Binance has decided to discontinue support for Binance Leveraged Tokens by April 3, 2024, at 06:00 (UTC).
Trading and subscription activities concerning all leveraged tokens will be suspended on February 28, 2024, at 06:00 (UTC). Following the suspension, Binance will initiate the delisting process and halt token redemptions as per the detailed schedule below:
1. BNBUP/USDT: Trading and subscription end on February 28, 2024; delisting and redemption stop on April 1, 2024. 2. BNBDOWN/USDT, ETHUP/USDT: Delisting and redemption cease on April 2, 2024. 3. ETHDOWN/USDT, BTCUP/USDT, BTCDOWN/USDT: Delisting and redemption stop on April 3, 2024.
Leveraged tokens, representing baskets of perpetual contract positions designed for short-term trades, are subject to daily rebalancing but should not serve as alternatives to margin-leveraged products.
Important: All trade orders related to the aforementioned leveraged tokens will be removed automatically at 06:00 (UTC) on February 28, 2024, and no further orders can be placed. Users are recommended to trade these leveraged tokens for alternative ones before the stipulated trading halt time. If users hold any leveraged tokens beyond February 28, they may redeem the tokens via the wallet function or the Leveraged Tokens page, depending on each token’s specific delisting timeline.
This will be a great news not only to the Bitcoin Network but the crypto market at large as the launch of Bitcoin Staking mainnet is coming up in 2024. Just a perfect time for the blockchain industries.
Bitcoin has the leading cryptocurrency as gotten wide adoption around the globe. Getting through Bitcoin was never been easy due to high energy consumption. With the innovation of Bitcoin Staking by #Babylon this made it easy to invest without the borden of energy consumption.
In light of the current economic instability and rising inflation, I would like to talk about the potential of Bitcoin staking to provide a stable, inflation-resistant investment opportunity. An innovation by Babylon expected to be launched in 2024.
With traditional investments like stocks and bonds becoming less attractive, many people are looking for alternative ways to protect their wealth. Bitcoin staking could be one solution, as it provides a way to earn rewards without exposing your assets to market volatility nor being worried of security threat.
Bitcoin staking has the potential to revolutionize the way that blockchain networks operate. By allowing users to lock up their Bitcoin as collateral in exchange for rewards, staking incentivizes network participation and helps to secure the network.
It also provides a new way for users to earn rewards without having to buy and sell Bitcoin, which could lead to more stable prices. Additionally, Bitcoin staking could help to reduce the environmental impact of the Bitcoin network, unlike mining which requires large amount of energy, Bitcoin Staking requires less energy than mining.
It helps to improve the scalability of the Network and enhanced Security for all. Babylon Chain's standout feature is its commitment to heightened security. By utilizing Bitcoin as its backbone, both PoS chains and Bitcoin itself enjoy a symbiotic relationship of fortified security. It's a win-win scenario where the benefits flow seamlessly in both directions. Join Babylon https://www.babylonchain.io invest #BTC
Central Bank of Nigeria Lifts Crypto Ban Following New SEC Regulation
The Central Bank of Nigeria (CBN) has reversed its ban on dealing with companies involved in digital tokens. According to a report by BusinessDay, the CBN has now instructed lenders to open accounts for crypto firms, marking a reversal of the ban imposed in 2021. The decision comes as the Securities and Exchange Commission (SEC) issued new regulations for crypto companies operating in the country. The CBN’s ban, introduced in February 2021, prohibited deposit-taking financial institutions from transacting with or operating cryptocurrency exchanges. Under the new regulations, Nigerian banks are now permitted to open bank accounts for crypto companies, also known as Virtual Asset Service Providers (VASPs). #BTC#sol#ETH#CBN
Solana’s native token, SOL have increases surpassing $94 for the first time since May 2022. This rally over the past two weeks led SOL to overtake XRP making it the fourth-largest cryptocurrency, excluding Stablecoins in terms of market capitalization for the first time. Then what is behind?
DAPP Activities
Solana’s DApps grew to an impressive 875,250, while most competing blockchains experienced a decline. It is also supported by the growing adoption of the Solana network, as evidenced by the increasing number of decentralized applications (DApps) built on the platform. Just three weeks ago, Solana's total value locked (TVL) was only $654 million. This has now grown to $1.28 billion, a significant increase. This data suggests that the Solana network is becoming increasingly popular.
Token Launch Recent activities in token launches, including Bonkwifhat (BIF), Ribbit (RBT), Jupiter (JUP), Meow Coin (MEOW), Phantom, Kamino, Drift and many others also contributed to the surge in Sol. However, by onboarding more users and increasing its TVL, the Solana network is solidifying its position and attracting promising projects that could further establish its presence in the DApps industry.
Phone Saga
With frenzy of airdrops that led to the complete sell-out of Solana’s Saga phone and its trading at a premium on secondary markets.
Solana stepped into the spotlight on Dec. 7 when major centralized exchanges listed the newly launched SPL token JITO, the token for the Jito liquid staking protocol token inspired by Ethereum’s Lido. Jito’s airdrop yielded impressive profits for participants, with its market capitalization exceeding $300 million within the first few hours of trading. The successful debut on Coinbase and Binance boosted demand for other airdrops and token launches on the Solana Network.
Regarding Solana’s Saga phone, a turning point occurred with the Coinbase exchange listing of the memecoin BONK on Dec. 14. Each phone received 30 million BONK, surpassing the product’s $599 price tag. #sol
In a debate about whether or not to invest in I will argue that, After the collapse of LUNC and USTC, the trust as been lost, I don't want to actually deliberate on the cause of the whole scenario as it's not something worthy.
But remember, the whole reason LUNA was launch was to compensate the community and the victims. In as much as the blames goes to the creators but I'm sure they working tirelessly to cover up the mess hence, LUNA will surge higher than expected. Keep this at the backbone that the team won't want to get disappointed the second time.
- However, the Luna project has a dedicated community of developers and supporters who are working to improve the technology and build new applications.
- The Luna project is still in its early stages and has a lot of potential to grow and evolve. - The Luna community is passionate and committed to the success of the project. - The Luna token has been through a lot of turmoil, but it has the potential to recover and become a valuable asset.
Luna has the potential to bring new and innovative technologies to the market, which could be beneficial for both investors and the wider cryptocurrency community.
- Whether or not to invest in Luna is ultimately a personal decision that should be based on your own research and risk tolerance.
BTC have left me behind and ETH has gone but Sol was there for me yet some constraint didn't let me use the opportunity, I saw when Sol was 20$ imagine as little as getting 100 Sol.
How Bitcoin Staking can Revolutionize Blockchain By Babylon Chain
Babylon as introduce an innovation to the Bitcoin Network which gives the opportunity to Stake Bitcoin. You can dive into Babylon Tech here https://www.babylonchain.io/ but can Bitcoin Staking Revolutionize the Blockchain.
Bitcoin staking has the potential to revolutionize the blockchain industry by providing a more efficient and secure way to validate transactions and earn rewards. Staking is a process where users lock up a certain amount of their cryptocurrency as collateral to participate in the network and validate transactions. This process is similar to mining, but instead of using computational power to solve complex algorithms, stakers are chosen to validate transactions based on the amount of Bitcoin they hold and are willing to lock up.
Traditional method of validating transactions on the blockchain known as proof-of-work (PoW), has been criticized for its high energy consumption and centralization of mining power. Staking, on the other hand, offers a more sustainable and decentralized alternative to validating transactions. By staking Bitcoin users can contribute to the security and integrity of the network without the need for expensive and energy-intensive mining equipment.
One of the key advantages of bitcoin staking is its potential to increase the scalability and efficiency of the blockchain. With staking, transactions can be validated more quickly and at a lower cost, making it easier for the network to handle a larger volume of transactions. This could be particularly beneficial for bitcoin, which has faced scalability issues in the past due to its limited block size.
In addition to improving the efficiency of the blockchain, staking also provides a way for users to earn rewards for securing the network. By staking Bitcoin, users can earn additional coins as a reward for their participation in the network. This incentivizes users to hold and stake their Bitcoin, which can help to stabilize the price of the coin and reduce volatility in the market.
Babylon Chain is referred to as Layer 2 solution for the Bitcoin network, as it helps to extend the functionality of the Bitcoin blockchain. This allows Babylon chain to leverage the security and stability of the Bitcoin network, while still providing its own unique features and functionality.
For the first time, bitcoin holders can earn yields from their idle bitcoins in a secure way: no third-party trust, no bitcoin bridging to any other chain. Bitcoin holders simply lock their bitcoins in a self-custodial way to gain the rights to validate PoS chains and earn yields as a return. Powered by the fast unbonding and scalable restaking features of the protocol, stakers can also enjoy maximal liquidity and yields. This innovation is brought by Babylon Chain.
Security:
The main value that bitcoin staking contributes to the network is security. By staking your bitcoin, you're helping to validate transactions and ensure that the network is operating properly. This helps to prevent fraud and double-spending, which are major concerns for any cryptocurrency network.
Decentralization
Its helps to distribute power more evenly across the network, making it more decentralized and less prone to being controlled by a small number of entities. All of this helps to make the bitcoin network more resilient and trustworthy, which is a key factor in its long-term success.
Incentivizing
Another key value that bitcoin staking provides is incentivizing people to participate in the network. Without staking, there would be little incentive for people to hold bitcoin and participate in the network. Staking provides a way for people to earn rewards for their participation, which helps to keep the network active and growing.
Community
Staking helps to create a sense of community among bitcoin holders, as they're all working together to secure the network and ensure And lastly, staking helps to promote the development of new technologies and applications that use the bitcoin network. Read more here https://www.babylonchain.io
Babylon have partnership with Cubist to make Bitcoin staking — and restaking! — safe by design by fusing finality gadget with anti-slasher.
What does this means?
To protect honest validators, the Cubist key manager, CubeSigner, already tackles the unintentional-slashing and security challenges honest Ethereum validators face when managing keys (e.g., ensuring deposits and unstaking are secure). At a high-level, CubeSigner does this by using secure hardware to safeguard keys even during signing and by using a policy engine to enforce, for example, anti-slashing policies on all validator keys. The key manager with the built-in anti-slasher — which operators cannot disable — ensures that an attacker who compromises a validator machine can neither exfiltrate keys nor slash the validator. In the same way, it also prevents slashing due to validator client bugs or operational mistakes like running multiple validator clients with the same keys.
Cubist is collaborating with Babylon to bring these same strong security guarantees to the Babylon ecosystem.
As with Ethereum staking, adding first-class support for Bitcoin staking on Babylon to the CubeSigner key management platform. This means secure deposits, unstaking/unbonding, and block signing using Babylon’s extractable one-time signatures. It also means built-in anti-slashing: the key manager will, by design, refuse to sign two different messages for the same block height. Operators will be able to validate securely and without fear of slashing from the very start, since we’re collaborating with Babylon to integrate CubeSigner as a first-class, simple alternative to local keystores.
Finally, Cubist is collaborating on the design of the Babylon finality gadget with anti-slashing in mind from the start. The goal is to make anti-slashing simple. Simple means easy to get right, easy for CubeSigner to support, and easy for other (e.g., local) key managers to support, too. Read more here https://www.babylonchain.io/ #BTC#validator#Babylon
Another Innovation other than ETF to drive Bitcoin Value
Spot Bitcoin ETFs might enhance the liquidity of the bitcoin market by providing more buyers and sellers. More liquidity can lead to more stable prices and less volatility, making bitcoin more attractive to ordinary investors. Now what about the actual use of the circulating supply of Bitcoin to earn rewards.
We all know that at present the $600 billion crypto asset stored as Bitcoin are just been lock up in the wallet without actual use just like an asset.
There are hundreds of billions of dollars’ worth of Bitcoin that are largely idle today: Bitcoin holders don’t earn yield by holding the asset and, in contrast to proof-of-stake (PoS) chains like Ethereum, holding this capital isn’t necessary for the security of the protocol — Bitcoin is a proof-of-work chain.
As just announced at Cosmoverse, Babylon is putting this lazy Bitcoin to work!
Specifically, Babylon is making it possible for Bitcoin holders to stake their capital across different PoS chains.
This has a huge upside for holders: they can earn yield by staking their (otherwise idle) Bitcoin. And it has huge upsides for PoS chains. First, Bitcoin can provide the capital they need to secure the chain and support high TVL.
Second, because Bitcoin does not have yield, the inflation pressure (to pay staking rewards and thus) to acquire such capital is likely lower than acquiring the native token as stake.
Finally, because Bitcoin’s price is relatively stable, the cryptoeconomic security of PoS chains adopting Bitcoin staking (even during black swan events) will similarly be stable.
Bitcoin Staking Imagine having the opportunity to utilize your BTC from your wallet to earn rewards by just staking them. This is without the burden of high power and energy consumption, that`s innovation by Babylon Chain.
It is a proof-of-stake (PoS) blockchain that consists of two innovative security-sharing protocols between Bitcoin and other PoS blockchains:
Bitcoin timestamping: This protocol sends succinct and verifiable timestamps of PoS blockchains to Bitcoin; and Bitcoin staking: Using Bitcoin timestamping as a building block, this protocol allows Bitcoin holders to stake their Bitcoin to PoS blockchains.
Babylon's Bitcoin staking protocol allows Bitcoin holders to stake their BTC to PoS blockchains, without the BTC moving out of their wallets. It provides security guarantees to the PoS chain while ensuring efficient stake unbonding to enhance liquidity for Bitcoin holders. This protocol is designed as a modular plug-in compatible with various PoS consensus algorithms and serves as a foundational component for building restaking protocols.
Security guarantees
Babylon's BTC staking protocol achieves the following security properties:
Fully Slashable PoS Security: In the event of a safety violation, 1/3 of the Bitcoin stake is guaranteed to be slashed. As long as a minimum of 2/3 of the Bitcoin stake follows the PoS protocol, the PoS blockchain remains live.
Staker Security: Stakers are guaranteed to be able to withdraw their BTC (i.e., unbond), as long as they follow the PoS protocol.
Staker Liquidity: Unbonding of the staked BTC is guaranteed to be secure and fast without the need of social consensus. Read more here: https://www.babylonchain.io/ Join the community: https://discord.gg/babylonglobal
Bitcoin Timestamping: A Different approach with Babylon Chain
You may have heard about timestamping, or heard about Bitcoin Staking by Babylon Chain and probably want to know about how it is used in building two innovative security-sharing protocols between Bitcoin and other PoS blockchains by Babylon Chain. This is the right article for you.
Firstly, let’s understand Bitcoin Timestamp
Timestamping is used to prove the integrity of data over time. If you have time-stamped a piece of data, you can prove to any external auditor that it has not been modified since a given date. Time stamping can be particularly useful for financial data of any kind: invoices, financial reports, etc.
Timestamping in Babylon Chain
Babylon's Bitcoin timestamping Protocol introduces an innovative approach to timestamping PoS blockchains on Bitcoin, enhancing their integrity and security. With Bitcoin's unparalleled security, these timestamps on Bitcoin can be used to resolve various security issues with the PoS blockchain, such as long range attacks. The protocol includes Bitcoin as the timestamping service, the Babylon blockchain as the checkpoint aggregation and data availability service, and other PoS blockchains as the consumers of security.
Bitcoin timestamping serves as a key building block for the Bitcoin staking protocol, and provides various use cases, including:
Fast Unbonding: PoS blockchains require social consensus to circumvent long range attacks and this leads to long unbonding periods. Bitcoin security replaces social consensus and reduces unbonding periods to a few hours. Bootstrapping new zones: Bitcoin security can be used to bootstrap new zones which have low token valuation. Protecting important transactions: Bitcoin security can be used to protect important transactions while normal transactions get fast finality. Censorship resistance: Transactions that are censored can use Babylon as a backup to enter the ledger. Read more here https://www.babylonchain.io/
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