terms of daily active users.

However, the rise of Polygon is a clear indication that the blockchain industry is evolving and that more and more users are looking for alternatives to the traditional Ethereum network. It will be interesting to see how the competition between these two networks develops in the coming months.

Polygon (MATIC) Price Rise

The data from Token Terminal shows that the network recorded a 33% increase in daily active users in the last 180 days. This growth in usage has also been reflected in the price of its native token, MATIC, which has seen a recovery of 43.3% in the last 30 days. As of now, MATIC was trading at $1.12, with a 5% increase in the past 24 hours and 11.18% in the last seven days.

MATICUSDT 2023 01 28 04 01 28
Source: Tradingview

This growth in the Polygon (MATIC) price can be attributed to the recent success of the Gains Network, a derivatives trading platform built on the Polygon blockchain. 

According to January 27th report, Gains Network has reportedly generated over $1.5 billion in trading volume on the Arbitrum blockchain just one month after its deployment. The platform enables users to trade derivatives of assets like tokens, stocks, and indices, using smart contracts to match trades.

The success of the Gains Network has contributed to the recent rising transactional activity on the Polygon network and highlights the increasing demand for decentralized trading platforms. 

The ability to trade financial derivatives on the blockchain opens up new possibilities for the decentralized finance (DeFi) space and furthers the mainstream adoption of blockchain technology.

Related Reading | Cryptocurrency Hazards: White House Outlines Plan To Mitigate Risks In New Framework

Filed Under: News, Altcoin News Tagged With: BNB, Ethereum (ETH), Polygon (MATIC)

BudBlockz Predicted Skyrocketing Growth Sets It Apart From BNB, XRP And Other Top Tokens

January 26, 2023 by Akash Anand

QyLuWExTFAA895ar9BRwO6wLpW3zVtmJ4V9denPKdCsWUxFVyc5 8CmDDIZFFqWVSQNBDR gXVY5emkvDBLJR47XP7crrWqyfUHz59H0S9fkLlhivByf55ASikUKLxtbEZLgyDvv gRuC2jHQrI98t4MrHB tIkIOFx5xa006Z

The cryptocurrency market has been on a roller coaster in the past few years. Token prices on the charts have been rising and falling quickly. Despite the market volatility, however, it is undeniable that the crypto industry has experienced tremendous growth in the past few years. Analysts and experts in the industry are optimistic that this growth will continue in 2023. 

Crypto analysts and market researchers have closely monitored the market’s performance since its inception and can attest that it is growing. The market’s continued growth and stability in the first weeks of 2023 give a reason for optimism. Experts are confident that 2023 will be an excellent year for the industry, as specific tokens are predicted to reach bullish heights. 

BudBlockz (BLUNT) is one of the new cryptos in the ecosystem, but unlike its peers, Binance Coin (BNB) and Ripple (XRP), it has garnered a considerable amount of traction recently. This token possesses unique characteristics that the ecosystem has just witnessed. Its peculiarities have led experts to believe this token can achieve 3000% growth in no time. 

Dive into this article to see how BudBlockz’s predicted 3000% growth sets it apart from other top cryptos.

>>>> BUY BUDBLOCKZ TOKEN NOW <<<<

BudBlockz (BLUNT) Predicted To Achieve 3000% Growth In No Time.

BudBlockz (BLUNT) is a relatively new cryptocurrency that is well on its way to overtaking numerous top players in the ecosystem. This innovative project takes a unique approach to unifying the digital and global economies. It takes an alternative route towards sustainability by bringing immense utility to the cannabis industry. 

The legalization and adoption of cannabis and its related products have been a key challenge in its sector. BudBlockz seeks to integrate protocols to facilitate further this industry’s growth, adoption, and legalization. It initiates a chain reaction that will further BudBlockz’s growth, as experts are already predicting up to 3000% growth.

The BLUNT token is the governing and utility token of the BudBlockz network and marketplace. These tokens execute a vast range of functions across the platform. With BLUNT, individuals can pay for transactions on the network. Moreso, cannabis enthusiasts can purchase cannabis and other related products using this token. 

>>>> BUY BUDBLOCKZ TOKEN NOW <<<<

Binance Coin (BNB) Is The Powerhouse Of The Largest DEX In The Metaverse 

Binance Coin (BNB) is the token issued by the Binance exchange that powers and fuels it. Initially, BNB was based on the Ethereum blockchain but is now the governing currency of Binance’s blockchain, the Binance chain. 

In 2017, BNB was created as a utility cryptocurrency for discounted trading fees. However, its applications have significantly expanded to include the payment of transaction fees on the Binance Chain. Its uses have expanded to other applications, like online services, travel bookings, and other financial services.

Ripple’s (XRP) Adoption As A Digital Payment Network Continues To Increase 

Ripple (XRP) is a blockchain-based digital payment network protocol with its native cryptocurrency. The native token for the Ripple protocol is the XRP token. Ripple’s primary aim is to integrate a system that oversees payment settlement, asset exchange, and remittance. 

XRP, as the protocol governing crypto, serves as an intermediate exchange mechanism between two currencies or networks. Moreso, XRP is used as the token of service charge on the network and can be traded on numerous DEXs.

BudBlockz’s ability to achieve up to 3000% growth is one of the many reasons investors should hop on this boat. It possesses fantastic features, and as a project backed by vast utility, it can make millionaires out of its investors compared to other top tokens like XRP and BNB.

Use promocode: EXTRA20  for an EXTRA 20% bonus on your purchase. Valid until January 31st.

Purchase or learn more about BudBlockz (BLUNT) at the links below:

Official Website: https://budblockz.io/

Presale Registration: https://app.budblockz.io/sign-up 

BudBlockz Community Links: https://linktr.ee/budblockz

Filed Under: Press Release Tagged With: BNB, Budblockz, xrp

21Shares’ Diversified Crypto Staking Index ETP, A Game Changer in the Industry

January 19, 2023 by Mishal Ali

21Shares, the most significant issuer of crypto Exchange Traded Products, revealed the 21Shares Staking Basket Index ETP, the very first crypto staking index Exchange Traded Product (ETP), providing diversified income through staking, according to January 18th press release.

21Shares’ staking index, created in partnership with Vinter of Sweden, serves as a foundation for the world’s first digital-asset basket product. This Exchange-Traded Product gives exposure to staking rewards while accurately mirroring the performance of the staked digital currencies.

As per the press release, this index keeps an eye on digital coins which work on the Proof-of-Stake system, such as Binance Coin, Cardano, Cosmos, Polkadot, Solana, and Tezos. The index is updated every six months to reflect changing trends in the market, with alterations taking place in the months of March and September.

In the last year, 21Shares has revolutionized the market with its exchange-traded products, including CBTC, the most affordable Bitcoin ETP, and two risk-adjusted products, SPBTC and SPETH. Today’s launch increases the company’s portfolio.

STAKE: Diversified Crypto Staking Index ETP

Arthur Krause, Director of ETP Product at 21.co and parent company of 21Shares, explained that staking enables crypto owners to gain compensation by securing their assets. Their research indicated that investors are eager to receive returns from a diversified crypto source – even during the crypto winter.

Arthur Krause added in the statement:

In particular, we’ve heard the demand for a reliable and safe way to access StakingStaking, one of the most attractive potential return streams available in the crypto ecosystem. The 21Shares Staking Basket Index ETP does just that and will be an attractive addition to many portfolios.

Jacob Lindberg, CEO of Vinter, also commented on the launch, stating that their product meets the needs of retail and institutional investors worldwide. Lindberg continues saying that they anticipate continuing to collaborate with 21Shares as they work to introduce more inventive investment offerings that link up to the crypto realm.

However, the world’s first crypto staking index, ETP, is now trading on the BX Swiss Exchange and seeking to list on Xetra Deutsche Boerse. This launch builds upon the success of their current single-asset staking products: 21Shares Solana Staking ETP and 21Shares Tezos Staking ETP.

Related Reading | Dogecoin: DOGE Loses CO2 Emissions By 25% Due To Elon Musk’s Efforts 

Filed Under: News, World Tagged With: 21Shares, BNB, Cardano, Cryptocurrency, ETP

Binance BNB Completes 1st Quarter Burn of 2023, Reducing Total Supply by $617M

January 18, 2023 by Ammar Raza

In a move that solidifies its commitment to reducing its total supply, Binance Coin (BNB) has completed its 22nd burn and first quarterly burn of 2023. The burn includes a total of 2,064,494.32 BNB, equivalent to about $617 million. This burn also had 7,181.03 BNB that were burned through the Pioneer Burn Program.

The 22nd quarterly $BNB token burn has been completed through #BNB Auto-Burn.

Here’s everything you need to know about the first quarterly burn of 2023 and some words from @cz_binance ⬇️https://t.co/sIrWpnUxIL

— Binance (@binance) January 17, 2023

BNB was launched in 2017 with a plan to decrease its total supply by half through a process called “burning.” This plan is carried out automatically each quarter using the Auto-Burn formula and aims to keep only 100 million BNB in circulation. The Auto-Burn process is transparent and auditable, and results are reported quarterly.

The Pioneer Burn Program also removes BNB from circulation based on provable lost funds by eligible BNB Chain users, and this amount is included in the total quarterly burn. 

Besides this, the announcement post also reveals that in the last quarter, an incident occurred that affected the BNB burned when 2 million extra BNB were minted due to an exploit. However, 1.02 million were locked and burned, and the rest will be burned through the usual process. 

Moreover, despite efforts to migrate to the native BEP2 version, some holders still held onto the ERC20 version, with around 16 million remaining unconverted. Binance.com continues to accept deposits in ERC20 and withdrawals in BEP2, allowing the accumulation of ERC20 on the exchange.

Binance BNB Price Rise

Despite the fact that setbacks like FTX collapse and attention diverts on Binance, drop in values, a number of withdrawals, etc., it appears that investors are slowly beginning to regain confidence in the exchange. 

In addition to the recent token burn report, Binance has also made waves with the launch of its new off-exchange custody service. This innovative offering allows institutional investors to access a range of trading and investment products within the Binance ecosystem without the requirement of depositing collateral directly on the exchange.

In addition, it was revealed that the exchange expects to increase its workforce by 15% to 30% in 2023, despite the fact that many of its competitors in the sector are laying off workers, as reported by TronWeekly.

These developments have positively impacted the price of Binance BNB. As per Coinmarketcap, over the past seven days, the BNB has seen a 9.48% increase in value, currently trading at $301.39. 

BNB 7D graph coinmarketcap
Source: CoinMarketcap

Filed Under: News, Altcoin News Tagged With: Binance, BNB

Binance’s BNB Price Recovery: What to Expect

January 11, 2023 by Saeed Ul Hassan

The last several weeks have been challenging for both Binance, the biggest cryptocurrency exchange, and its native coin BNB. However, on January 9th, BNB finally crossed its major resistance level and reached $283.03 after trading in a constrained range for three to four weeks straight.

BNBUSDT 2023 01 11 03 44 52 1
Source: Tradingview

Over the past few weeks, the token’s price established a support level between $240 to $250. Above the $260 level, a strong recovery trend began on January 6th. 

There was a further push above the $270 resistance level on January 8th, resulting in the price reaching above the $280 level the following day.

BNBUSDT 2023 01 11 03 48 26
Source: Tradingview

According to the data from CoinMarketcap, BNB is currently trading at $278.25, with a slight rise in the last 24 hours, while a considerable gain in the previous seven days, about 10%.

Optimistically, the bulls are aiming for $280. If this price level is broken, the next significant barrier is located near the $285 level, where the token could possibly surpass $300 in the upcoming days.

If BNB is unable to push through the $280 resistance level, a sharp downward correction may occur. If this happens, the initial support should be near the $265 mark.

Moreover, the first major level of support will be found at $240. Should the support fail and break below $240, there may be an extended bearish run heading toward $235.

Binance’s BNB & BUSD In Trouble

One can easily recognize investors’ waning faith in the biggest crypto exchange when looking at the values of Binance Coin (BNB) and Binance USD (BUSD), the two tokens associated with the exchange.

Forbes reported yesterday that BNB has plummeted by 29% in the past two months, leaving an estimated 29 million tokens at Binance, a 51% reduction compared to what the exchange declared on November 10th. Similarly, the amount of BUSD stablecoins at the company has dropped by an astonishing 40%.

Additionally, over the past few months, Binance has not only experienced a sharp decrease in net assets by 24% but also experienced a drastic fall in investments in prominent tokens such as MATIC, APE, and GALA by 40-50%. Evidently, the trust and influence of the largest exchange have taken a hit.

Tronweekly also reported yesterday that over the past two years, Binance experienced a significant increase in annual revenue, growing tenfold. However, by 2022, despite reaching a revenue of over $12 billion, the exchange incurred losses of the same amount within a period of just 60 days.

image 49
Source: CryptoQuant

Filed Under: News Tagged With: Binance, BNB, BUSD, Price Analysis

How Binance Went From 10x Revenue Increase in 2 Years to Losing 12B in 60 Days

January 11, 2023 by Ammar Raza

According to on-chain data analytics, CryptoQuant, over the last two years, the annual revenue of Binance, the biggest cryptocurrency exchange in the world, increased 10x. By 2022, it was over $12 billion.  

'@OKX’s revenue shows 4x organic growth over the past two years.

They burn or buy back OKB tokens based on spot trading fee revenue. It was around $948M last year. pic.twitter.com/aPMeKvgOzp

— CryptoQuant.com (@cryptoquant_com) January 10, 2023

Additionally, the revenue of Seychelles-based crypto exchange OKX, formerly OKEx, has increased four times organically during the last two years. Based on earnings from spot trading fees, which was around $948M last year, they burn or buy back OKB tokens.

image 44
Source: CryptoQuant

On the other hand, the bear market was not in favor of another Seychelles-based virtual currency exchange, Huobi Global. Its quarterly earnings fell by 98% from the second quarter of 2021, according to CryptoQuant.

However, as TronWeekly reported today, there has been a considerable movement in market share across cryptocurrency exchanges during the previous 12 months. The market share for Huobi fell sharply, “from 22% in 2020 to just 4% in 2022.”

image 45
Source: Kaiko

The landscape of the cryptocurrency exchange market has significantly changed as Binance rises to the top. In 2020, it held a 37% stake, but by 2022 that had grown to 57%, while its competitors’ shares, like OKX’s, which stood at 21% in 2020, were significantly diminished to 9%.

Binance Losses $12B In Less Than 60 Days

According to the Forbes report, the world’s largest exchange is having trouble keeping assets. After a competing platform, FTX, failed, people have been withdrawing their digital currency in recent weeks. Despite the leader of Binance (CZ) saying everything was okay, more and more assets are leaving.

Defillama claimed that customers withdrew a net of $360 million on Friday. First, Nansen revealed on December 13th that Binance had lost $3 billion in assets or 4% of its total assets.

While Forbes investigation found that the exchange lost around $12 billion, or 15%, of its assets, in less than two months, about a quarter of assets departed the exchange. 

As per the Forbes report, the performance of Binance Coin (BNB) and Binance USD (BUSD), the two tokens bearing the exchange’s name, is the greatest indicator of investors’ lack of confidence. In the last two months, BNB has lost 29% of its value, while the firm’s BUSD stablecoins have fallen by 40%.

Filed Under: News Tagged With: Binance, BNB, BUSD, Huobi, OKX

BMW with Coinweb & BNB Chain to Bring Blockchain Technology to Thailand

December 29, 2022 by Mishal Ali

BMW, a German automaker, intends to bring blockchain technology to Thai customers and businesses. Where BNB Chain is “being chosen as the anchor chain” and will settle transactions.

As the source of its decentralized architecture, BNW has integrated Coinweb, a layer-2 cross-chain computation platform. BMW Financial Services will follow assistance from Coinweb on how to set up and deploy cross-chain smart contracts as well as its customer loyalty program.

Two phases are planned for the project’s execution. A feasibility analysis for cross-chain Smart Contracts that execute in parallel is the first step in the roll-out plan. Its goal is to eliminate time-consuming manual procedures and improve BMW’s automobile financing services workflow.

According to the report, a fully integrated Anti Money Laundering (AML) & KYC tool based on Thailand NDID may be included to lessen the difficulties in applying for vehicle financing.

In the second stage of the project, Coinweb will create a unique SaaS Web3 application for a customer loyalty program that would reward BMW Group consumers using a blockchain.

The BNB chain on Binance, which was selected as the anchor chain due to its performance suitability in terms of cost, speed, and capacity, will receive broadcasts of transactions to different blockchains.

CEO Bjorn Antonsson of BMW Leasing (Thailand) said:

For our long-time customers here in Thailand, we look forward to continually cultivating their loyalty while rewarding them at the same time through the blockchain-based rewards system delivering real value to be rolled out in 2023.

BNB Chain’s Growth In 2022

In terms of bringing the following billion users onto Web3 during the previous year, BNB Chain has made significant progress. It has more unique addresses than ETH and has surpassed 230 million, which makes it “the largest layer 1 blockchain in the world.”

The network offered a number of rapid developments that enabled quicker transactions, reduced prices, and more capacity following the 2022 tech roadmap, focused on multichain interoperability.

Furthermore, the BNB network intends to introduce the zkBNB mainnet in 2023 and to conduct developer meet-ups and hackathons for groups interested in using zkBNB. Additionally, it plans to introduce other tools to enhance user experience on its dApps.

Related Reading | Solana’s Plunge Gives It A New Name: “Shitcoin”

Filed Under: Blockchain, News Tagged With: Blockchain, BMW, BNB, Coinweb

  • Go to page 1
  • Go to page 2
  • Go to page 3
  • Go to page 4
  • Go to Next Page »

Primary Sidebar

Recent Posts

  • Shiba Inu L2 Docs Reveal More Details March 28, 2023
  • Bitcoin, Ethereum Enabled In Burger King Paris: Details March 28, 2023
  • Nvidia’s CTO Skeptical Of Crypto’s Value, Believes AI Is The Future March 28, 2023
  • TRON Founder’s Hong Kong Expansion Plan In Jeopardy? March 28, 2023
  • Binance’s New Blockchain Hub In Georgia: Web3 Education & Job Opportunities  March 28, 2023

Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2023 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.