As we continue to navigate the evolving landscape of blockchain technology, a new paradigm is emerging that promises to revolutionise how we interact with physical infrastructure: DePIN.
DePINs are innovative systems that leverage blockchain technology to create decentralised networks for physical infrastructure. These networks enable direct peer-to-peer sharing of resources such as WiFi, data storage, and energy, without the need for intermediaries.
This commitment from participants really shows that Africa is ready to step up to this Blockchain technological revolution and explore the benefits and opportunities.
Together, we are advancing blockchain adoption in Africa and opening up new opportunities for all. Let's keep up the momentum and make Africa a leader in technological innovation!
The UAE just eliminated "Valued Added Tax" on all Crypto transfers.
We're witnessing a global sprint towards crypto adoption.
And we *ALL* need to be paying very close attention.
The UAE's main goal?
To boost their position as a global financial hub by making making it more attractive to digital asset and crypto investors.
Key highlights:
A) VAT exemption on services provided by fund managers to licensed funds
B) No VAT on transferring and converting virtual assets like cryptocurrencies
What does this mean for businesses? 1. Cost Savings: Businesses w/ investment funds expect reduced VAT liabilities 2. Retroactive Relief: Exemptions applied retrospectively from January 1, 2018 3. Enhanced Biz Climate: Positioned as leader in crypto biz friendliness
With these updates, the UAE is poised to attract even more investment and innovation.
What are your thoughts on the move? Would you consider moving to Dubai?
Token burning is a deliberate strategy used in the cryptocurrency world where developers remove a portion of tokens from circulation. This act of creating scarcity can potentially drive up the token's value by reducing supply while maintaining or increasing demand.
For instance consider a gaming token with 10 million tokens in circulation. To boost value, developers might burn 2 million tokens, reducing the supply to 8 million. With fewer tokens available, the remaining ones could become more valuable, attracting both investors and players.
Token burning isn't just about increasing valueāit's also a way to manage supply and prevent inflation by burning newly generated tokens. While it doesnāt guarantee success, itās a powerful tool for projects aiming to enhance value and reward loyal holders.
Understanding token burning is key for anyone involved in crypto, as it can significantly influence a project's value and growth potential.
SolvBTC: Revolutionizing Bitcoin Liquidity in DeFi
SolvBTC is an innovative initiative aimed at unifying Bitcoin liquidity across various platforms, enabling seamless participation in decentralized finance (DeFi) and fully exploiting the potential of Bitcoin-related assets1.
Project Objectives
Unifying Bitcoin Liquidity: SolvBTC transforms Bitcoin and its wrapped variants into a single liquid asset, providing ultimate flexibility and access1. Maximizing Returns: Through strategic collaborations with partners like Babylon and Ethena, SolvBTC allows Bitcoin holders to generate high and stable returns while maintaining their exposure to Bitcoin1. Security and Integrity: The liquidity validation network ensures the security, integrity and reliability of SolvBTC1 assets and returns. Functioning
SolvBTC.BBN: In partnership with Babylon, this token allows you to share the economic security of Bitcoin with proof of stake (PoS) networks and earn staking returns1. SolvBTC.ENA: In collaboration with Ethena, this token offers high-quality returns through advanced arbitrage strategies, while maintaining exposure to Bitcoin1. Benefits
Access to DeFi: SolvBTC makes it easy for Bitcoin holders to participate in DeFi opportunities, making their Bitcoin better and smarter1. Stable Yields: Collaborations with leading partners ensure high-quality and stable native yields1. Reinforced Security: The liquidity validation network ensures the security and reliability of SolvBTC1 holdings.
SolvBTC represents a major step forward to integrate Bitcoin into the DeFi ecosystem, providing Bitcoin holders with a unique opportunity to maximize their returns while maintaining optimal security and flexibility1.
Binance Charity is committed to supporting affected communities š»š³
In response to the devastation caused by the recent Typhoon Yagi in northern Vietnam, Binance Charity is committed to supporting affected communities. We will distribute up to $1 million in BNB to Binance users in the most affected areas.
Users who complete their Proof of Address (POA) by September 10, 2024 will receive $50 worth of BNB directly into their Binance accounts. For those who complete their POA between September 10 and 30, 2024, $20 worth of BNB will be airdropped.
The first donations will be made starting September 16, 2024.
@Richard Teng , CEO of Binance said, āWe extend our sincere condolences to those affected by Typhoon Yagi. We hope our support will bring some comfort to those affected. We stand in solidarity with the community and hope for a speedy recovery.ā
Binance Charity has already conducted several philanthropic initiatives in Vietnam, including saltwater filtration systems and medical supply donations.
šØ Shocking Smart Contract Exploits You Need to Know! And How to Avoid Them šØ
Learn from recent attacks to secure your project:
1ļøā£ Euler Finance Hack (2023) - $197M loss What Happened: Euler Finance was hit by a flash loan attack exploiting vulnerable code that allowed unauthorized liquidation, manipulating token prices and draining funds. Solution: Implement stringent checks for flash loans and enhance protocol security through rigorous code audits and simulations.
What Happened: The attacker found a loophole in the bonding curve mechanism, manipulating pricing data to drain the protocol by minting tokens at a significantly undervalued rate. Solution: Secure bonding curves and pricing oracles, and validate input data through multiple sources.
3ļøā£ Mango Markets Exploit (2023) - $114M loss
What Happened: The attacker manipulated the price of Mangoās native token via low liquidity to borrow funds beyond the collateralās worth, draining the protocol. Solution: Implement robust price oracles, limit borrowing power, and monitor for abnormal trading behavior.
4ļøā£ Level Finance Exploit (2024) - $1.1M loss
What Happened: A bug in the reward calculation allowed the attacker to claim rewards multiple times, draining the protocol gradually through repeated exploitation. Solution: Validate all reward claims, add safeguards against repeated claims, and regularly audit reward mechanisms.
5ļøā£ Tornado Cash Governance Attack (2023) - $20M taken What Happened: An attacker gained control of the governance contract using a malicious proposal, allowing them to drain funds from the treasury without proper checks. Solution: Strengthen governance security with time locks, community review, and enhanced multisig controls.
Staying updated on these attacks helps fortify your smart contracts against evolving threats!š”ļø
I'm delighted to share this news with you. I've been awarded the Content Angel badge for sharing content on Square. Thank you to the team for this honor. Don't hesitate to follow me š @Binance Angels @Binance @åøå®å¹æåŗ
Here are some tips to implement on telegram, if you haven't already, to avoid the pitfalls and improve your experience.
1) Avoid scams
> Prevent you from being included in groups One of the most well-known scams on Telegram is the clone group.
Ex: You are on a project group, a scammer creates an identical group with the same messages, and releases a fake contract or a Phishing link (many have already fallen into the trap) $BTC $ETH $TON šTo avoid it: Go to your settings > privacy & security > groups and channels > Nobody
2) Privacy
By default, your phone number is visible to everyone. šTo avoid it: Go to your settings > privacy & security > Number > Person
3) Improve your experience
Quickly, you can end up with a hundred groups/conversations. Folders allow you to sort all these conversations by category. š Settings > Exchange folder > Add folders (Personally, when I set this up, it changed my life on telegram) #TelegramCEO #CryptoMarketMoves #CryptoForEveryone
Kudos to all @Binance Angels who contribute their content on Binance Square!
We are excited to announce the launch of the special digital "Content Angel" badge, now awarded to active Binance Angels. This badge is a token of recognition for their unwavering commitment to sharing insightful content, engaging with the community, and fostering a collaborative environment.
Keep up with the latest activities and contributions from our Angels by following their Square account.
It's an honor for me to be named #BinanceāÆāÆāÆ Angel of the Year š for the Africa community.Thank you to the @Binance family for choosing me as "Community Dynamo"for Africa at the Angel 2024 award. Congratulations to all the winners, and let's keep building together.
Main Takeaways Each year, we take a moment to highlight the invaluable contributions of Binance Angels ā our volunteer community ambassadors ā and honor those whose work has been the most remarkable with special awards.Winners are carefully chosen by a committee consisting of fellow Angels, managers, and Binance team members.We proudly awarded honors to 15 exceptional Angels for their outstanding efforts and dedication to our community.
This year, we proudly recognize 15 outstanding Angels who have been nominated and chosen by a committee consisting of fellow Angels, managers, and members of the Binance team. These awards span categories including "Angel of the Year," "Rising Star," "Content Creator" and more. As every year, selecting the winners proved extremely difficult. Passionate about Binance and digital assets, the nominees have all done incredible contributionsĀ to support our community over the past year. Weād like to acknowledge the dedicationĀ of all our Angels, whose activitiesĀ ā from moderating community platforms on social media to educating and guiding new users ā is absolutely essential to the growth and success of the Binance ecosystem.
This Year's Winners Individual Achievement We recognized 15 Angels who received the highest number of votes, acknowledging their outstanding contributions, alongside local community champions. Further details can be found in the next section.
Regional stars This yearās awards also featured regional recognition, honoring outstanding Angels from diverse geographies ā our so-called local āCommunity Dynamos:ā
We extend our congratulations to all nominees and winners for their remarkable achievements this year. If you're inspired by their dedication and want to contribute to our community, consider becoming a Binance Angel. Visit our guide on How to Become a Binance Angel to learn more. Join the Angels Program Become part of a global network of passionate individuals who share a commitment to Binance and the broader Web3 ecosystem. Your involvement can make a significant difference. For more information on joining the Binance Angel Program, visit: https://www.binance.com/en/event/angels Further Reading How to Become a Binance AngelĀ Binance Angel ProgramMeet Our Longest-Serving Binance Angel: Life as a Binance Angel
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