Binance Weekly Report: Building Bridges and Pools
In this weekly report (September 5 to 11, 2020): Binance created a $100 million fund for supporting DeFi projects on BNB Smart Chain, while Binance Launchpool is in full swing.
Crypto Market Overview
After sub-$10K moments for Bitcoin, the crypto market slowly recovers.
Bitcoin (BTC) went below $10,000 at three separate moments this week before slowly recovering to close at $10,300 as of the end of Friday, September 11 (UTC +8), according to CoinMarketCap data. For most of the week, the price oscillated between $9,950 and $10,600.
The Ethereum (ETH) market began the week by sliding from $380 to $320 in just 24 hours, but it managed to climb out of that rut during the rest of the week to close at $370 by Friday.
From a low of $18.25 earlier last Sunday, BNB managed to climb from $19 to $22 in just two hours and even hit a seven-month high of $25 later in the week.
The total market capitalization of the cryptocurrency industry ranged between $313 million and $345 million this week, ending Friday at $336 million.
For more crypto-related news and updates, head over to the Binance News service. We now move to updates from the Binance ecosystem and beyond.
1. Launching a $100 million fund to bridge DeFi and CeFi . We created a $100 million accelerator fund to empower emerging DeFi projects and drive collaboration between centralized finance (CeFi) and DeFi. Fill up this form to apply!
Binance Exchange Updates
2. Introducing Binance Launchpool. This is a new product where users will be able to acquire new token rewards in return for staking BNB, BUSD and other tokens
3. First Launchpool Project: Bella Protocol. Users are able to stake their BNB, BUSD, or ARPA tokens into three separate pools to farm BEL tokens over 30 days, starting September 9. Read more about Bella Protocol here.
4. Launchpool Update: As of September 10, the total value locked reached $628 million in crypto tokens, including $420 million in BNB. Farm here.
5. NEW Listings:
- September 10: Four Binance Leveraged Tokens (BLVTs) - XRPUP/USDT, XRPDOWN/USDT, DOTUP/USDT, and DOTDOWN/USDT
- September 11: Four BLVTs - EOSUP/USDT, EOSDOWN/USDT, TRXUP/USDT, and TRXDOWN/USDT
- September 9: UMA (UMA)
6. NEW Trading Pairs: SRM/BIDR, ONE/BIDR, LINK/TRY, and USDT/NGN (opened September 11).
7. Binance opens BEP2 and BEP20 withdrawals and deposits, specifically for BEP2 versions of LINK and USDT, as well as BEP20 versions of ADA, BAND, BCH, BUSD, BTC, DAI, DOT, EOS, ETH, LINK, LTC, ONT, USDT, XRP, and XTZ.
8. Binance enables Isolated Margin trading for 11 more tokens: KSM, RUNE, XEM, BLZ, PNT, WAN, SAND, TROY, BZRX, YFII, SUSHI
9. Binance offers BNB & BUSD DeFi staking products. Get up to 60% APR for using BNB and 50% APR for using BUSD, both for Curve staking.
10. Binance Pool launches the seventh phase of Dual Savings products: three BTC products and two USDT products.
11. Binance Pool offers electricity subsidies. New users who connect their hashrate to Binance Pool will receive an electricity subsidy of up to 1,000 BUSD
12. Binance Savings launches Phase 29: CTSI. Now available in 7-day and 30-day fixed-term locked savings products.
13. Binance supports the BitShares hard fork.
14. Updates to user data stream websocket payloads (Originally proposed for September 9, now rescheduled to January 1, 2021.)
Binance Futures and Options Updates
15. First Anniversary Trading Tournament offers over $1,600,000 in BNB prizes. Team up with fellow traders and compete for rewards. Join now! The more participants we have, the bigger the prize pool will be.
16. NEW: Six Coin-Margined Perpetual Contracts (All with up to 75x leverage)
- XRPUSD and ETCUSD (opened September 9)
- LTCUSD and BCHUSD (opened September 8)
- TRXUSD and EOSUSD (opened September 7)
17. Affiliate Program Upgrade + Coin-Margined Futures referral monthly bonus. Good news! We’ve recently lowered the requirements to become a Binance Futures affiliate. We’ve also increased your potential bonuses!
18. Six new cryptocurrencies to Asset Conversion Function: TRX, EOS, LTC, BCH, XRP, and ETC
19. Updates to Binance Futures order trading rules.
20. Updates to Binance Futures order history data.
From the Binance Team
21. Highlights from the DeFi Summit. We charted the rise of DeFi, discussed the challenges of bridging DeFi and CeFi, held a workshop teaching users how to earn passive income with decentralized finance, and more. Thanks to everyone who joined!
22. Everything You Need to Know About Binance Launchpool. So, what is Binance Launchpool? It lets you use your tokens to farm (earn) a new token, for free. Learn more about how it works here.
Binance Ecosystem Updates
23. Coming Soon: Support for yield farming with major crypto assets on BNB Smart Chain. Through BNB Smart Chain-powered yield farming projects, crypto holders may yield from using various major cryptocurrencies, such as XRP, BCH, LTC, ADA, DOT, XTZ, EOS, ONT, and more.
24. Binance TR goes live. We are formally entering the Turkish market, through the launch of Binance TR, which you can access now at trbinance.com.
25. Binance buys digital LAND NFTs from The Sandbox. With our purchase of NFTs from the most recent Binance Launchpad project, we are exploring more social gaming experiences for our users.
26. Binance.US reactivates ACH deposits. In addition, our US-based partner exchange added DAI and Maker on its Recurring Buy feature.
27. Build for Bharat application period extended. The new deadline is October 31. Join now.
28. Binance Charity donates 43,000 face shields in India. Binance’s charity atm distributed over 43,000 face shields across 30+ hospitals, plus railway and police stations in India.
29. Binance Academy’s newest articles.
- Flash Loans in DeFi. Learn more about this new addition to the DeFi ecosystem.
- Compound Finance in DeFi. It is a place where you can lend or borrow crypto.
- Secure Your Binance Account in 7 Simple Steps.
30. Binance Research publishes reports on newly-listed projects: Bella and UMA
BNB, Fiat, and Stablecoin Updates
31. Happy First Birthday, BUSD! On the one-year anniversary of BUSD’s launch, we look back at some of the highlights for our stablecoin and how its role continues to evolve in an ever-changing blockchain world, including its expanding role in DeFi.
32. BUSD Becomes the first dollar-backed stablecoin on the IoTeX Network. BUSD is expanding its use case even further.
33. Limited-time promo: Buy Ccypto with zero fees when using Visa or MasterCard. Pay with EUR, GBP, USD, SEK, PLN, CZK, RON, NOK, or HRK until September 18 to join this promo.
Promos and Community
34. ONGOING: $200,000 JST Trading Competition. Top traders can win up to 10,000 USDT in JST tokens. Promo runs until September 17.
35. ONGOING: Sign-Up & Earn Promo for Nigeria. Earn up to 5,000 NGN when you complete your first NGN trade on the Binance platform. Promo runs until September 25.
36. ONGOING: Binance Learn and Earn in P2P for Thailand. Be one of the first 100 people to get the 150 THB cashback. Promo runs until September 16.
37. COMPLETED PROMOS:
- 100,000 GXS Trading Competition
- Binance Card Lottery for €500 in BNB
- Week 3 of SXP token airdrop distribution to BNB holders on Binance
- 2nd half-year distribution of rewards for the 200 Million ALGO staking rewards program
That’s a wrap for the past week. Follow us on Twitter, Instagram, Facebook, and YouTube, and join our official Binance Telegram group to talk more with our community.
Updated on July 27, 2022