$DAI secures its position as the third-largest #stablecoin after a massive $95 million burn of $BUSD.

As you might already know, the new #BUSD. will not be minting due to recent legal regulations

What is $DAI stablecoin and how it is different from others?

DAI is a decentralized stablecoin that operates on the Ethereum blockchain. It is designed to maintain a stable value of approximately 1 USD. Unlike traditional stablecoins that are backed by fiat currency reserves, DAI achieves its stability through a system of smart contracts and collateralization.

The key features of DAI include:

Decentralization: DAI is governed by a decentralized autonomous organization (DAO) called #MakerDAO. This means that its operations and decisions are made collectively by the community of participants, rather than being controlled by a central authority.

Collateralization: To create DAI, users lock up other cryptocurrencies, primarily Ethereum (ETH), as collateral. The collateral is held in a smart contract and is subject to over-collateralization, meaning that the value of the collateral must exceed the value of the DAI issued. This collateralization provides stability and acts as a buffer against price fluctuations.

Stability Mechanisms: In order to maintain its peg to the US dollar, the MakerDAO system uses various stability mechanisms. These include automated feedback mechanisms that adjust the supply and demand of DAI, as well as incentivize users to take actions that help stabilize the price.

Transparency: DAI is built on a public #blockchain, providing transparency and audibility. Users can verify the collateral backing each issued DAI and monitor the operations of the MakerDAO system.

The DAI stablecoin offers an alternative to traditional centralized stablecoins by providing decentralization, stability, and transparency. It has gained popularity within the crypto ecosystem and is widely used for various purposes, including decentralized finance (#DeFi) applications, remittances, and as a stable store of value.

Today we are going to talk about 3 important topics that people who are new to #Cryptocurrency may not know about. 💎

The largest #exchange in the world is #Binance   . To start and learn the trade and buying and selling various tokens, I suggest you use @binance

#Binance    has the best support and user interface 💯 If security is important to you, I still recommend #Binance    ✅️ One of the most secure exchanges in the world 🌏

Maybe you have a question, what is #BNB    ? ( Binance Coin )

You can read the #BNB    white paper here 👇🏾 ( @BNBCHAIN )

binance.com/en/blog/all/bn…

After reading the paper, you will get to know one of the largest cryptocurrency #ecosystems 🔶️ ( BEP20 ) & ( Bep2 )

You can buy any token you want on the ( Bep20 ) ecosystem and pay very little fees 👌

Of course, I suggest you save money every month and buy some #BNB    This is just a suggestion, please do your research 🙏

And if you are looking for a strong and supported stable coin, I suggest you #BUSD. 💯

Learn more about $BUSD 👇🏾

binance.com/en/busd

And finally, we should thank Mr. @cz_binance for building the largest exchange in the world ( @binance ) and building one of the largest cryptocurrency ecosystems ( $BNB ) and creating the strongest stable coin.

#BUSD.

Thread 🧵 by : @jesus

#Binance CEO Changpeng "CZ" Zhao has issued a clarification following the massive Poly Network hack earlier today. On Sunday morning, attackers minted millions of tokens after exploiting a smart contract mechanism in the bridge tool of the DeFi platform Poly Network.

The Binance CEO stated that the issue at Poly Network does not affect Binance users as it does not support deposits from the network. He added that the Binance security team is aiding in ongoing investigations.

"This does not affect Binance users. We do not support deposits from this network. Our security team is assisting them in its investigations, though. Stay SAFU," Zhao tweeted.

This does not affect @Binance users. We do not support deposits from this network. Our security team is assisting them in its investigations though. Stay #SAFU. https://t.co/0EsD5Ux6vW

— CZ 🔶 Binance (@cz_binance) July 2, 2023

Poly Network has already notified users that its service has been temporarily suspended due to the enormous attack. It says it is working with relevant parties to determine the scope of the affected assets.

The attack on Sunday would be the second time Poly Network has been targeted by attackers.

In 2021, hackers committed the largest cryptocurrency heist in history, stealing over $600 million in digital coins from the cross-chain protocol, only to return nearly all of the assets less than 48 hours later.

Huge millions of assets issued on several chains

Wu Blockchain provides details on the hack, wherein the attackers issued a huge quantity of assets on several chains.

His tweet reads: "Just In: PolyNetwork is suspected to be hacked again. Hackers issued additional huge assets on several chains: 99,999,184 BNB and 10 billion BUSD were issued on Metis, and 999.8127 trillion SHIB was issued on Heco; 87,579,118 COW and 999,998,434 OOE; 636,643,868 STACK; 88,640,563 GM; and 2,175,053 03 were issued on Polygon; and 378,028,371 STACK; 82,854,568 XTM; 11,026,341 SPAY; issued 89,383,712 GM on Avalanche; 8,882,911 METIS; 926,160,132 DOV; 978,102,855 SLD; and other assets were issued on BSC."

On-chain analytics firm Lookonchain hints at attempts to sell some of the #crypto assets by the attackers. In a tweet, it stated, "It seems that Poly Network was attacked again; hackers minted a lot of assets. Hackers have sold 94 billion SHIB for 360 ETH, 495 million COOK for 16 ETH, and 15 million RFuel for 27 ETH. And we noticed that hackers are transferring assets and 1 #ETH to new wallets, most likely for sale."

Metis, an #Ethereum Layer 2 solution provider, made it known on Twitter that it was aware of the situation at Poly Network, adding that there is no "sell liquidity available" for the newly minted BNB and #BUSD. Also, METIS tokens on the Poly Network bridge have been locked and thus have limited liquidity.