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BNB Chain vs. Ethereum: who is winning the dapp race? –

The competition heats up in the dapp arena as developers weigh Binance Smart Chain against Ethereum. How do factors like scalability and transaction costs affect their decisions?

The blockchain space is fiercely competitive, particularly when it comes to decentralized applications (dapps).

As of Feb. 2, according to data from DappRadar, a prominent analytics platform, Binance Chain (BNB) is at the forefront with 5,215 dapps and a user base exceeding 5.3 million unique active wallets (UAW) over the last 30 days.

Ethereum (ETH), on the other hand, holds the second position with 4,497 dApps, although its user base of approximately 1.36 million UAWs pales in comparison to Binance Chain.

However, Ethereums dapps volume stands at an impressive $115 billion, more than six times Binance Chains $17.5 billion, highlighting Ethereums substantial developer engagement.

Amid this, Xin Jiang, a former Vice President at Binance, proposed that the market might not require further infrastructure enhancements, as dapps could emerge as the next catalysts for the crypto space.

What is happening? Lets dive deeper into how the dapp market is performing, which chains are leading the development frontier, and which sectors are propelling the dapp market to new heights.

According to a report from DappRadar, the dapp industry witnessed an impressive 124% year-over-year increase in its UAW, culminating in a daily count of 4.2 million UAW by the close of 2023.

Fast forward to the beginning of 2024, and the momentum shows no signs of slowing. As of Feb. 1, the dapp industry notched up a new milestone with 5.3 million daily UAW. This represents an 18% surge from the previous month and the highest since 2022.

Breaking down the numbers by industry segments provides insights into the diversification of dapp usage.

Blockchain gaming continues to lead the pack with a steady 1.5 million dUAW, maintaining its dominance from the previous month. This translates to a 28% dominance over the entire dapp ecosystem,

Similarly, the decentralized finance (defi) sector remains strong, holding steady at 1 million dUAW.

However, its not just gaming and finance that are driving growth. The non-fungible token (NFT) space has experienced a notable expansion, with a 4% uptick this month, reaching 697,959 dUAW.

Amid this, the social dapp sector has gained headlines, boasting an impressive 868,091 dUAW. This surge, a 262% increase over the previous month, is largely attributed to platforms like CARV and Dmail Network, indicating a surge of interest in social networking on decentralized platforms.

The growing popularity of social dapps comes in response to increasing worries about data privacy breaches and online scams on traditional platforms.

The acquisition of Twitter by tech magnate Elon Musk in 2022 triggered a wave of discontent among its user base.Subsequent changes, like considering a paywall, led to a drop in monthly active users, expected to continue into 2024.

Amid this, social dapps like gained traction. Launched in Aug. 2023, quickly became a major player in the social crypto scene, with over 100,000 users and $25 million in revenue.

But the shift to decentralized apps isnt just about dissatisfaction with centralized platforms. Analysts highlight that regulatory scrutiny and privacy concerns, particularly in the EU, also drive this trend.

Dapps differ from traditional platforms by avoiding centralized data collection for ads, with some being non-profit and prioritizing user privacy.

However, while decentralized platforms offer more freedom and anonymity, they also attract communities with extreme views, raising concerns about the spread of extremist content.

As of Feb. 26, based on data from DappRadar, CARV, Galxe, and Dmail Network have emerged as the foremost social dapps, gauged by total UAWs in the past 30 days.

CARV and Dmail Network have seen significant growth, with volumes up by 330% and 120%, respectively. However, Galxe has experienced a substantial decline of up to 100%.

When comparing Binance Smart Chain (BSC) and Ethereum in dApps performance, scalability, transaction fees, and consensus mechanisms, we gain insights into their strengths and weaknesses.

BSC stands out for its low transaction fees and high scalability, enabling swift transaction processing at a fraction of the cost compared to Ethereum.

As of Feb. 26, BSC can handle up to 45.3 transactions per second (TPS), a significant improvement over Ethereums current throughput, which remains under 15 TPS but aims for a substantial increase with Ethereum 2.0.

Transaction fees on Ethereum have been a persistent concern, averaging at $0.89 as of Feb. 25. During periods of network congestion, these fees can skyrocket even further, posing challenges for users and developers.

In contrast, BSC offers notably lower transaction fees, averaging at $0.15 as of this writing, presenting a compelling advantage for those seeking more cost-effective blockchain interactions.

Choosing between BSC and Ethereum depends on the specific needs and priorities of dapp developers and users. Each platform has its trade-offs in decentralization, security, transaction speed, and cost.

BSC excels in providing an efficient and economical solution for high-frequency trading and applications requiring swift transaction speeds and low fees.

On the other hand, Ethereums strength lies in its robust decentralization and security measures, along with a diverse array of dapps and a vast ecosystem.

The success of decentralized applications relies on improving user experience to make blockchain-based solutions more accessible. Simplifying interactions, refining interfaces, and incorporating familiar features are crucial to attracting a wider audience.

In todays security-conscious digital world, dapps must also prioritize robust privacy and security measures. Innovations in cryptographic techniques like zero-knowledge proofs and secure multi-party computation will be essential for enhancing security.

While finance and gaming have dominated the dapp scene, there are opportunities for expansion into new areas such as social media, education, and healthcare.

Ultimately, the goal for dapps is mainstream adoption. Achieving this requires not just technological advancements but also educational initiatives to showcase the practical benefits of dapps in everyday life.

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Arrest of Binance executives shakes up Nigerias crypto ecosystem, again – Semafor

The arrest marks an escalation in Africas largest economys new war on crypto.

In December, the central bank seemed ready to welcome crypto platforms into the financial system. It canceled a three-year order that barred banks from enabling crypto trades, laying the groundwork for a new license that companies started preparing to apply for. But Cardoso a former Citigroup banker appointed to the central bank in September has reverted to the view, held by his predecessor Godwin Emefiele, that crypto trading seriously undermines currency stability.

Nigeria faces soaring inflation at nearly 30% and a restive public bemoaning the rising cost of food and transportation. The central bank has pushed a flurry of tools targeting exchange rate and price stability in recent weeks. At the same time, government officials have put a lot of blame on companies like Binance, pointing to naira for USDT trades as encouraging undue demand for the dollar and undermining policymakers efforts.

Currency traders told us they were acting on Binances rates, one government official, who spoke on the condition of anonymity, told Semafor Africa. The official suggested that a move against Binance became necessary after the central banks attempt to close the gap between official and black market foreign exchange rates weakened after brief success.

Crypto transactions in Nigeria in the 12 months up to June 2023 were worth $57 billion, according to data firm Chainalysis. Beyond inflations role in making it an attractive hedge, Nigerians adopted crypto for personal and business-related cross-border transactions, users say.

This weeks regulatory offensive may cool those trends judging by crypto exchanges quick retreat, though intrepid users will find other means to keep trading crypto, like using virtual private network (VPN) apps to bypass blockades. Nigeria, which has experienced exits of multiple multinationals citing inflation and currency depreciation problems, could be giving foreign investors another reason to seek other markets.

We are not China or India, where the markets are so large that most global companies will suck up whatever misbehavior their government does and find a way to make a deal, said Cheta Nwanze, head of geopolitical analysis firm SBM Intelligence in Lagos. A crypto crackdown approach involving arrests is a lose lose situation for us, he said.

It would be more useful for Nigeria to address the factors weakening the currency rather than focus on symptoms, said John Ashbourne, an emerging markets economist at Fitch Solutions in London. The real cause of the depreciation is that more and more Nigerians are losing faith in the naira and prefer to keep their money in really any other currency, even a famously volatile crypto unit, Ashbourne told Semafor Africa.

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Binance Coin (BNB) & Dogecoin (DOGE) Surge as Kelexo (KLXO) Leap Year Presale Hypes up For 30X Gains – NewsBTC

The current excitement in the crypto market is filling the pockets of investors. Token prices are rising by over 30% and tokens like Binance Coin (BNB) and Dogecoin (DOGE) are included. These investors are also beginning to eye the Kelexo (KLXO) presale activity amidst its 30X hype. With the surge of Binance Coin (BNB) and Dogecoin (DOGE), theres been a gradual growth in Kelexo (KLXO), which is informing the rumor that these token holders are pouring their profit into the protocol.

Binance Coin (BNB) is Binances native token. As the primary token of the largest crypto exchange platform, Binance Coin (BNB) has gained global acceptance. Binance Coin (BNB) is now the 4th highest token in the crypto market by market capitalization, with a value of $61B.

Daily, Binance Coin (BNB) trades above $2B worth of tokens. This makes Binance Coin (BNB) the 10th highest traded token in the market. News has it that early investors in Binance Coin (BNB) are looking towards Kelexo (KLXO) to pour their recently gained revenue from the market. This is because Binance Coin (BNB) gained over 7% market value in the last seven days.

The meme token Dogecoin (DOGE) has gained an impressive 56.59% increase in market value. Now selling for $0.1328 per token, Dogecoin (DOGE) is the 7th highest trading crypto. This is also due to Dogecoins (DOGE) 265.97% increase in market activity, which has earned Dogecoin (DOGE) a total of $19B in market value. Currently, Dogecoin (DOGE) is ranked #9 in market capitalization. News reports that this growth could be due to the $762M Whale movement of Dogecoin (DOGE) in the last few days.

Kelexo (KLXO) is a decentralized finance solution geared toward making lending easy. Kelexos (KLXO) goal is to ensure that every crypto trader looking to borrow a token can get it quickly and without stress. This is why Kelexo (KLXO) runs a peer-to-peer crypto lending system. With this system, Kelexo (KLXO) users can sign up on the platform, list their tokens and wait for a borrower to reach out to them.

Someone looking to borrow a token through Kelexo (KLXO) must sign up, search for the needed token, sign the terms and agreement attached to the token and get an instant deposit of said token. This process takes 2-5 minutes instead of days of processing on a traditional token borrowing platform. This process is unique to Kelexo (KLXO), as other platforms use the liquidity pool system for token lending.

The Kelexo (KLXO) token is in its second presale stage. Now selling for $0.028 per token, Kelexo (KLXO) is gradually becoming an internet sensation. We encourage you to check out the protocol and invest your money.

Find out more about the Kelexo (KLXO) presale by visiting the website here.

Disclaimer:This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.

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Binance salvages $4b in botched crypto deposits –

Binance has recovered billions in bungled deposits following its $4.3 billion settlement with the U.S. Department of Justice.

Crypto exchange Binance reported over $4 billion of rescued customer deposits initiated within the last two years as the company looks to improve its operations under new leadership amid a bull cycle.

The report found 381,616 cases of crypto tokens deposited to the wrong address between 2022 and 2023, with virtual currencies stuck due to project upgrades and sometimes because of incompatible assets.

Binance Chief Security Officer Jimmy Su said similar cases are expected as new users flock into crypto. He explained that securely operating wallets and on-chain addresses is still a pain point for beginners, noting the pattern is a maturing process in crypto.

Additionally, the report highlights a rise in scams and rug pulls as crypto garners more attention following the approval of spot Bitcoin ETFs. Centralized exchanges recorded the highest spot Bitcoin (BTC) trading volume since FTX collapsed in 2022, and volumes on Binance reached $17 billion on Feb. 28 as reported.

Su added that industry leaders must pool resources and support industry stakeholders to guard against bad actors, and continue to nurture the nascent crypto ecosystem as it welcomes new users.

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This Web3 Token Soars 30% Amidst Binance Listing – BeInCrypto

AXL, the Axelar Networks native token, has recently taken center stage. This Web3 interoperability platforms token saw its value surge by over 30% after Binance, a leading global crypto exchange, announced it would list AXL.

This event has sparked significant interest among traders and investors worldwide.

Binances decision to list AXL, introducing trading pairs such as AXL/BTC, AXL/USDT, AXL/FDUSD, and AXL/TRY, marks a pivotal moment for the token. Trading commenced on March 1 at 11:00 UTC, with withdrawals opening the following day. Furthermore, Binance tagged AXL as a seed token, acknowledging its inherent volatility.

The implications of Binances listing have been profound for the broader cryptocurrency market. Historically, tokens listed on Binance have witnessed considerable price volatility, and AXLs case is no exception. The tokens price trajectory has been upward, with derivatives data suggesting a bullish outlook among traders.

Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?

This enthusiasm was further fueled by a traders swift gain of $56,000 from trading AXL post-announcement, highlighting the lucrative opportunities presented by such market movements. The traders ability to capitalize on the tokens price rally underscores the high-stakes nature of crypto trading, where timing and market sentiment play crucial roles.

This trader quickly spent 500,000 USDT to buy AXL 1 minute after Binance announced the listing of AXL. Then he sold AXL immediately and got 556,000 USDT. He made 56,000 USDT in only 8 minutes, Lookonchain elaborated.

The listing of AXL comes at a time when Binance is actively expanding its trading options, with the recent inclusion of other tokens such as Dymension (DYM), Pyth Network (PYTH), and the launch of the USDC-margined ORDI Perpetual Contract. These developments reflect the exchanges strategy to leverage the ongoing bull market to increase trading revenue.

Read more: 7 Best Binance Alternatives in 2024

Interestingly, this listing follows Binances recent removal of several tokens, including Monero (XMR), due to changing standards and compliance requirements. Along with Monero, Binance delisted Aragon (ANT), Multichain (MULTI), and Vai (VAI).


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Weekly Roundup: John Oliver rips into MetaTrader, Binance to pay $10 billion – FinanceFeeds

Welcome to this weeks roundup, where we delve into the latest developments in the Forex, Fintech, and cryptocurrency markets. Stay ahead of the curve with our comprehensive overview of the weeks most impactful events and trends across these dynamic sectors.

John Oliver rips into MetaTrader over role in Pig Butchering scams

Comedian John Oliver did not hold back in criticizing the popular MetaTrader trading platform during his segment on pig butchering scams last Sunday on Last Week Tonight with John Oliver. Read More

eToro revives IPO plans after failed $10B SPAC merger

Israeli social trading network eToro is actively exploring options for a public market listing, according to CEO Yoni Assia in an exclusive interview with CNBC. Read More

OANDA launches FCA-registered OANDA Crypto in the UK

Oanda Global Corporation has launched OANDA Crypto, a new cryptocurrency trading platform tailored for private investors and traders in the United Kingdom. Read More

ThinkMarkets secures lucrative DFSA license in Dubai

Melbourne-based broker ThinkMarkets has secured a license from the Dubai Financial Services Authority (DFSA) after it has already incorporated its new subsidiary in the Dubai International Financial Center (DIFC). Read More

Admirals appoints founder Alexander Tsikhilov as CEO

Alexander Tsikhilov, the founder and Supervisory Board Chairman of Admirals Group AS, has been announced as the new CEO of the company, taking effect from 1 March 2024. Read More

WTF as in What The Fraud?, Sumsubs new podcast on digital fraud

Sumsub has announced the launch of its new podcast, What The Fraud?, aiming to explore the impact of digital fraud on businesses and discuss challenges and prevention strategies in the face of rapid AI developments. Read More

FF Podcast delves into the rise of prop trading as Brokeree releases Prop Pulse

The 29th episode of the FinanceFeeds Podcast, hosted by Nikolai Isayev, features Tatiana Pilipenko, Regional Head of Business Development for APAC, UK, and the Americas at Brokeree Solutions, at a critical time for the prop trading industry, particularly in the United States. Read More

SEC closer to approve 24Xs application for a pioneering 24/7 trading venue

The Securities and Exchange Commission (SEC) has accepted an updated Form 1 application from 24X National Exchange LLC for a license to establish a new national securities exchange. Read More

Webull valued at $7.3 billion ahead of SPAC merger with NASDAQ-listed SK Growth

Webull has announced it will go public through a merger with SPAC company SK Growth in order to get listed on NASDAQ under a new ticker symbol. Read More

Think Elon Musk backed your crypto exchange? ASICs latest reveal may shock you

Australian Securities and Investments Commission (ASIC) has bravely stepped forward to reveal that, yes, those videos of Elon Musk passionately endorsing a cryptocurrency exchange are as fake as a three-dollar bill. Read More

SBF claims zero loss to FTX customers, 100-year sentence is grotesque

Sam Bankman-Fried, the former FTX CEO who was found guilty of fraud charges last year, is facing his sentencing next month. But before that day arrives, hes making a plea for what he considers a fair shake. Read More

Coinbase and Robinhood down as Bitcoin surge past $64,000

In a dramatic day for cryptocurrency markets, Bitcoins price spiked to nearly $64,000, causing major disruptions for users of Coinbase and Robinhood. Read More

ASIC bankrupts finfluencer Tyson Scholz over stock tips

The Australian Securities and Investments Commission (ASIC) has effectively bankrupted Tyson Robert Scholz, the figure behind Black Wolf Pit. The action marks a significant crackdown on so-called finfluencers and individuals providing unlicensed financial services. Read More

OKX officially launches Turkish crypto trading platform

OKX has announced the official launch of its Turkish platform, OKX TR, in Istanbul as part of the crypto exchanges strategy to provide Turkish users with access to crypto trading, decentralized finance, and its Web3 Wallet. Read More

Morgan Stanley to add spot bitcoin ETFs

Morgan Stanley is reportedly considering adding spot bitcoin ETF products to its brokerage platform. This move comes after the Securities and Exchange Commission (SEC) approved the investment vehicle in January. Read More

Binance ordered to pay $10 billion in Nigeria

The Nigerian government has reportedly demanded a minimum of $10 billion from Binance amid a crackdown on the crypto exchange and the devaluation of the countrys local currency, the naira. Read More

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Nigeria reportedly considers $10 billion Binance fine over illegal transactions and registration – CryptoSlate

The Nigerian government is reportedly considering imposing fines of up to $10 billion on Binance.

Local media outlets reported that Bayo Onanuga, the special adviser to the Nigerian president, said the exchange profited from facilitating illegal transactions in the African country while the nation suffered huge losses. According to Onanuga, the fine would be a form of retribution for the exchange actions.

Besides that, the report stated that Binance operated in the country without proper registrations.

As of press time, Binance has yet to respond to CryptoSlates request for comment.

The exchange is also reportedly cooperating with the ongoing investigations in Nigeria.

Premium Times Editor Oladeinde Olawoyin said:

The government says Binance is already cooperating by providing useful information and had already suspended naira-related transactions on its platform.

This aligns with Binances previous commitment to collaborate with local authorities to ensure a fraud-free and manipulation-free platform for its users. The exchange said:

As industry leaders, we are working hand in hand with local authorities, lawmakers, and regulators to ensure we act on non-compliance.

Over the past weeks, the Nigerian government has increased scrutiny of Binances involvement in the countrys foreign exchange (FX) issues. Reports confirm that Nigerian authorities have launched an investigation into Binance and arrested two of the exchanges executives upon their arrival in the country to address the ban on the crypto exchange website.

The authorities also alleged that Binance Nigeria facilitated $26 billion in transactions from undisclosed sources last year.

In response to the crackdown, Binance removed Nigerias fiat currency, Naira, from its peer-to-peer (p2p) platform.

The exchange has yet to make any new public comments on the issues surrounding it in Nigeria.

Meanwhile, Binances clash with the Nigerian government comes on the heels of its settlement with US authorities. Last year, the firm agreed to pay a record fine exceeding $4 billion for failing to adhere to financial laws.


Nigeria reportedly considers $10 billion Binance fine over illegal transactions and registration - CryptoSlate

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Nigeria hits Binance with $10 billion fine amidst crypto exchange probe – Business Insider Africa

This development was disclosed by Bayo Onanuga, special adviser on information and strategy to President Bola Tinubu.

The presidential aide stated that the fine was imposed due to Binance's illegal operations, which has significantly contributed to the devaluation of the naira in recent times.

Last week, the government moved against Binance, and other crypto platforms like OctaFX, Coinbase and other crypto firms following reports that currency speculators and money launderers were using them to execute criminal activities.

Yemi Cardoso, Nigeria's central bank governor, during the monetary policy meeting earlier this week, stated that Binance Nigeria facilitated transactions exceeding $26 billion from unidentified sources in one year.

According to PREMIUM TIMES, the Nigerian authorities requested Binance executives to provide data relating to transactions involving the Nigerian Naira on the Binance platform in the last seven years. They also demanded that some other data relating to Nigeria be deleted from the Binance platform.

However, the Binance executives insisted that they should be taken to their respective countries embassies before they could comply.

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Binance Coin Hits $400 After Bitcoin Surge: Here’s How High BNB Can Go – Watcher Guru

BinanceCoin (BNB) has reignited its price ascent this week after undergoing key technical tests. With Bitcoins stagnation above $56,000 contrasting with BNBs sudden spike above $400, the top exchange token looks poised to retest critical upper resistance levels soon.

After retracing last year,BNBspent considerable time centering around $300 support. However, this lateral price action has given way to a renewed uptrend recently.

Binance Coin currently trades around $400, up 30.6% in the last 30 days alone as positive momentum accelerates. With trading technically in an overbought state, indications favor continuation higher over most probable pullbacks for now.

Also read: Ethereum: How High Can ETH Go in March 2024?

BNB has broken the key $400 psychological level recently. This could trigger FOMO and propel BNB towards retesting former all-time highs above $690.

Drawing insights from BNBs behavior at the beginning of 2024, cryptocurrency experts atChangellyhave offered their price projection for Binance Coin for the weekend.

During this period, it is anticipated that the coins price may reach an average of $420. Within the same period, the minimum expected price is $416, while the maximum price target is set at $440.

Also read: Shiba Inu: $1000 Invested in SHIB in 2020 Becomes $9.2 Million

After concerns around the Binance exchange rocked investor confidence last year, BNB looks to have reawakened the strong fundamental narrative supporting it since its inception.

Having reclaimed its bullish momentum decisively this week, all eyes are now set on the next leap as Binance Coin surpassed the $400 level.


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Nigerian Government Fines Binance $10B for ‘Illegal Transactions’ – Watcher Guru

The Nigerian Government has fined cryptocurrency exchange Binance $10 billion for profit on illegal transactions according to Bayo Onanuga, a special advisor to President Bola Tinubu. Onanuga disclosed the financial penalty in an interview with the BBC that took place Friday.

The government has not been shy about its stance against the exchange in recent months. Indeed, the country had previously detained Binance executives earlier this week as it sought a large crackdown on unpaid taxes from unregistered exchanges.

JUST IN: Nigerian government demands $10 billion from Binance, citing the exchange profited from its "illegal transactions."

Also Read: Nigeria Detains Binance Executives Following Cryptocurrency Ban

The last several months have been difficult for one of the largest cryptocurrency exchanges on the planet. Binance has faced a years-long investigation from the United States that ultimately resulted in hefty fines and a leadership change. Now, it is facing a massive financial penalty from another country.

The Nigerian government has fined Binance $10 billion according to a BBC interview with President Tinubus special adviser. Specifically, the country is stating that the exchange profited from illegal transactions. The fine was issued a day after reports of the detention of Binance executives in the country.

Also Read: Judge Fines Binance $4.3 Billion in US Plea Deal

The platform fixes the exchange rate for the country and it is an illegal rate. The CBN is the only authority that can fix the change rate for the country, advisor Onanuga told BBC Friday. Binance platform harbors people who fix the exchange rate which quickly affects the Nigerian economy for the time when Nigeria is trying to stabilize the economy.

Nigeria is currently facing a crisis with its currency, as the Naira has fallen to record lows against the US Dollar. Moreover, before the BBC interview, Onanuga has long called for Binance to be held to account for his views on its effect on the Nigerian economy.

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