Tag: Binance Smart Chain (Bsc)

Low-Cap Altcoin Surges by More Than 121% This Week Amid Booming Trading Volume

by Dailyhodl

A low-cap non-fungible token (NFT) platform has surged by more than 120% percent in the past seven days amid booming trading volume.

Radio Caca (RACA) bills itself as the “exclusive manager of Maye Musk Mystery Box (MPB) NFT and DeFi+GameFi vehicle for The Universal Metaverse.”

RACA, the 104th-ranked crypto asset by market cap, is trading at $0.00793562 at time of writing.

The project launched on the Binance Smart Chain (BSC) in October and was named one of the BSC’s “Most Valuable Builders” that month.

Binance Smart Chain also promoted the project on Twitter earlier this month.

This week, Radio Caca announced it had nearly $107 million in daily trading volume on the Binance Smart Chain, a new record for the NFT platform.

“New record!!!!!! On [Binance Smart Chain],

the 24-hour trading volume of RACA reached $106.93M”

Image
Source: RadioCacaNFT/Twitter

The project also noted on Twitter this week that its “Metamon Game” had more than 10,000 daily active users.

Radio Caca says Metamon is the main character in its blockchain-based game on the Binance Smart Chain.

The project plans to expand the Metamon game into the Universal Metaverse (USM), which it bills as a “3D Mapping Metaverse” massively multiplayer online game (MMO).

Radio Caca explains,

“In the Metaverse, you use VR/AR technology to live in the virtual world with a new identity: new clothes, new body, new skills, new social status, etc.

In the USM Metaverse, each player is also a builder. They build a social network around themselves, establish a complete economic system and finally build a new virtual civilization. What’s more, they can create arts and mint into NFTs as their assets to exhibit or trade in the Metaverse.”

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Featured Image: Shutterstock/Veronika Yeroshenko/Vladimir Sazonov

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Total Value Locked in DeFi Jumps to $208 Billion with Ethereum Taking the Lion’s Share

by Blockchain News

The decentralized finance (DeFi) sector took the world by storm in 2020 after its value grew by fourteen times. Its presence in the crypto space continues to be felt as its value continues to skyrocket.

According to DefiLlama, a ranking and metrics provider for DeFi protocols, the total value locked (TVL) in this sector stands at $208 billion. 

Ethereum leads the pack in DeFi’s TVL at $141.92 billion, representing 68.2%. Binance Smart Chain (BSC) and Solana take the second and third positions at $17.38 billion and $10.71 billion, respectively.

DeFi is founded on blockchain-based smart contracts that fulfil certain financial functions based on the underlying code. 

Some experts expect this industry to experience more growth in the coming years. For instance, Matthew Roszak, a veteran crypto investor, recently stated that the DeFi sector would become an $800 billion industry thanks to increasing mainstream crypto adoption, the global chase for yield, and increased inflation.

On the other hand,  blockchain analytic firm Chainalysis reported that the United States had the highest DeFi adoption rate, followed by Vietnam, Thailand, China, and the United Kingdom.

More investments continue trickling into Ethereum 2.0

According to market insight provider Glassnode:

“The total value in the ETH 2.0 Deposit Contract just reached an ATH of 7,906,210 ETH.”

Image

Ethereum 2.0, also known as the Beacon Chain, is seen as a game-changer that will offer a transition from the current proof of work (POW) consensus mechanism to a proof of stake (POS) framework. As a result, scalability and efficiency will be boosted. 

Meanwhile, the holding continues to thrive in the Ethereum network. Reportedly:

“The number Ethereum addresses Holding 100+ Coins just reached a 4-month high of 43,048.”

Image

Holding is a favoured strategy in the crypto space because coins are kept in cold storage and digital wallets for future purposes other than speculation. 

Image source: Shutterstock

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Total Value Locked in DeFi Jumps to $208 Billion with Ethereum Taking the Lion’s Share

by Blockchain News

The decentralized finance (DeFi) sector took the world by storm in 2020 after its value grew by fourteen times. Its presence in the crypto space continues to be felt as its value continues to skyrocket.

According to DefiLlama, a ranking and metrics provider for DeFi protocols, the total value locked (TVL) in this sector stands at $208 billion. 

Ethereum leads the pack in DeFi’s TVL at $141.92 billion, representing 68.2%. Binance Smart Chain (BSC) and Solana take the second and third positions at $17.38 billion and $10.71 billion, respectively.

DeFi is founded on blockchain-based smart contracts that fulfil certain financial functions based on the underlying code. 

Some experts expect this industry to experience more growth in the coming years. For instance, Matthew Roszak, a veteran crypto investor, recently stated that the DeFi sector would become an $800 billion industry thanks to increasing mainstream crypto adoption, the global chase for yield, and increased inflation.

On the other hand,  blockchain analytic firm Chainalysis reported that the United States had the highest DeFi adoption rate, followed by Vietnam, Thailand, China, and the United Kingdom.

More investments continue trickling into Ethereum 2.0

According to market insight provider Glassnode:

“The total value in the ETH 2.0 Deposit Contract just reached an ATH of 7,906,210 ETH.”

Image

Ethereum 2.0, also known as the Beacon Chain, is seen as a game-changer that will offer a transition from the current proof of work (POW) consensus mechanism to a proof of stake (POS) framework. As a result, scalability and efficiency will be boosted. 

Meanwhile, the holding continues to thrive in the Ethereum network. Reportedly:

“The number Ethereum addresses Holding 100+ Coins just reached a 4-month high of 43,048.”

Image

Holding is a favoured strategy in the crypto space because coins are kept in cold storage and digital wallets for future purposes other than speculation. 

Image source: Shutterstock

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1inch Exchange Extends to Binance Smart Chain (BSC) Amid Rising ETH Gas Fees

by Btcmanager

In a “natural step,” 1inch Exchange, the decentralized exchange (DEX) aggregator, is expanding to the Binance Smart Chain (BSC), as per an announcement on Feb 25.

Extension to Binance Smart Chain (BSC)

Consequently, they are deploying the 1INCH token on the BSC, availing 1inch Aggregation and Liquidity protocols, including staking features, to BSC users.

Ten million 1INCH tokens will provide liquidity on the Ethereum-BSC Bridge. Notably, the total supply of the token won’t be affected.

Sergey Kunz–the CEO and co-founder, sees this as an opportunity for their product to be the largest DeFi dApp in the months-old BSC high throughput network. To spur activity, they are launching a BNB-1INCH liquidity pool.

In the next month, 0.01 percent of the token’s total supply will be distributed to liquidity providers. They plan to add more liquidity pool with time.

Their objective, in the long-haul, is to build more liquidity and presence in the BSC. With more participants, stakers will earn more rewards.

The 1INCH Governance and Utility Token

The 1INCH token launched on Dec 25, minting 1.5 billion utility and governance tokens.

With the activation of V2 of 1inch Liquidity Pool (Mooniswap) that introduces the price impact fee to ensure higher liquidity and more rewards for stakers, 1INCH token stakers have more say in governance.

Mooniswap reduced arbitrageurs’ profits, increasing those of liquidity providers.

Besides, 1INCH tokens were airdropped to users who had previously interacted with the protocol token launch.

Their liquidity mining program, in six pools, is ongoing after extension by another four weeks on Feb 6. Six percent of the initial total supply was distributed as initial supply.

0.5 percent more were released because of their liquidity mining program.

Ethereum Gas Fees Falls to $20

Ethereum has a fee problem. According to trackers, the average Gas fee on Feb 25 stood at $20, halving from $38.

Compared to BSC, transaction fees in the first smart contracting layer—despite the density of DeFi projects and high adoption-are not practical.

BTCManager reports that Ethereum developers plan to active EIP-1559 as one way of lowering Gas. Other solutions include migration to Layer-2 and, at a later stage, a complete switch to Proof-of-Stake Serenity.


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