Happy Friday! Binance Bytes is an initiative by the Research team to provide a quick round-up of the week.
Highlights ๐งต:
1/ Binance has launched BNSOL, a liquid staking token for SOL, allowing users to stake their SOL tokens and receive BNSOL in return. BNSOL enables users to earn staking rewards while maintaining the flexibility to trade, lend, or use their assets across Binance products and external DeFi platforms. The value of BNSOL increases over time as staking rewards accumulate, and it can be redeemed at any time. The new staking option is integrated with the Binance Web3 Wallet and various Solana protocols, enhancing user experience and liquidity.
2/ Friend.Tech, a Web3 social network that gained rapid popularity last year, has effectively shut down after its developers renounced control over its smart contracts on September 8. Initially launched on the Coinbase-backed Layer 2 network Base, the platform allowed users to trade tokens for 'keys' to access the feeds of influential individuals. Despite its early success and significant earnings, the platform struggled to maintain user engagement following an underwhelming airdrop and the launch of Version 2. The revocation of control over the smart contracts locks the current system in place, making future updates and new features unlikely, and casting doubt on the platform's revival.
3/ Ether.fi has announced the launch of its blockchain-based credit card, Ether.fi Cash, in partnership with Scroll, an Ethereum Layer 2 network. The card, which will start shipping to pre-order customers on September 16, offers 3% cash-back on all transactions and allows users to borrow money against their crypto collateral. Scroll will serve as the settlement layer, enhancing transaction efficiency and enabling gasless transactions. Initially available in several countries including Hong Kong and various European nations, the card aims to appeal to both crypto enthusiasts and mainstream users by providing a superior credit card product with fewer restrictions.
Check out our latest publications from this week ๐: RWAs: A Safe Haven for On-Chain Yields?
