Tag: Ape

Binance to Remove Liquidity Pools: ADA, APE, AVAX, DOT and More

by Blockchain News

Binance, one of the world’s premier cryptocurrency exchanges, has announced the removal of a significant number of liquidity pools from its Liquid Swap platform. This decision stems from Binance’s periodic review aimed at refining the trading experience for its users by concentrating liquidity. Traders should closely monitor these tokens, as the removal of token trading pairs may influence their prices.

The liquidity pools slated for removal on September 1, 2023, at 04:00 (UTC) include: ADA/BNB, ALICE/BTC, APE/BTC, AVA/USDT, AVAX/BNB, BTC/TUSD, CHZ/BNB, CHZ/BTC, CTSI/BNB, DOT/BUSD, ENJ/USDT, FIL/BNB, FRONT/BUSD, GALA/BNB, ICP/BNB, ID/BTC, KDA/USDT, LIT/USDT, MATIC/BNB, NEO/BNB, PAXG/USDT, PEPE/USDT, SANTOS/USDT, SUSHI/BNB, SUSHI/BTC, SXP/BNB, SXP/BTC, THETA/BNB, THETA/BTC, TKO/USDT, TLM/USDT, TRX/BNB, TRX/ETH, WBTC/ETH, XMR/ETH, XMR/USDT, XVS/BTC, XVS/USDT, and ZEN/USDT.

Users with positions in these liquidity pools will automatically have their deposited assets returned to their Spot wallets at the aforementioned date and time.

It’s crucial for users to understand that the removal of these liquidity pools won’t affect the trading of the corresponding pairs on Binance Spot. Starting from August 28, 2023, at 06:00 (UTC), the platform will cease accepting liquidity additions to these pools. However, users have the option to redeem their assets from these pools before the removal date. After September 1, deposits in these liquidity pools will be determined based on the prevailing composition ratios of each pool and will be automatically redeemed to users’ Spot wallets.

Binance has also emphasized that Liquid Swap positions might undergo changes in composition ratios due to the inherent nature of liquidity pools. For a deeper understanding, users are directed to the platform’s FAQ section.

The announcement was officially made on August 28, 2023, by the Binance Team.

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ShIB and LPT Lead the Surge of Meme Coins as Bitcoin Stagnates at $29,400

by Blockchain News

In the recent cryptocurrency market trends, ShIB and PEPE have emerged as leaders in the meme coin pump, while Bitcoin has remained stagnant at $29,400 for three consecutive days.

Trading Volume on Binance Futures

On Binance Futures, the trading volumes of LPT (Livepeer) and 1000SHIB have reached $2.25 billion and $975.24 million respectively. These figures have surpassed Ethereum, ranking second and third, falling just behind Bitcoin. Other notable tokens like BLZ, APE, 1000PEPE, SOL, RUNE, and HIGH rank 6th to 10th, followed by DOGE and XRP.

Top Gainers in the Last 24 Hours

BLZ, LPT, and RUNE have been the top 3 gainers, with 36%, 19%, and 16% gains respectively over the last 24 hours. LPT is the native token of Livepeer, a decentralized live video streaming network protocol based on blockchain technology. BLZ represents Bluzelle, a censorship-resistant decentralized storage network, and RUNE is the native token of THORChain, a decentralized cross-chain liquidity protocol based on the Cosmos software development kit.

Open Interest Trends

1000SHIB’s open interest has seen a decrease of -9.16% over the last 24 hours, standing at $100.37 million.

Conversely, LPT’s open interest has surged to $975.24 million, marking a 43.58% increase. Both Top Trader Long/Short Ratio (Accounts) and Long/Short Ratio are on the rise, indicating that the pump has attracted more traders to short positions. The amount of liquidated short is around $300.

Indicators for LPT Price Trend Reversal

Several indicators are crucial for LPT’s price trend reversal, including:

1. Market makers and manipulators taking profits.

2. Short traders stopping loss or being liquidated in large numbers compared to the open interest scale.

3. A plunge in Bitcoin’s price.

As of now, there are no signs of these indicators, leading to the speculation that market makers and manipulators may choose to continue pumping for more profits.

Conclusion

The recent surge in meme coins, led by ShIB and LPT, has caught the attention of traders and market analysts. With Bitcoin’s price remaining static, the focus has shifted to these alternative cryptocurrencies.

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Sharks Dominated ApeCoin APE’s Trading Volume in Q2 2023

by Blockchain News

In a recent report released by Messari, ApeCoin (APE), an ERC-20 token used for governance of the ApeCoin DAO, experienced significant changes in Q2 2023. The report provides an in-depth analysis of APE’s performance, governance, and future plans.

The report highlights that the trade volume of APE was dominated by sharks, traders with daily trading volumes between $1 million and $10 million, for the first time since APE’s inception. This shift marked a significant change in the trading dynamics of the token.

In Q2 2023, approximately 25 million APE was unlocked to non-DAO entities, and nearly 26 million APE was claimed by Yuga ecosystem asset and APE holders. This increased sell pressure potentially contributed to a 32% drop in the average APE price.

Governance within the ApeCoin DAO also saw changes with the election of two new Special Council members. This transition of power within the DAO’s special roles demonstrates the organization’s commitment to decentralization and community involvement.

WebSlinger, the administrator of the APE Foundation, completed its first full quarter in this role in Q2 2023. Despite a decline in all key metrics of ApeCoin, the daily token transfers, votes per governance proposal, and transfer volume remained higher than in certain previous quarters.

The report also noted that APE’s fully diluted valuation hit a $2 billion floor at the end of Q2’23, marking a 91% drop from its all-time high in Q2’22. Despite this, the ApeCoin DAO continued to approve proposals and allocate funds for the development of the ecosystem.

In terms of staking, APE holders and Yuga Labs’ ecosystem projects claimed 25.8 million APE in Q2’23. This followed the implementation of staking rewards in Q4’22.

The ApeCoin DAO also saw an increase in governance activity, with 34 proposals voted on in Q2 2023. Of these, 11 passed, 18 failed, and 5 were elections. The DAO approved a $480,000 grant for Forj, a subsidiary of Animoca Brands, to create a launchpad called the Ape Accelerator. This platform aims to incubate and grow projects that use ApeCoin and Bored Ape Yacht Club (BAYC) IP.

In a move to fund crypto public goods, ApeCoin DAO approved a proposal to allocate $1 million to ETH Global and ApeCoin hackathons. This initiative aims to give back to the Ethereum community, further development work around account abstraction, and introduce developers to ApeCoin.

Despite the challenges faced in Q2 2023, the ApeCoin DAO continues to demonstrate resilience and commitment to its community. The DAO’s ability to allocate and transition power without conflict, coupled with its efficient capital allocation, suggests a promising future for ApeCoin as the ecosystem continues to grow.

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ApeCoin DAO Signs Off on a $4.4M Bug Bounty

by Blockchain News

ApeCoin DAO, the Decentralized Autonomous Organization that is in charge of overseeing the development of APE, the native token of the Bored Ape Yacht Club (BAYC) ecosystem, has approved the allocation of $4.4 million to conduct a bug bounty program on ImmuneFi.

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According to the snapshot of the votes cast which ended today, as many as 3.9 million APE tokens were cast in favor of the proposal, dubbed AIP-134.

The votes in favor ended at 57.92% as compared to 42.08% for those who committed 2.9 million APE against the proposal. 

The essence of the bug bounty is to carve out an extra security layer for the much anticipated ApeCoin staking service that is billed to go live in December. The ApeCoin DAO wants experienced hackers to help search out the loopholes or any porous avenues in the staking smart contract that may cause headaches later on.

The bounty, now that it has been approved can be launched on ImmuneFi with the 1 million APE tokens earmarked for the bounty set to be drafted from the protocol’s treasury.

“As we near the launch of the ApeCoin staking system outlined in AIP-21 and AIP-22, we propose taking additional measures to ensure the DAO is following smart contract security best practices. This proposal uses treasury assets to fund a 1 million $APE bug bounty program with Immunefi, and partners with Llama to help design, implement, and run operations of these initiatives,” a snapshot from the proposal reads.

The DeFi ecosystem has not been spared from the wranglings and inconveniences caused by hackers this year. That there is a security loophole in most emerging smart contracts is not a question up for debate, whether founding teams have the right model to prevent exploitation remains a major bone of contention.

As one of the most prestigious NFT collections, Bored Ape users have been a major target of cybercriminals, and hopefully, the bug bounty will help tighten all loose ends ahead of the launch of the staking product.

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Top Three Altcoins to Watch for the Week: BNB, APE, and FLOW

by Blockchain News

It is a new week with new opportunities for cryptocurrency investors across the board.

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The crypto ecosystem recorded a very massive plunge over the weekend after Warren Buffett and Charlie Munger incited another bout of sell-offs after both re-emphasized how worthless Bitcoin (BTC) is at the Berkshire Hathaway Annual General Meeting held on Saturday.

As expected, the Bitcoin plunge brought down other altcoins, most of whom are just recovering at the time of writing. As the new week unfolds, here are three of the top altcoins to watch out for.

Binance Coin (BNB)

Binance Coin remains the utility digital asset of the Binance ecosystem and currently sits as the fourth largest digital asset by market capitalization. BNB took a big hit over the weekend, dropping as low as $377.29, the lowest in a month. 

Despite these price plunges, the inherent value of the BNB coin has never been in doubt and with the growing utility and value constantly being churned out by the Binance exchange and the BNB Chain, the digital coin is bound to see more demands that will help reroute the direction of the growth of the coin in the coming week. BNB has started recovering at the time of writing and is changing hands at $388.55, up 0.28% in the past 24 hours.

ApeCoin (APE)

ApeCoin saw a meteoric rise in its popularity and value since it was airdropped to BAYC holders back in March. At a price of $16.38, APE is down 21.57% in the past 24 hours, a bearish trend that was necessary following a correction period following the completion of the sales of the Otherdeeds NFT from Yuga Labs. This price plunge can be considered to be temporary as Yuga Labs has promised a series of values to the community of its NFT holders in the near term. This value addition can begin manifesting in an upward shoot-up as early as this week.

Flow (FLOW)

Flow has been a silent performer since the beginning of the year and though its longer-term outlook shows a massive dip from its all-time high price of $46.16, recent partnerships and ecosystem growth tactics show potential in the long term. The coin is trading at $4.69, up 1.98% in the past 24 hours.

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Browser-based DeFi wallet XDEFI launches public version

by Cointelegraph

XDEFI Wallet, a browser-based wallet service for decentralized finance (DeFi) and nonfungible token (NFT) users, launched its public version on the Chrome Store.

Similar to the widely-used browser extension wallet MetaMask, the XDEFI Wallet supports DeFi applications across multiple blockchains. According to the announcement, the browser wallet works with the Ethereum (ETH) network and other Ethereum Virtual Machine-compatible chains.

Supporting THORchain and Terra, XDEFI Wallet has plans to include Avalanche, Solana and Arbitrum into the mix.

In a previous conversation with Cointelegraph, Émile Dubié, co-founder and CEO of XDEFI Wallet, argued that cross-chain compatibility was necessary to ensure better utilization of Web 3.0.

“No need to switch from a wallet to another, no need to deal with several seed phrases — just use the same vehicle to access different destinations,” Dubié told Cointelegraph at the time.

XDEFI Wallet features an “Ape Mode” that reportedly utilizes a proprietary gas algorithm to offer faster transaction throughput for users. According to Dubié, Ape Mode will be an “indispensable edge” for DeFi and NFT users.

Related: OP Crypto Capital founder cites gaming, Web 3 as drivers of crypto economy

Given the focus on DeFi and NFTs as part of the strategy to challenge MetaMask, XDEFI Wallet also features some “built for NFT” features.

According to the announcement, XDEFI offers automatic in-wallet NFT detection capabilities as well as a grid display for collectibles.

As a wallet platform, XDEFI will also enable crypto trading with users able to make fiat purchases for cryptocurrencies via payment gateway service Ramp.

XDEFI Wallet previously received backing from investors like Mechanism Capital, Sino Global Capital, Alameda Research, and CoinGecko among others to the tune of $6 million.