(PeckshieldAlert) #Justinsun -labeled address withdrawn ~2K | kaymyg on Binance Square

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(PeckshieldAlert)
#Justinsun -labeled address withdrawn ~2K $ETH (worth ~$8m) from #Lido  and transferred 300 $ETH (worth ~$1.2m) to #Poloniex  

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Some confusion around #Binance ’s new product, "#BFUSD ". According to their customer support, 'BFUSD' is not a #stablecoin , but rather a reward-bearing margin asset intended for futures trading. The 19.55% APY mentioned in the tweet below likely refers to the potential returns or rewards users might earn by using BFUSD in margin trading. This could include interest or additional rewards tied to futures positions or other margin-related activities on Binance. Binance clarified that more details will be released soon, including specifics about how the APY is determined. This is important to understand, as APY can vary depending on factors like market conditions, asset performance, and the specifics of the trading activity. So, if you're looking to get into it, you may want to keep an eye out for official updates directly from Binance, especially when they provide more details about the product.

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#LiquidStaking is a mechanism that tokenizes staked assets, offering enhanced liquidity and flexibility compared to traditional staking methods. This allows users to stake their assets (e.g., $ETH ) and receive liquid staking tokens (e.g., #stETH ) in return, which can be used in decentralized finance (DeFi) applications while still earning staking rewards. This solves the liquidity issue in traditional staking, where assets are locked for a period, making it more attractive for users who want to participate in staking without sacrificing access to their funds. Key Benefits: - Enhanced utility: Users can earn rewards while utilizing their staked assets in DeFi. - Reduced opportunity cost: Liquidity is maintained, allowing users to engage in trading or other opportunities. - Crypto adoption: Supports network growth and broadens participation by offering greater flexibility. Challenges: - Slashing risk: If a validator misbehaves, users may lose a portion of their staked assets. - Centralization concerns: If too many tokens are staked on a single protocol, it could harm decentralization. - Regulatory uncertainty: Legal frameworks for DeFi and staking vary and are still evolving. Liquid staking is distinct from liquid restaking, which extends the concept to securing external systems like oracles and rollups, providing broader security benefits. Examples of liquid staking platforms include Lido, Cardano, and Rocket Pool, while liquid restaking includes projects like eigenLayer. read more here

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