Inflation is affecting every aspect of life. Food, clothes and drinks are inescapable. There is one place that is used to not conforming, crypto. The creation of crypto came from people wanting to have a decentralised place to store money, escaping the control of banks.
Some cryptocurrencies are also trying to escape inflation by burning tokens and ensuring investors don’t have to worry about inflation like the rest of the world. Three cryptocurrencies, Rocketize Token (JATO), BNB and XRP, are dead set on remaining deflationary and don’t have any plans to change that fact anytime soon.
Rocketize Token Burns Tokens Like Rocket Fuel
Built on the BNB smart chain, Rocketize Token has an excellent foundation for its native crypto JATO. Rocketize Token is on a mission to explore decentralised finance and Web 3. The meme coin will do this with the help of its open-sourced community, The Atomic Nation. They are now constructing a crowdfunding system for authors, artists, and inventors.
The crypto will also have specialised NFTs that are being worked on by The Atomic nation as this is written. The team are working on an eCommerce site that will host trading card NFTs. NFTs will also be accessible through special mining events.
The best feature of Rocketize Token is its deflationary nature. The cryptocurrency will do this by burning tokens regularly to increase the value of its native currency JATO. There will be a 2% tax applied to each JATO transaction. The JATO wallets will receive half of those tokens, and the remaining half will be burned. This will benefit both the crypto and the investors.
BNB Ensures an Unsaturated Market – Keeping Oxygen Supply Up With Extra Room to Breathe
BNB is the native currency for the Binance crypto exchange. BNB, which debuted in late 2017 at a price of slightly more than $0.10 per token, is one of the best-performing cryptocurrencies ever. BNB has had a value increase of more than 6,000x from its all-time high in 2021.
The best part of this token is that it is deflationary. There are 200 million BNB tokens in circulation overall. However, this cryptocurrency is inherently deflationary, not least because Binance routinely burns currently circulating tokens. Nearly 40 million BNB tokens have already been burnt, or about 20% of the total supply. This helps the crypto keep its value and not become too saturated.
3…2…1 Take Off – XRP Taking off in the Charts With Its Deflationary Nature
Another great example of a deflationary cryptocurrency is XRP. It is the native currency of the Ripple blockchain. Having been launched in 2012, it is one of the most popular cryptos in the market. Instead of mining for tokens, XRP has a unique consensus method that primarily works through banks.
The XRP network burns transaction fee-related tokens automatically. Although small, the standard transaction fee of 0.00001 XRP could eventually result in a significant number of burned tokens. This amount of XRP tokens being burnt will ensure it won’t be affected by inflation.
Final Thoughts
Inflation is never something people never want to welcome, and with these three cryptocurrencies, you can ensure to avoid it. BNB, XRP and Rocketize Token make sure to benefit their investors.
Disclaimer: This is a sponsored article. The views and opinions presented in this article do not necessarily reflect the views of CoinCheckup. The content of this article should not be considered as investment advice. Always do your own research before deciding to buy, sell or transfer any crypto assets.
Finding the right crypto asset for investment is one of the toughest tasks. You need to check many projects and assess the potential for growth to shortlist the best token. It may take hours or days to go through details of all crypto assets on cryptocurrency news or whitepapers. If you do not have sufficient time to check whitepapers and the news, this post is for you. Here you will find the three best cryptocurrencies to buy in 2022.
The Rocketize Token (JATO) is the latest sensation in the meme coin space. The Binance Coin (BNB) and Pancakeswap (CAKE) Tokens may also become crypto giants within a few years. Learn more about those tokens to make well-informed investment decisions.
Rocketize Poised to Outperform Top Crypto Assets
Meme coins are community tokens. They rely on community sentiments for sustainable growth. External influences, such as celebrity tweets can immediately trigger the upward or downward movement of prices. Investors started looking for alternative options because popular meme tokens lost their trust.
The Rocketize Token aims to revamp the image of meme coins. Although it is a meme token, it is a deflationary crypto asset and a decentralized finance token. This project assures the supply of the JATO Token will always be in check. There will never be more tokens than the max supply. This platform will burn tokens regularly to maintain the market value of the JATO Token.
Why is the Rocketize Token A Unique Meme Coin?
Dogecoin, Shiba Inu, and other dog family meme coins are inflationary cryptocurrencies. Rocketize is unique because it has a maximum limit and this platform has already burned 50% of tokens.
Rocketize is building the Atomic Nation community, which will govern this platform. Users will pay a 2% fee to process transactions. Token holders will receive one-half of the tax and another half will be burned.
Rocketize is going to be involved in the creation of new memes, videos, graphics, animations, and other creative content. It will promote the creation of educational content to guide new users in the crypto industry. The Atomic Nation community will actively participate in forum discussions, create social media trends, and popularize the JATO Token among new investors.
Rocketize is following a solid roadmap to emerge as the most reliable DeFi Meme Token. Its success will certainly benefit early investors, who have bought the JATO Token in the presale.
How To Buy The Rocketize Token?
The JATO Token may become the next big thing in the crypto industry. The steps to help you buy this crypto asset can be accessed via the website linked at the end of this article.
Early buyers can also take advantage of ongoing bonus deals. Buy the JATO Token immediately after completing the registration process and you will get an 8% bonus on swapping the Ethereum Token and a 12% bonus on swapping BNB or USDT Token. You can also get an 8%, 7%, or 4% bonus if you buy the JATO Token in the first, second, or third presale rounds.
Binance Coin – Powering the BNB Chain Ecosystem and Facilitating Fast and Secure Crypto Exchange
Binance is one of the most widely used cryptocurrency exchanges for buying, trading, and holding crypto assets. The BNB Token powers the BNB Chain ecosystem. Binance Chain has become a popular alternative to Ethereum. It also increased the market value of the BNB Token and made it one of the most valuable crypto assets. People always pick the BNB Token to buy other crypto assets. Therefore, demands are quickly increasing for this crypto asset. Increased demands are increasing the value of the BNB Token. As per reports, Binance has joined OMFIF’s Digital Monetary Institute. It can now operate as an independent think tank and offer solutions for OMFIF’s Future of Payments annual report.
The Most Trusted Decentralized Crypto Exchange – Pancakeswap
Pancakeswap is a reliable decentralized cryptocurrency exchange that entertains millions of users every month. All regular users trust this platform with more than $4.5 billion in funds. This platform has assets worth $4.5 billion staked and that’s a huge achievement for a decentralized project launched only 25 months ago. The CAKE Token allows users to quickly swap crypto assets by paying an affordable transaction fee. It makes this decentralized exchange safer and provides many rewards to token holders. As per reports, this platform has burned 6,763,735 CAKE Tokens. Those tokens were worth $31 million and Pancakeswap has completed that token-burning event. It had gained those tokens through auction, trading fees, lottery, NFT, and prediction.
Binance Coin and Pancakeswap Tokens are lucrative alternatives to expensive crypto assets, such as Bitcoin and Ethereum. Its price could potentially increase within a few months as per some analysts and it may rule the meme coin space within a few years.
Disclaimer: This is a sponsored article. The views and opinions presented in this article do not necessarily reflect the views of CoinCheckup. The content of this article should not be considered as investment advice. Always do your own research before deciding to buy, sell or transfer any crypto assets.
The cryptocurrency market managed to maintain a market cap of over $1 trillion throughout the majority of last week and is entering Week 45 with a total valuation of $1.06 trillion. The bullish market conditions not only survived but even amplified after the U.S. Federal Reserve announced another 0.75% interest rate hike on November 2. In a volatile crypto market, you could make (or loose) 4%, which is the current Fed annual interest rate, much faster than in a year – perhaps even a week if you invest smartly. This article lists, what we believe are 3 of the smartest investments thy crypto sector has to offer for this week.
3. Fantom (FTM)
Fantom is a fast, high-throughput open-source smart contract platform for digital assets and dApps. It is a Layer 1 network competing with the likes of Avalanche, Solana, and Terra to dethrone Ethereum. Fantom utilizes Asynchronous Byzantine Fault Tolerance (aBFT) consensus algorithm. The aBFT algorithm promises to debunk the blockchain Scalability Trilemma, according to which only two of the crucial three components that include decentralization, security, and scalability, are achievable at the same time. FTM was one of the best-performing assets of 2021, in which it appreciated by approximately 13,000%.
Key blockchain developer Andre Cronje seems to be re-joining Fantom
While FTM was one of the most profitable cryptocurrencies to hold last year, this Layer 1 network native asset took a massive hit during this year’s bear market. Nevertheless, Fantom is making headlines again and the new developments around the project suggest that we might see Fantom’s comeback in the remainder of 2022. The newly emerged high expectations are related to the rumoured return of the prominent blockchain developer Andre Cronje to Fantom. It has to be noted that Cronje played a key role in Fantom’s early days but has soon after that announced that he will no longer be active in the DeFi space. Recently, Cronje tweeted and hinted that he may be returning to DeFi and Fantom.
In addition, Andre Cronje changed his Twitter handle to “iamdefinitelyandre.ftm” and swapped his profile picture for an artistic rendering of him holding the Fantom logo. He left hints of him returning to the Fantom project on his LinkedIn too – there Cronje updated his title to “Memes at Fantom Foundation”. The price of the FTM rallied by almost 50% on the rumours and peaked at the price of above $0.31 on November 5. This is the highest FTM price since August. Should Cronje’s return be confirmed, the rally could extend to new highs.
2. Arweave (AR)
Arweave is a blockchain-powered data storage software. The project was originally named Archain but got rebranded to Arweave in 2018. For a fee paid in the native AR token, Arweave protocol allows users to store their data on the permaweb. Data is said to be stored forever and users can share the stored files with anyone. This way the project creates something similar to a digital archive of files accessible by the protocol’s users today, but also available for future generations. The protocol is designed to provide scalable on-chain storage in a cost-efficient manner. Since the protocol stores files on the blockchain and the blocks can get rather big, users who wish to add new data the network do not need to verify all the previous blocks, but rather just a randomly chosen block. This is made possible by the Proof of Access consensus and the Blockweave technology.
Arweave chosen as the storage provider for Instagram NFTs
Social media giant Meta (formerly Facebook) has recently announced that Instagram users will soon be able to mint NFTs as well as offer them to followers within the app itself. The first platform Instagram will support for NFT minting is Polygon. So why is this good news for Arweave? Pictures, music, GIFs, videos, or literally any media represented by the NFT needs to be stored somewhere and Meta has opted for a decentralized storage of Instagram NFT media files on the Arweave blockchain. Stephane Kasriel, head of commerce and financial technologies at Meta revealed that Arweave was selected for its data permanency as the protocol allows users to retain information forever and it is almost impossible to tamper the stored data.
📢Happy to announce that @Meta is now utilizing Arweave for the storage of their creator's digital collectibles on @instagram!
The news from Meta could be felt throughout the crypto markets connected with the announcement. But while Polygon’s MATIC token only surged 9% in the 24 hours following the announcement, Arweave’s AR token has spiked by a whopping 52% in the same time period. On three occasions throughout the week AR even reached as high as $17.50, which represents a 75% price increase from the pre-announcement $10.00 baseline. The announcement-driven rally was enaugh to catapult AR token into the group of 100 largest market cap crypto assets. In fact, AR gained quite some spots as it is currently the 81st largest cryptocurrency. In addition, AR’s $496 million market cap also make it the eight-largest Web3 token worldwide.
1. BNB (BNB)
Binance Coin (BNB) was originally launched in 2017 as an ERC-20 token sold through an initial coin offering (ICO). In April 2019, the Binance rolled-out its native Binance Chain and all the existing Binance Coin ERC-20 tokens were replaced with BNB, which became the native cryptocurrency of the new blockchain. As of today, Binance Chain is still almost completely centralized, with Binance having complete control of block management. Binance gives users who utilize BNB to pay for trading, withdrawal and listing fees hefty discounts. While this used to be pretty much the only use case of BNB, the coin has a far greater utility now as it allows users to pay for gas fees, earn cashback on Binance Visa card purchases, stake BNB and participate in liquidity pools and other DeFi activities. BNB is also used to determine eligibility to participate in Initial Exchange Offerings (IEOs). Furthermore, the Binance ecosystem is continuously expanding, which means that new products and services are regularly added and many of them give BNB some new utility.
BNB has set a new all-time high price in Bitcoin in the morning hours of November 4. BNB’s top BTC valuation therefore stands at 0.01701 BTC per BNB, the price of BNB on November 4. In fact, BNB is still changing hands at a price that is very close to its top BTC price. Several recent developments might have helped BNB reach its record BTC price. Among other thighs is Binance’s recently launched Oracle Network for the BNB Chain ecosystem. The Oracle network utilizes an in-house Threshold Signature Scheme to continusely verify the authenticity of the data that is fed to the oracles. The launch of Oracle Network actually pits Binance as a competitor to Chainlink. In addition, Binance finally added a new project to its Launchpool after a nearly 6-month hiatus. The 31st blockchain project to be fetured on the crypto exchange’s Launchpool platform is Hashflow. Its HFT token was made available through the platform to BUSD and BNB stakers.
Furthermore, Binance is also getting stronger in the stablecoin market. The valuation of all the platform’s native BUSD stablecoin in circulation is increasing and has surged over $20 billion for the first time ever in the end of October. While it may not be directly connected to the BNB rally, it is worth noting that Binance also helped Elon Musk with the take-over of the social media platform Twitter with a $500 million acquisition. To cut it short, Binance is expanding and is becoming far more than just one of the biggest exchanges. BNB price will likely go up, as Binance slowly becomes an important global player in the global tech industry.
Cryptocurrencies are permissionless digital currencies that are decentralised and driven by blockchain technology. The inception of crypto came in 2009 with the anonymous Satoshi Nakamoto’s Bitcoin (BTC). Although cryptocurrencies have been around for thirteen years, it was during the COVID-19 pandemic that they gained popularity.
The crypto industry is constantly developing, with over 18,000 blockchain networks in operation and a range of currencies for consumers to select from. Here are five cryptocurrencies that will likely provide you with financial fortunes.
The Crypto Godfather – Bitcoin
As previously mentioned, Bitcoin (BTC) came into inception in January 2009 by the anonymous Satoshi Nakamoto. Its development was carried out to enable “online payments to be delivered directly from one party to another without passing via a financial institution.”
Bitcoin has succeeded in establishing a worldwide community and spawning a completely new business of millions of fans who produce, invest in, trade, and utilise Bitcoin and other cryptocurrencies in their daily lives. This is why Bitcoin has a strong probability of making you money, as it is the first cryptocurrency to arrive on the market.
Crypto’s Number Two – Ethereum
Ethereum is the second-largest cryptocurrency by market capitalization and value behind Bitcoin. It was the first to introduce the notion of a blockchain smart contract platform. Smart contracts are computer programmes that conduct the procedures required to fulfil an agreement between many parties through the internet.
They were designed to do away with the requirement for trusted intermediaries between contractors, cutting transaction costs and increasing transaction reliability. This is why the blockchain network remains the second most successful cryptocurrency.
The Biggest Global Exchange – BNB
BNB is a cryptocurrency released by the Binance decentralised exchange (DEX), which is one of the most active cryptocurrency exchanges in terms of volume. BNB intends to push cryptocurrency exchanges to the forefront of global financial activity.
BNB’s quest for development is one of its most significant competitive advantages. While Binance began as a cryptocurrency exchange in 2017, it has now expanded into a variety of other fields. It is currently ranked the fourth most popular blockchain on CoinCheckup, giving it strong reliability to continue succeeding.
The Meme Coin Godfather – Dogecoin
In December 2013, Billy Markus and Jackson Palmer debuted Dogecoin (DOGE) onto the cryptocurrency market. DOGE is widely considered the first meme currency since it is based on the ‘doge’ meme, which displays a Shiba Inu dog amusingly looking at a camera while surrounded by internal monologues.
Dogecoin’s developers envisioned it as a fun, lighthearted cryptocurrency with a wider appeal than the core Bitcoin audience because it was based on a dog meme. Its popularity grew further when Elon Musk endorsed it in early 2021. Since then, Dogecoin has grown to become one of the market’s most renowned cryptocurrencies. Dogecoin, like Bitcoin, has a distinct edge in terms of success because it was the first meme coin in crypto.
The Cutest Cat Token – Big Eyes Coin
Big Eyes Coin (BIG) entered the crypto market this year and has already had an influence on the meme coin industry by bringing sustainability and attractiveness to its currency. You merely need to visit the Big Eyes website to get an idea of the kind of NFTs that will be accessible. Cats are the main theme, so expect a variety of colourful and humorous cat drawings, as well as various other cat-related features.
NFT Sushi Crew is a Big Eyes Coin marketplace for people who enjoy collecting adorable items and taking part in fun events. Big Eyes coin has confirmed that 5% of its entire supply would be donated to ocean-saving non-governmental organisations. As a result, by acquiring an NFT and investing in Big Eyes, you are helping to create a more enjoyable and ecologically friendly environment. Currently, in stage six of its presale, Big Eyes Coin has raised $9.38 million, proving itself to be an intriguing crypto purchase with high potential earnings.
For More Information On Big Eyes Coin (BIG), Click The Links Below:
Disclaimer: This is a sponsored article. The views and opinions presented in this article do not necessarily reflect the views of CoinCheckup. The content of this article should not be considered as investment advice. Always do your own research before deciding to buy, sell or transfer any crypto assets.
The Binance Launchpool Hashflow campaign started yesterday
Binance users will able to farm HFT tokens with their BNB and BUSD until November 30
Hashflow (HFT) will be listed in Binance’s Innovation Zone on November 7
Hashflow (HFT) gets listed as the 31st Binance Launchpool project
After a several months long hiatus, Binance has revealed the 31st blockchain project to get featured on Binance Launchpool, a platform that lets early investors generate liquidity for innovative, up-and-coming crypto projects, and earn crypto tokens in exchange.
The Launchpool for Hashflow (HFT) started on November 1, at 00:00 UTC, and is slated to run for 30 days. On November 7, at 13:00 UTC, Binance will list HFT, the project’s native utility and governance token in the Innovation Zone, and open HFT/BTC, HFT/BUSD, and HFT/USDT trading pairs.
The token generation event will see 1,000,000,000 HFT minted, with 1.5% of the genesis supply being allocated for Launchpool investors. In other words, 15,000,000 HFT will be distributed to Hashflow ICO investors staking their BNB and BUSD on Binance. 80% of the entire HFT farm amount will go towards BNB farmers, while the remaining 20% will be distributed to BUSD users. The Hashflow farm campaign is available exclusively to registered Binance users.
Hashflow is an interoperable decentralized trading protocol supporting Ethereum, BNB Chain, Polygon, Avalanche, Arbitrum, and Optimism. The zero-slippage interoperability trading platform has facilitated $10 billion in trading volume since its launch last year.
Governance rights in the Hashflow network are determined by the amount and duration of HFT staked. “Staking tokens will grant users the right to vote and manage the future of the protocol. This includes decisions relating to protocol fees, marketing, and code development,” wrote Binance in its Hashflow research piece.
The latest project to get featured on Binance Launchpool, Hashflow enables DeFi users to swap crypto assets between chains in minutes without the need for external token bridges.
It is worth noting that HFT tokens have been available to private investors at a Hashflow price of $0.02, $0.10, and $0.40 during three rounds of private sales. In total, the team raised roughly $28 million in the sale of 25% of the total supply to private investors.
Binance’s Hashflow Launchpool is the exchange’s first farming event in six months
The listing of Hashflow on Binance Launchpool comes roughly six months after the conclusion of the Project Galaxy framing campaign. The reason for the long hiatus likely lies in the fact that the crypto markets have been facing severe bearish activity in the second half of 2022.
The price of the BNB token, which can be used to farm Hashflow crypto tokens, increased by more than +10% in the last 24 hours, largely ignoring the broader negative market trend.
In recent years, cryptocurrency loans have become a popular method of magnifying exposure to crypto markets. The ease of use, a broad selection of supported loanable and borrowable digital assets, and competitive borrowing rates are just some of the hallmarks of Binance’s loan offering.
While I cannot claim I am a very frequent user of crypto loans, I have, on several occasions, taken out crypto loans, which allowed me to pursue investment opportunities that would otherwise be out of my reach.
Read along and find out what Binance crypto loans are all about and how they can be used to your advantage.
Binance Crypto Loans is a financial service that enables digital asset investors to obtain additional crypto capital by staking their existing crypto assets as collateral. Binance supports a selection of over 60 borrowable cryptos and more than 20 types of coins that can be used as collateral.
Binance provides crypto loans with collateral, which means that for any loan taken out, a user must provide a certain amount of their spot crypto, a type of security deposit, if you will.
While crypto loans without collateral – commonly referred to as crypto flash loans – do exist, I suggest you steer away from such offerings as they typically charge exuberant fees, or aim to defraud their customers in other ways. For more information about the importance of crypto collateral, check our previous article on the topic.
Why you should give Binance Loans a try?
If you are deciding between different platforms and are unsure which one to choose, a strong case can be made that Binance offers the best crypto loan solution in the market. Take a look at the main benefits of Binance Loans listed below and see for yourself.
Competitive interest rates
Crypto lending services have become very popular recently, with both centralized and decentralized finance solutions popping into existence left and right. However, there are few that come close to the low fees offered by Binance.
For example, borrowing $1,000 worth of Bitcoin (BTC) with BUSD costs roughly 0.00624% per day, which is about 2.27% in yearly interest. It is worth noting that, as a rule of thumb, longer loan terms result in higher interest rates. Case in point, Binance charges roughly a 3.60% yearly interest rate when borrowing Bitcoin using a 180-day loan term.
Stake collateral to reduce interest rates
The second benefit of Binance Loans goes hand in hand with the first one on our list. Loans Staking is a unique feature used by Binance that allows users to offset costs associated with borrowed funds. Supplied crypto collateral is used to support the operation of underlying blockchain networks – for example, BNB supplied as collateral, is used to secure the Proof-of-Stake (PoS) blockchain and generate rewards. Said staking rewards are then used to cover some of the interest rate costs.
The same goes for any other collateral asset that supports this feature, not just BNB. You can filter specifically for coins and tokens that support it by navigating to the “Staking” tab when searching for collateral assets.
Binance explains the feature in the following way:
“The collateral assets you use for borrowing will be deposited in a specific crypto wallet to support the operation of the blockchain network, and you will receive corresponding rewards to reduce interest rates.”
Using Loans Staking can result in up to a 100% fee reduction on certain borrowing/collateral pairings.
Flexibility and streamlined repayment management
Another advantage of taking out a Binance crypto loan is the ability to borrow crypto with different terms, ranging from 7 to 180 days. That’s not all, however, as Binance allows users to repay their debt before the loan term expires. This can be very beneficial when the market turns, and users want to offload their debt at opportune times. On top of that, early repayments incur no additional costs.
Transparency
Cryptocurrency loan data is available in real-time through the Loan Data dashboard. The in-depth chart showcases all loanable assets and their respective interest rates organized by different loan terms. In addition, you can quickly see Initial LTV, Margin Call, Liquidation LTV, and Collateral Limit data for each of the supported collateral assets, along with the borrow limit of all supported cryptos.
VIP Tier Rates
Long-term users of the Binance platform will be happy to find out that the platform-wide VIP program comes into play when using crypto loans as well. The difference between interest rates paid by regular and VIP users can be quite stark – for example, regular users must pay 0.0099% daily interest when borrowing Bitcoin via the 180-day loan contract. Meanwhile, the highest-tiered VIP users pay just 0.0054% for the same product, which is more than a 45% difference in favor of loyal customers.
How have I used Binance Loans to pursue lucrative opportunities?
From this writer’s perspective, Binance Loans shines as a tool to enlarge one’s crypto exposure without requiring one to sell or swap digital assets.
In the past, I’ve repeatedly taken advantage of this opportunity to invest in initial exchange offerings (IEOs) on the Binance Launchpad platform. Similarly, I’ve also participated in Launchpool programs with tokens I’d borrow via cryptocurrency loans.
Without crypto loans, I’d be forced to sell my existing spot holdings to participate in the above-mentioned programs. Since I am very reluctant to part ways with my Bitcoin, I would have most probably steered away from any opportunities that would have required me to do that.
However, with crypto loans, I was able to borrow BNB and BUSD (or any project-specific coin, depending on the IEO/Launchpool campaign) against my BTC.
Since the cost of interest rates was far lower than the returns accrued by farming new tokens, I ended up pocketing nice returns. What’s more, these investments were virtually risk-free.
Earlier this year, I used this approach to participate in Launhcpool and Launchpad programs of successful crypto projects such as Project Galaxy, STEPN, and League of Kingdoms, to name a few.
The same approach can be applied to other passive-income-generating products from Binance’s Simple Earn suite. For example, you could borrow BUSD to earn 8% interest on deposits of up to $1,000 and use the proceeds to offset the costs of the loan.
Obviously, you could also pursue trading in a more direct way with borrowed funds – remember, borrowed crypto can be used whichever way you want. The only requirement is that the funds are paid back upon the expiration date.
How to get a crypto loan on Binance?
To take out a cryštp loan on Binance, you must first register an account and then navigate to the crypto loans section. You can do so by clicking on the button below.
After that, you must pick the cryptocurrency you would like to borrow, decide on the collateral type and loan duration, and enter the borrowing amount.
At this point, it is worth noting that, as a general rule, Binance Loans have an initial LTV of 65%. Binance explains LTV as the “value of your loan to the value of your collateral.” In practice, this means that users are able to borrow at most 65% of the value of their collateral.
After clicking on the “StartBorrowing Now” button, you will be greeted with an order confirmation window populated with all relevant information pertaining to the loan. Click “Confirm” to borrow crypto.
The balance between the collateral’s value and the value of borrowed funds – known as initial LTV – must be maintained at all times. Once the ratio increases to 75%, a margin call is issued automatically, prompting the borrower to top up the collateral asset.
If the collateral is not topped up, liquidation will trigger once the LTV reaches 83%, at which point the system will automatically sell the collateral to repay the loan.
Wrapping up
Binance Loans is a platform that is particularly beneficial to investors who require additional short-term liquidity for various investments, ranging from trading to passive-income products. The ability to set aside a certain amount of spot balance to gain access to extra funds is an enticing proposition for experienced traders and crypto newbies alike. Using Binance Loans is a great way to increase the utility of your existing spot crypto holdings by using them to secure instantly accessible funds at low rates with no paperwork required.
Following last week’s $100 million hack, BNB Chain has undergone the Moran hard fork
The upgrade patches vulnerability in the BSC Token Hub, which was used by the attacker
In related news, the 21st BNB burn took place today, forever removing $574 million worth of BNB from circulation
“Moran” hard fork goes live following a $100 million hack last week
On October 6, BNB Chain suffered a massive exploit that impacted more than $560 million worth of digital assets, or roughly 2,000,000 BNB. To prevent any further damage, Binance Smart Chain (BSC) validators momentarily halted the operation of the blockchain. The chain was restarted a few hours later with several hotfixes implemented.
Yesterday, BNB Chain developers executed the Moran hard fork to establish a more permanent solution and eliminate vulnerabilities in the cross-chain bridge connecting BSC and BNB Beacon Chain, which was used as an attack point in last week’s hack.
It is worth noting the attacker managed to move roughly $100 million worth of digital assets off-chain, while the renaming funds were frozen before they could be transferred off of BNB Chain. According to devs, the attacker used an exploit in the BSC Token Hub to generate new tokens, rather than stealing existing ones.
The 21st quarterly burn removes $574 million worth of BNB from circulation
In related BNB Chain news, the 21st quarterly token burn was completed earlier today, which forever destroyed 2,065,152 BNB (worth roughly $574 million). Binance shared the news via a Twitter post.
The 21st Quarterly $BNB token burn has been completed via #BNB Auto-Burn.
Here’s everything you need to know about last quarterly burn of 2022 ⬇️https://t.co/Um374mW6mp
Binance’s scheduled BNB burns, which have recently been revamped to use the automatic Auto-Burn formula, are meant to remove 100,000,000 BNB, or half of the total supply, from circulation. The token burning makes BNB deflationary, which is one of the mechanisms used to maintain its value and provide long-term price stability.
According to BNBBurn.info, nearly 39,000,000 BNB has been burned to date. The amount of burned tokens is determined by the number of blocks that have been generated on BSC during any given quarter.
The last quarterly burn of 2022 was significantly bigger than the previous one, both in terms of tokens destroyed and the dollar amount – for context, the 20th token burn saw 1,959,595 BNB (roughly $447M at then-market rates) being sent to a dead wallet address.
BNB Chain’s token bridge was hacked for $560 million worth of BNB
Binance Smart Chain was temporarily halted and a series of hotfixes implemented following the attack
Hackers were able to take off with $100M – $110M worth of digital assets
Attackers exploited a vulnerability in BSC Token Hub
On Thursday, a blockchain bridge connecting BNB Smart Chain and BNB Beacon Chain was exploited for 2 million BNB (roughly $560 million at current market rates) worth of digital assets.
According to a blog post shared by the BNB Chain team earlier today, an attacker, or a group of attackers, found an exploit in the cross-chain bridge called BSC Token Hub. Binance CEO Changpeng “CZ” Zhao first informed the broader community about the unfortunate event via a Twitter post earlier in the day.
An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB. We have asked all validators to temporarily suspend BSC. The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly.
Out of the total amount of funds stolen, between $100 million and $110 million was taken off chain, while the remaining hacked funds are still on BSC, awaiting a governance vote that will decide whether they will be frozen or not.
Following a shutdown and a series of quick updates approved by BSC validators, BNB Chain was back online earlier today at around 6:30 AM UTC.
BSC validators restarted the blockchain with several hotfixes
As a response to the largest hack in BSC’s history, a software update was quickly pushed to fix the code that allowed attackers to take out the multi-million dollar attack. In our limited technical knowledge, it is worth noting that the update doesn’t seem to address the root issue but rather aims to prevent a similar thing from happening until a more comprehensive solution is implemented.
Update📢 BSC validators are coordinating to bring back BNB Smart Chain (BSC) in an hour with the latest release https://t.co/d2gIsRlGDC
It includes: 1.Stopping hacker accounts from acting
According to a post made by the BNB Chain team, the most recent software release includes a fix that prevents hacker accounts from acting. In addition, the cross-chain communication between BNB Beacon Chain and BSC has been disabled.
It is worth noting that In the coming days, the BSC community will vote on a series of proposals, including how to reimburse hacked funds, whether to implement a $1 million bounty for those that find bugs in the future, and how big of a bounty to put on hackers (up to 10% of recovered funds, per the team).
Due to uncertainty and volatility, the crypto winter is a tough period for investors. It makes it more difficult for investors to manage their portfolios as they have to balance finding new opportunities and protecting existing investments from liquidations. This balancing act can leave the smartest investors in a bit of a conundrum.
To beat this conundrum, investors take multiple strategies and approaches as there is no one way to solve the problem. On the one hand, investors can move their assets from crypto tokens to stablecoins as a hedge against volatility without exiting the market completely. Additionally, it keeps investors in a prime position to take advantage of any opportunities that they spot. On the other hand, investors can scoop up Crypto tokens from currently undervalued projects in the hopes of future profits.
Bitcoin (BTC), BNB (BNB), and Big Eyes Coin (BIG) are three crypto projects that will help your portfolio survive the crypto winter. Your Portfolio is in date hands with these projects because of their fundamentals, tokenomics, and project use cases. We have curated some details about each project below.
Bitcoin (BTC)
Bitcoin (BTC) is the first cryptocurrency, and it was launched in 2009, just off the cusp of the 2008 financial crisis. The project was designed by an anonymous person or group known by the pseudonym: Satoshi Nakamoto. In the Bitcoin Whitepaper, Satoshi detailed how Bitcoin and the blockchain will become censorship-resistant money that can be used over the internet for transactions. Bitcoin became a new standard in private money, allowing users to transact anonymously on the internet. Furthermore, The project would use a peer-to-peer network consisting of nodes run by validators. These nodes will use a Proof of Work consensus mechanism to validate transactions on the network and secure the network. Validators will be rewarded with Bitcoin each time they validate the network.
BTC is the utility token of the blockchain. It is the default token used for transactions on the Bitcoin blockchain, allowing users to transact. It can also be held as a store of value because there are speculations it will become digital gold. Bitcoin is held in cryptographic wallets that are accessed using seed phrases.
BNB (BNB)
BNB (BNB) is the utility token of the Binance Smart Chain (BSC). Binance developed the Binance Smart Chain as a fast, cheap, and reliable blockchain. The BNB token has multiple uses on the blockchain and is an important network component. For example, users can become validators on the BSC blockchain by staking BNB tokens. This is possible because the Binance Smart Chain runs on a Proof od Stake consensus mechanism. Additionally, you can use your BNB tokens to pay for transactions on the BSC blockchain.
users can experience the full capacity of the BSC blockchain when they use the BNB token. It is an important part of validating and securing transactions on the network. Furthermore, developers can enjoy the benefits of the Binance Smart Chain when they deploy contracts on the blockchain.
Big Eyes Coin (BIG) is a community token that aims to transfer liquidity into the DEFI ecosystem using its token. Thai shift will ensure that users can access various DEFI services easily by using the Big Eyes Coin token. Additionally, it will use NFTs to offer users more access as they can gain more perks on the protocol when they own these NFTs. Japanese aesthetics heavily influence the Big Eyes Coin project, which is evident in its mascot design. Through its token, Big Eyes Coin will allow users to get a bigger and easier foothold in the DEFI space.
You can become a protocol member by purchasing Big Eyes Coin in the ongoing presale. Additionally, you can earn rewards when you purchase tokens during any presale stage or invite a friend who purchases tokens. There are so many bonuses you can enjoy, and the fun part? You can stack these bonuses.
