Category Archives: Binance

Binance trading volumes hit yearly high at $1.12T in March – Cointelegraph

Spot trading volume on the Binance exchange hit its highest level since May 2021 afte seven consecutive months of ascent, according to a new report from CCData.

According to an April 5 report by cryptocurrency analytics platform CCData, Binances spot trading volume increased by 121% to $1.12 trillion in March

The report said the combined market share of the exchange also increased by 1.04% to 44.1% in March.

CCData highlights Binances recovery after settling its case with the United States Department of Justice and paying a $4.3 billion settlement fine. This is evidenced in its derivatives trading volumes, which have risen by 89.7% to $2.91 trillion, also achieving their highest levels since May 2021.

CCData analysts also noted that Binance made the largest gain in spot markets, increasing its market dominance by 2.3% compared with February. The exchange also saw the biggest gains year-to-date, now accounting for 38.0% of the spot trading volumes on centralized exchanges (CEXs).

In January, analytics firm Kaiko reported that Binance experienced an increase in trading volume, with its market share climbing 50% within just two months of its settlement with the United States Department of .

In spite of the regulatory challenges, the exchange claimed to have seen amore than 40 million increase in the number of users in 2023. Binance highlighted that this was nearly a 30% increase compared to the previous year and attributed the growth to its key services.

Related: Binance exec's legal case in Nigeria adjourned until April 19

Meanwhile, the combined spot and derivatives trading volume on CEXs also rose 92.9% to a new all-time high of $9.12 trillion in March, as traders flocked to the markets while Bitcoin also reached new all-time highs, CCData reported.

Trading volume in crypto derivatives CEXs also rose 86.5% to a record high of $6.18 trillion, which is triple the total market capitalization of all cryptocurrencies.

The spike in spot trading and derivatives trading activity also coincides with the growing excitement around the success of spot Bitcoin ETFs and the BTC supply halving, which is expected later in April.

This development highlights how much the public still trusts centralized exchanges despite recent failures such as FTX.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Binance trading volumes hit yearly high at $1.12T in March - Cointelegraph

Binance to cease support for Bitcoin Ordinals by April 18 – Crypto Briefing

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In an effort to streamline its product offerings, Binance has announced that it will cease support for trading and depositing Bitcoin (BTC) nonfungible tokens (NFTs), also known as Bitcoin Ordinals, on its NFT marketplace starting April 18, 2024.

In a blog post dated April 4, Binance stated that the decision to wind down support for Bitcoin NFTs is part of its ongoing efforts to streamline its product strategy for offerings on the Binance NFT marketplace. Users are advised to withdraw their Bitcoin NFTs from the marketplace via the Bitcoin network before May 18, 2024, at 00:00 (UTC).

Starting from April 18, 2024, at 06:00 (UTC), users will no longer be able to buy, deposit, bid on, or list NFTs on the Binance NFT Marketplace via the Bitcoin network. All impacted listing orders will be automatically canceled at the specified time.

Please note that Binance NFT Marketplace will not support any further airdrops, benefits, or utilities associated with Bitcoin NFTs after 2024-04-10, the blog post stated.

The announcement also addressed Runestone NFT users who meet the conditions for the Runestone airdrop. Binance NFT had distributed these NFTs to eligible users accounts before April 4, 2024, at 10:00 (UTC). Users are advised to withdraw these NFTs by April 10, 2024, at 10:00 (UTC) to ensure they still have the opportunity to receive any associated tokens, utilities, and benefits after that date. Binance will not be responsible for any losses incurred if users fail to withdraw their NFTs before the stated time frame, the exchange said.

Bitcoin Ordinals, which allow for the inscription of digital content like art, text, music, or video directly onto the Bitcoin blockchain, have gained popularity since their introduction in late 2022. The protocol, created by Casey Rodarmor, enables unique digital arts to be directly embedded into Bitcoin transactions, similar to Ethereums NFTs.

Binances decision to discontinue support for Bitcoin NFTs comes as a surprise to the community, as the exchange had only added support for these tokens in May 2023, promising more opportunities for collectors.

The high volume of NFT transactions has occasionally clogged the Bitcoin network, increasing fees and slowing processing times as more transactions are validated on-chain. Recent data from Dune Analytics, the network has over 64 million inscriptions to date and has generated over $423 million in transaction fees.

As Binance phases out support for Bitcoin NFTs, users are encouraged to take the necessary steps to withdraw their assets from the marketplace within the specified timeframes to avoid any potential losses.

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Binance to cease support for Bitcoin Ordinals by April 18 - Crypto Briefing

Binance: Navigating the Landscape of the World’s Leading Cryptocurrency Exchange – FinanceFeeds

Binance has emerged as a powerhouse in the cryptocurrency world, offering a diverse array of trading options and innovative financial services to users globally.

In the rapidly expanding universe of cryptocurrency, Binance stands out as a colossus, dominating the landscape as the worlds leading cryptocurrency exchange by trading volume. Since its inception in 2017, Binance has evolved from a simple trading platform to a comprehensive ecosystem that offers a wide range of services, including spot and futures trading, an initial coin offering (ICO) platform, a native blockchain known as Binance Chain, and even its own cryptocurrency, Binance Coin (BNB). This remarkable growth has not only solidified Binances position at the pinnacle of the crypto exchange world but also highlighted its pivotal role in shaping the future of digital finance.

Binances rise to prominence is largely attributable to its user-centric approach, offering an intuitive user interface, a wide array of cryptocurrencies for trading, and competitive fees. The platform caters to both novice and experienced traders by providing a multitude of trading options, from basic buy and sell orders to complex derivatives trading. This inclusivity has attracted a vast user base, further enhancing the liquidity and trading volume on the exchange.

A key factor in Binances success is its relentless pursuit of innovation and expansion. The launch of Binance Chain and the subsequent introduction of Binance Smart Chain (BSC) are testaments to its commitment to fostering blockchain technology and DeFi (Decentralized Finance) ecosystems. BSC, in particular, has gained significant traction for its smart contract functionality and compatibility with Ethereums ecosystem, offering a high-speed, low-cost alternative for dApp developers and users.

Binance Coin (BNB), initially launched as a utility token for discounted trading fees, has evolved into a multifaceted digital asset used for a variety of purposes within the Binance ecosystem and beyond. Its use cases have expanded to include payment for transaction fees on Binance Chain, participation in token sales on Binances Launchpad, and even as a medium of exchange in the wider crypto market. The increasing utility and demand for BNB have driven its price up, making it one of the top cryptocurrencies by market capitalization.

Moreover, Binance has not limited its ambitions to the digital realm. Recognizing the importance of regulatory compliance and the need to bridge the gap between traditional and digital finance, Binance has sought to establish physical presence and obtain operating licenses in several countries. This strategic move not only demonstrates Binances commitment to adhering to global financial regulations but also its vision of making cryptocurrencies accessible and acceptable to a mainstream audience.

Despite its success, Binance has faced its share of challenges, including regulatory scrutiny in various jurisdictions. Nonetheless, its proactive approach to compliance and dialogue with regulators signifies its dedication to sustainable growth and the long-term viability of the cryptocurrency market.

In conclusion, Binances meteoric rise and ongoing evolution reflect the dynamic nature of the cryptocurrency sector. By continuously adapting to market demands, embracing technological advancements, and fostering a global community, Binance has not only secured its status as a leading cryptocurrency exchange but also positioned itself as a key player in the broader narrative of digital finance. As the crypto landscape continues to evolve, Binances journey offers valuable insights into the challenges and opportunities that lie ahead in the quest to mainstream digital currencies.

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Binance: Navigating the Landscape of the World's Leading Cryptocurrency Exchange - FinanceFeeds

What Is Saga Crypto? Top Exchange Binance Reveal 51st Launchpool Project – Over $2Bn Staked – 99Bitcoins

In the latest Binance Launchpool listing, a new token called Saga (SAGA) has listed marking the 51st Binance Launchpool project. In this article, deep-dive and find out What is SAGA crypto? and explore SAGA coin possibilities.

Binance, undoubtedly the largest exchange by client count and trading volume, has revealed the listing of Saga as the 51st Launchpool project.

In an announcement on April 4, the exchange saidusers could begin staking BNB and FDUSD stablecoin via dedicated pools. By staking, they farm SAGA tokens from April 5 to 9.

So far, the launchpool has been a tremendous success with over $2Bn in assets staked in dedicated SAGA pools.

SAGA coin serves as a governance token for the Saga ecosystem, through a novel governance staking mechanism, holders are able to stake and receive rewards.

In the ongoing Launchpool, 45 million SAGA has been allocated for farming. Of note, 36 million SAGA will be distributed from the BNB pool.

At the same time, 9 million will be released to users from the FUSD pool.

(Launchpool)

An individual can receive a maximum of 37,500 SAGA in the BNB pool and 9,375 SAGA in the FDUSD pool so far, roughly 300,000 users are actively staking their BNB and FUSD tokens.

In total, there will be a total supply of 1 billion SAGA and Binance plans to list SAGA on April 9, at approximately 14:00 UTC in a major event.

The token will launch with five trading pairs: SAGA/BTC, SAGA/USDT, SAGA/BNB, SAGA/FDUSD, and SAGA/TRY.

The initial supply will be 90 million SAGA, or 9% of the total supply on listing.

As the name suggests, a launch pool is a token launch pad in Binances case. However, this is explicitly designed so that projects benefit from the exchanges immense retail investor base.

Indeed, many projects have benefited from supercharged listings via Binance Launchpool including SUI, SEI, PENDLE, BEAMX, and ENA.

There are multiple benefits to this:

Saga is a mainnet platform created explicitly for developers similar to Ethereum or Solana.

The goal is to empower these crucial contributors, allowing them to build infinitely scalable applications using Chainlets. SAGA will serve as a medium of exchange. Developers compensate Validators who maintain Chainlets using SAGA.

Of note, Saga coin plans to remove the high upfront costs and complexities of blockchains like Ethereum, making it easier for developers to focus on creating innovative applications.

Ahead of the official exchange listing, Saga has partnered with key players such as Polygon, Avalanche, Celestia, Marble, and Com2uS.

While Saga coin initially targets the gaming and entertainment industries, it plans to serve decentralized finance (DeFi) by enabling entirely new classes of applications.

EXPLORE: Liquid Bootstrapping Pools: Heres Why LBPs Are Best Way to WAGMI Via Presales

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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What Is Saga Crypto? Top Exchange Binance Reveal 51st Launchpool Project - Over $2Bn Staked - 99Bitcoins

Binance Executive Held in Nigeria Makes First Court Appearance – PYMNTS.com

Binances head of financial crime compliance,Tigran Gambaryan, appeared in court in Nigeria for the first time Thursday (April 4).

Gambaryan, who is a U.S. citizen, was served with charges and did not take a plea, ReutersreportedThursday.

Gambaryan, another Binance executive and the cryptocurrency exchange itself have been charged with four counts of tax evasion, as well as money laundering, according to the report.

The other executive Nadeem Anjarwalla, a British-Kenyan who is a Binance regional manager for Africa escaped custody and fled Nigeria in March after being detained along with Gambaryan on Feb. 26, the report said.

Following his court appearance Thursday, Gambaryan will be formally arraigned for the money laundering charges Monday (April 8) and for the tax evasion charges April 19, per the report.

NigeriasEconomic and Financial Crimes Commission(EFCC) has argued that Gambaryan can face the charges on Binances behalf, the report said.

His lawyer, Chukwuka Ikuazom, has argued that Gambaryan was not a director, partner or company secretary at Binance; had no written instructions from the company to face the charges on its behalf; and cannot take a plea until the company itself has been served, according to the report.

Binance said Wednesday (April 3) that Gambaryan was not responsible, as he had no decision-making power in the company, per the report.

The two Binance executives weredetainedby Nigeria in February as the country increased pressure on the cryptocurrency sector. They were picked up by national security officers after arriving in Nigeria, with authorities saying that the company was operating illegally in the African nation.

It was reported March 11 that Nigeria blames Binance for driving down the value of itscurrency. Before their detention, Gambaryan and Anjarwalla headed to Nigeria to help solve the problem.

Following their detention, Anjarwallafled the countryin March.

On March 29, it was reported that the two executives sued the Nigerian government. They filed their suit against the countrys national security advisor, Nuhu Ribadu, and the EFCC for violating their fundamentalhuman rights.

In their court filings, Gambaryan and Anjarwalla pleaded with the Federal High Court to order the agencies to release them, return their passports and apologize publicly.

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Binance Executive Held in Nigeria Makes First Court Appearance - PYMNTS.com

Binance and its detained US exec face more charges in Nigeria – Cointelegraph

Troubled global cryptocurrency exchange Binance is facing more issues in Nigeria as its United States-based executive Tigran Gambaryan remains detained in the country.

Nigeria has introduced more charges against Binance despite the exchange trying to find dialogue with local regulators, The Wall Street Journal reported on April 3.

Binance has been actively working with authorities in Nigeria since local regulators blamed the crypto exchange for helping crash its fiat currency, the naira, in February 2024.

Bayo Onanuga, the presidential adviser on information and strategy, suggested banning platforms like Binance in the country.

In response to the threat of the ban, two senior Binance executives, including Gambaryan and Nadeem Anjarwalla, came to Nigeria to attempt to find a dialogue with local authorities.

However, both were detained even after Binance urgently delisted all naira transactions and stopped peer-to-peer naira transactions in February.

The WSJs report on new charges comes amid Binance releasing a new statement urging Nigerian authorities to let Gambaryan go.

The exchange argued that the executive has decision-making power at the company and should not be held responsible while discussions are ongoing between Binance and Nigerian government officials.

While Gambaryan remains arrested in Nigeria,Anjarwalla, another co-accused Binance exec, reportedly escaped the country using a fake passport in March.

According to local reports, Anjarwalla fled detention on March 22 after he was taken to a nearby mosque for prayers.

Related:Binance exec seeks redress over Nigeria detention, demands apology

Nigerias law enforcement authority, the Economic Financial Crime Commission (EFCC), is preparing to charge Gambaryan and Anjarwalla with five counts of money laundering of over $35.4 million on April 4, the local online newspaper Nairametrics reported on April 2.

According to the report, Gambaryan and Anjarwalla are listed as first to third defendants, respectively, with the EFCC planning to arraign Anjarwalla in absentia.

Although the crypto exchange firm, Gambaryan and Anjarwalla are listed as first to third defendants respectively. Justice Emeka Nwite of the Federal High Court in Abuja will reportedly preside over the arraignment of Gambaryan, Anjarwalla and Binance.

Cointelegraph reached out to Binance for a comment regarding the new charges but did not receive a response at the time of publication.

Magazine:SBF gets 25 years in prison, Fidelity eyes ETH staking, and Coinbases court loss: Hodlers Digest, March 24-30

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Binance and its detained US exec face more charges in Nigeria - Cointelegraph

Binance requests release of Nigeria-held executive – ReadWrite

Binance, the worlds largest cryptocurrency exchange, recently issued a statement regarding Tigran Gambaryan, a key member of its Financial Crime Compliance (FCC) team, as the company engages in discussions with Nigerian government officials. The statement follows Nigerian authorities arresting two of its company officials.

The statement mentions that Gambaryans team has responded to hundreds of information requests from Nigerian law enforcement agencies or related to investigations pertinent to the country. This collaboration has resulted in asset freezes and seizures, targeting multiple crimes. The team also purportedly provided training to local authorities:

Tigrans team also provided multiple training sessions for Nigerian crime fighters on the role of exchanges in the digital-asset ecosystem. This included a three-hour online workshop for 70 Nigerian [Economic and Financial Crimes Commission] EFCC officials in mid-2023 and, late last year, two full-day sessions for EFCC officials in Abuja and Lagos, with more than 30 investigators attending each of them.

Binance clarifies that Gambaryan, while holding a critical role in compliance, is not part of the companys management and does not possess decision-making power:

Tigran is a strict law enforcement professional and is not part of Binance management. [] Binance respectfully requests that Tigran Gambaryan, who has no decision-making power in the company, is not held responsible while current discussions are ongoing between Binance and Nigerian government officials.

The statement also focuses on Gambaryans extensive experience in law enforcement and his purported efforts to assist global authorities in combating financial crimes. According to the statement, Gambaryan, a U.S. citizen, has a decade-long history as a Federal Agent, investigating a wide range of cases, including those related to national security, terrorism financing, identity theft, child pornography distribution, tax evasion, and bank secrecy act violations.

During his time with the U.S. Treasury Departments IRS Criminal Investigations (IRS-CI) unit, he led several notable investigations and collaborated with the Federal Bureau of Investigations and the United States Secret Service on various cases.

In 2021, Gambaryan joined Binance to head the exchanges FCC team, with the goal of addressing past compliance issues and developing robust policies and compliance capabilities. The statement notes that between 2022 and 2023, Gambaryans team assisted global law enforcement in freezing and seizing a significant amount of assets, including $285M in cooperation with U.S. agencies.

The announcement follows Binance discontinuing all its services in Nigeria due to a legal dispute.

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Binance requests release of Nigeria-held executive - ReadWrite

Binance Wallet and BTC L2 project BEVM launch an exclusive airdrop – Cointelegraph

Cardiff, , April 4, 2024, Chainwire According to Binance Web3 official announcement, Binance Web3 Wallet has officially launched a joint airdrop event with the BTC Layer2 project BEVM. Users who complete three simple tasks on BEVM through Binance Web3 Wallet will receive an exclusive airdrop of BEVM tokens. BEVM will allocate 10,500,000 (0.5%) BEVM for the airdrop to Binance Wallet users participating in this event. This is the first collaboration between Binance Web3 wallet and Bitcoin Layer2.

BEVM is an EVM-compatible Bitcoin layer2 based on Taproot Consensus and uses BTC as gas, enabling fully decentralized BTC cross-chain and allowing BTC to be introduced into a broader range of applications in a trustless manner. BEVM recently announced the completion of its ten-million dollar funding round, with investments from nearly 20 institutions, including Rocktree Capital, Waterdrip Capital, Arkstream Capital, ViaBTC Capital, MH Venture, and Mapleblock. BEVM officially launched its mainnet on March 28, and in just one week, the mainnet has garnered over 600,000 user addresses.

BEVM is the first EVM-compatible Bitcoin L2 built on Taproot Consensus and uses BTC as Gas.

Based on Musig + Bitcoin SPVs, Taproot Consensus is the final result of the BEVM teams six years of exploring Bitcoin Layer2 solutions.

BEVM has two narratives; the first is "BEVM-Stack (#BTClayer2 as a service), which can help developers launch #BTClayer2 with one click. Secondly, BEVM will develop DBFX(Decentralized Bitcoin Foreign Exchange) protocol to seamlessly bridge native BTC into any Defi protocol on any Chain. BEVM's ultimate goal is to bring 10% of BTC into the Layer2 network, expanding BTC's application scenarios to enable real circulation of BTC.

On March 25, 2024, BEVM announced the completion of a $10 million funding round, with a post-investment valuation of up to $200 million. The funding round involved approximately 20 investors, predominantly from Europe and the United States.

Among these investors, RockTree Capital stands out as a prominent and seasoned crypto investment institution based in the United States. Founded by Omer Ozden, who also serves as an international partner at ZhenFund Global Ventures, RockTree Capital boasts significant influence in the financial circles of China and the United States. Omer Ozden has previously served as a legal advisor for Facebook (now Meta) and was a member of the United States Congress. RockTree Capital has a strong track record of investing in and incubating numerous renowned crypto projects, including Chainlink, Tron, dYdX, Fantom, and Casper, among others.

In addition to RockTree Capital, other notable investors in the BEVM project include MH Ventures, which has invested in well-known projects like Celestia, Sei Network, and Linera; Mapleblock, known for its investments in Polyhedra, DAO maker, Kraken, and Huobi; and Arkstream Capital, which has invested in projects such as AAVE, Flow, Manta, and Particle.

Waterdrip Capital and Satoshi Labs have also participated in the investment, as well as Viabtc Capital, one of the world's top three Bitcoin mining pools.

In the current market, BTC Layer 2 technology solutions can be broadly categorized into five types: Bitcoin sidechains, UTXO + client verification, Taproot Consensus, multi-signature + EVM, and Roullp.

BEVM adopts the Taproot Consensus technology, which was proposed and implemented by the BEVM team and serves as a typical use case for Taproot Consensus.

Taproot Consensus is a layer2 solution built on the three major native Bitcoin technologies. It has gradually matured since the Bitcoin Taproot upgrade in 2021. The essence of Taproot Consensus lies in Schnorr Signature + MAST Contract + Bitcoin Light Node Network.

Schnorr Signature enables Bitcoin multi-signature custodians to expand to 1,000, achieving decentralization of custodians. MAST Contract implements code-based management of aggregating signatures, relying on code rather than manual signature. The Bitcoin Light Node Network achieves decentralized Bitcoin cross-chain transactions and management through consensus driven by Bitcoin SPVs.

On March 28, 2024, BEVM's mainnet, based on Taproot Consensus, officially launched, reaching over 600,000 user addresses within a week. It is currently one of the most implemented Bitcoin Layer2 solutions.

In summary, compared to other BTC L2 technological solutions on the market, BEVM boasts unparalleled advantages in terms of the native nature of Bitcoin technology, decentralization, and the level of implementation.

On April 4, BEVM announced a joint airdrop campaign with Binance Wallet, offering airdrops for completing any of the three specified on-chain activities. BEVM has allocated 0.5% of its total token supply for this airdrop. It is also Binance Wallets first airdrop event in collaboration with a Bitcoin Layer2.

To participate in the event, users need to access the Binance Web3 Wallet and visit https://binance-campaign.bevm.io. There are three tasks included in the campaign, bridging BTC to BEVM, creating a position in Satoshi Protocol and daily check-in on BEVM.

User Participation Tutorial:

Step 1: Access and Set Up Binance Web3 Wallet

First, ensure you have a Binance account. If not, you will need to create one.

Then, download and install the Binance Web3 Wallet. This can be found on Binance's official website.

After completing the installation, follow the instructions to set up your wallet.

Step 2: Participate in the Event

Access the event page using the Binance Web3 Wallet.

Complete the three tasks required by the event:

Bridge BTC to BEVM: Follow the instructions on the page to bridge your BTC from the main chain to the BEVM chain.

Create a Position in Satoshi Protocol: Navigate to Satoshi Protocol and create a new position.

Daily Check-in: Visit the BEVM page every day to check in.

More Help and Tutorials:

Users can watch this tutorial video to understand the detailed steps for participation.

Users can also read the post on the BEVM blog for more information about the 10,500,000 BEVM airdrop campaign.

BEVM introduces a groundbreaking EVM-compatible Bitcoin Layer 2 solution, utilizing BTC as gas for transactions. This fully decentralized platform bridges the gap between the Bitcoin and Ethereum ecosystems, allowing DApps to operate seamlessly on Bitcoin Layer 2. It features innovative cross-chain interaction, data integrity assurance, decentralized processing, and a robust consensus mechanism for enhanced scalability and security. BEVM aims to fuel innovation in the Bitcoin ecosystem through EVM compatibility, a fully decentralized architecture, and an innovative incentive model. For more information, visit their website at bevm.io.

For more information about BEVM: Official Website | Twitter | Discord | Blog | Github

BEVM Team

marketing@bevm.io

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Binance Wallet and BTC L2 project BEVM launch an exclusive airdrop - Cointelegraph

Binance to delist Bitcoin NFT collections – crypto.news

Binances NFT marketplace will end all support for Bitcoin NFTs from this month amid declining market trends.

Starting April 18, Binance NFT will not accept trades or deposits for Bitcoin-based NFT collections. The platform has issued guidance for its users, urging them to transfer their Bitcoin NFTs out of the marketplace using the Bitcoin network by May 18.

Binance will also automatically cancel all orders for listings affected on the mentioned date. The marketplace also stated that after April 10, it will halt support for additional airdrops, perks, or features linked to Bitcoin NFTs.

Regarding Runestone NFTs, the exchange informed that those eligible for the Runestone airdrop had received NFTs in their Binance accounts. Nevertheless, holders must withdraw these NFTs by next Wednesday to access any related tokens, utilities, or advantages.

Binance stated that its decision largely came from a willingness to streamline the exchanges offerings. NFT market data shows that the number of unique buyers and overall trading volume has significantly dropped despite a brief recovery in the fourth quarter of 2023.

The declining market activity and recent criticism of Bitcoin NFTs causing network congestion likely contributed to Binances decision.

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Binance to delist Bitcoin NFT collections - crypto.news

Is It Too Late to Buy Ethena? ENA Price Soars After Binance Listing and This Other Coin is About to List on Exchanges – Cryptonews

Last updated: April 4, 2024 12:05 EDT | 2 min read

The newly-listed Ethena token (ENA) has surged 13% in 24 hours and 53% overall since listing on Binance on Tuesday.

ENA is a governance token for Ethenas decentralized finance (DeFi) protocol. The protocols yield-earning dollar-pegged stablecoin USDe offers a staggering 35% APY.

Unlike its traditional rivals Tether (USDT) and Circle (USDC), USDe token is a s0-called synthetic dollar, able to generate yields by pairing ether liquid staking tokens with short ether(ETH)perpetual futures positions for collateral, in order to maintain its $1 price peg.

A mechanism called delta hedging ensures the stability of the coin. The technique involves offsetting the price change risk of the collateral assets with corresponding short futures positions.

USDes market cap has also exploded recently, and currently sits at a fraction short of $2 billion, making it the number two trending cryptocurrency on CoinMarketCap today with a $2.5 billion 24-hour trading volume.

According to valuation tracker Tracxn,Ethena Labs has raised over $20 million over two rounds of fundingparticipated by Franklin Templeton, DragonFly, Kraken, Maelstrom, and others. BitMex co-founder Arthur Hayes was an angel investor in Ethena.

Over on ENAs trading chart we can see a nearly 20% pullback from a post-launch high of about $1.25 on Tuesday. All told the coins value has doubled since it began its listing at roughly $0.64.

This morning, a short sharp buying spree drove ENAs Relative Strength Index (RSI) to over 70, indicating overbought conditions, but it appears to have cooled off within the last hour.

For many investors, ENAs pegging mechanism evokes nightmares of Terraform Labs UST, the dollar-pegged stablecoin that crashed the entire market back in 2022.

UST also offered attractive yields for staking it in the Anchor lending protocol. Like ENA, cash and cash reserves didnt peg UST to the greenback. Instead, a mint/burn mechanism enabled users to mint one UST by burning $1 worth of a related cryptocurrency called LUNA and vice versa.

The mechanism failed when falling interest rates on Anchor led to a bank run on UST in May 2022. Too many people tried to exit the stablecoin at once, pushing LUNA into a hyper-inflationary spiral as panicking UST exiters minted 7 trillion LUNA tokens.

The industry has learned a lot since 2022 and there is now increased scrutiny around stablecoins and their reserves.

Time will tell if ENA is a safe bet, but ENA holders can diversify their portfolios to capitalize on Bitcoins bullish halving narrative by investing in hot new meme coins.

How about a 420-friendly sloth with big dreams?

In a few days, traders have poured $7.6 million into an ICO for new Solana meme coin Slothana ($SLOTH) to try and recapture some of the early upside potential of established Solana funny tokens like Slerfs, DogWifHat and Bonk.

Solanas latest meme sensation is a lazy critter who lives and works on the blockchain. But with his permanently red eyes, he cant hide the fact that he really doesnt want to work; he wants to go from 420 to $420 million.

Word on the grapevine says Slothana is by the same team that launched Smog (SMOG), whichrallied strongly after ending its presale and listing.

Details are scarce at present, but interested investors can join the presale by sending SOL to this address:EnSawje2vQSQKtGbPYdXEuYKm2sHgeLKJTqCmrDErKEA

Visit Slothana Here

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Is It Too Late to Buy Ethena? ENA Price Soars After Binance Listing and This Other Coin is About to List on Exchanges - Cryptonews