Binance Weekly Report: Smart Chains, Swaps, and More

In this weekly report (August 29 to September 4, 2020): Binance launched BSwap liquidity pools, bringing the DeFi experience to you. Meanwhile, BNB Smart Chain also went live.

Crypto Market Overview

Bitcoin, major altcoins suffer crash

This week, Bitcoin (BTC) suffered a significant crash to close the week, reaching as low as $10,200 as of the end of Friday, September 4 (UTC +8), according to CoinMarketCap data. This was a steep fall from a high of $12,000 on Wednesday.

The Ethereum (ETH) market followed Bitcoin’s price trends, reaching a new two-year-high of $480 on Wednesday before going down to $380 by Friday. Meanwhile, BNB rose as high as $25.80 on Wednesday before closing the week at $21.50.

The total market capitalization of the cryptocurrency industry began this week at $363 billion and steadily rose to a 28-month high of $393 billion on Wednesday, before falling to $333 billion within just two days.

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.

Binance Exchange Updates

1. Introducing Binance BSwap. We have launched BSwap, a new trading platform that allows you to reap the benefits of DeFi services, all from your existing Binance account. This automated market maker (AMM) pool product launched with three trading pairs: USDT/BUSD, BUSD/DAI, and USDT/DAI.

2. NEW Listings:

- September 2: DIA (DIA) and Kusama (KSM)

- September 1: Elrond Gold (EGLD), Sushi (SUSHI), and DFI.Money (YFII)

- August 31: Wrapped BTC (WBTC)

- August 29: bZx Protocol (BZRX)

3. NEW Trading Pairs: FIO/USDT and RUNE/USDT (opened September 4).

4. Binance offers BNB & USDT DeFi staking products. Get up to 60% APR for using USDT on Compound staking and 25% APR for using BNB on Kava staking.

5. Binance enables BNB deposits and withdrawals via BNB Smart Chain. Users will be able to see BSC BNB in their BNB withdrawal and deposit options, and can create BSC wallets to receive BSC BNB withdrawals.

6. Binance enables Margin trading for 8 more tokens: DOT (for cross-margin), ANT, CRV, BAL, YFI, TRB, WNXM, and TCT (for isolated margin).

7. Binance Pool launches the fourth phase of Dual Savings products. These products, available in BTC and USDT.

8. Binance Savings adds DAI to Flexible Savings. You can now save up to 20,000,000 DAI.

9. Binance supports the following blockchain updates:

- Ambrosus (AMB) mainnet token swap

- Waves (WAVES) network upgrade

- Vite (VITE) hard fork

10. Delisting: Insolar (INS), effective September 11.

Binance Futures and Options Updates

11. 7 NEW USDT-Margined Perpetual Contracts (All with up to 50x leverage)

- SRM/USDT and BZRX/USDT (opened September 5)

- RUNE/USDT and SUSHI/USDT (opened September 4)

- TRB/USDT and YFII/USDT (opened September 3)

- BAL/USDT and CRV/USDT (opened September 1)

- YFI/USDT (opened August 31) 

12. NEW Coin-Margined Perpetual Contracts (All with up to 75x leverage)

- ADAUSD Quarterly 1225 (opens September 6)

- LINKUSD Quarterly 1225 (opens September 6)

13. Leverage on DOT futures contracts now up to 75x. This applies to both USDT-margined and Coin-margined perpetual contracts.

14. August Trading Report: DeFi Soars to New Heights. Binance marked one of its highest single-day altcoin futures volume on August 14th, with over $5.8 billion traded, according to this monthly report from the Binance Futures team.

15. Binance Futures adds asset conversion function. Users will now be able convert the assets in their coin-margined futures wallet to other supported assets

Binance Ecosystem Updates

16. BNB Smart Chain goes live. The newly-launched parallel blockchain to BNB Chain enables the creation of smart contracts and the staking mechanism for BNB. Upon launch, BNB Smart Chain amassed more than 30 collaborating projects that already built solutions on this blockchain.

17. Binance Presents Project Token Canal. Project Token Canal is a new initiative where we stand to issue and bind more token assets on BNB Chain and BNB Smart Chain.

18. BNB Chain Security Bug Bounty Program. Binance is offering a bounty of up to $10,000 USD in BNB for each security vulnerability you can find.

19. Binance.US lists STORJ. 

20. Binance joins Blockchain for Europe. We are now part of the European association representing international blockchain industry participants at the EU-level.

21. Binance Academy’s newest articles. 

- Market Makers and Market Takers. They are the lifeblood of many trading platforms.

- Tokenized Bitcoin on Ethereum. This is a way to use bitcoin on other blockchains.

22. Binance Research publishes reports on newly-listed projects: bZx Protocol, DFI.Money, SushiSwap, and Kusama.

BNB, Fiat, and Stablecoin Updates

23. Binance P2P supports Chipper Cash. Now, you can buy crypto on Binance P2P with Kenyan shillings (KES), South African rand (ZAR), and Nigerian naira (NGN) using this payment method.

24. Binance P2P supports leading Filipino e-wallet apps. You can now buy crypto on Binance P2P using GCash and PayMaya, the two leading Filipino e-wallet apps with more than 20 million users each.

25. P2P video tutorial promo for Kenya. Teach your peers to trade crypto with Binance P2P for a chance to win a share of $1,000 in BTC.

From the Binance Team

26. Join the Binance Summit: The World of DeFi. Join us as we explore the latest trends in one of the fastest-growing segments in the crypto industry. Watch our DeFi summit on September 10 at our Binance YouTube channel. Register now. 

27. How DeFi Can Work for India. In this article, we’ll talk about the importance, use cases, future growth, and scope of DeFi in India. 

28. August is DeFi Month: 8 Things We Did in the DeFi Space. Even before this September’s BNB Smart Chain launch, we have been proactively contributing to the DeFi space.

29. Binance joins CB Insights’ Fintech 250 List. We’re honored to be included in this list of influential companies in the fintech space.

30. Binance.US CEO is part of Fortune’s 40 Under 40. Congratulations on this recognition, Catherine Coley! Also, catch her latest segment at REIMAGINE 2020.

Promos and Community

31. ONGOING: Binance SEA Trading Olympics. Be one of the top traders in your region, then compete against teams from other regions. Promo runs until September 20.

32. ONGOING: Join the Binance Card Lottery To Win €500 in BNB. Start using your Binance Card and make at least three purchases per week for a chance to win. Promo runs until September 8.

33. DONE: 500,000 NGN Promo for ETH/NGN. The 30 top traders with the highest number of completed trades on the ETH/NGN pair will share in a 500,000 NGN. Promo ended on September 4.

34. COMPLETED PROMOS: 

• $50,000 BNB Promo: Trade DeFi Tokens on Margin

• 60,000 PNT Trading Competition 

• $10,000 CHZ Giveaway: Binance Learn & Earn

• Week 2 of the 12-week SXP token airdrop to BNB holders on Binance.

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.