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Binance Finalizes Maverick Protocol Integration on BNB Smart Chain

by Blockchain NewsSeptember 4, 2023

Key Takeaways

Binance completes integration of Maverick Protocol on BNB Smart Chain.

Deposits and withdrawals for MAV tokens are now enabled.

Users can locate their MAV deposit address on the Binance platform.

Binance, a leading cryptocurrency exchange, announced today that it has successfully integrated Maverick Protocol (MAV) into its BNB Smart Chain. The integration allows for deposits and withdrawals of MAV tokens on the BNB Smart Chain, which operates on the BEP20 standard.

What is Maverick Protocol?

Maverick Protocol is a decentralized finance (DeFi) infrastructure designed to optimize liquidity for traders, liquidity providers, DAO treasuries, and developers. It is powered by Maverick AMM, the first Dynamic Distribution AMM in the DeFi space. The protocol aims to maximize capital efficiency by automating the concentration of liquidity as prices fluctuate. This feature not only offers better prices for traders but also reduces gas fees for liquidity providers.

Details of the Integration

According to an official statement released by Binance, the integration process has been finalized, and users can now perform deposits and withdrawals of Maverick Protocol (MAV) tokens. The tokens will be supported on the BNB Smart Chain, which is built on the BEP20 token standard.

The announcement specifies that users can find their “assigned Maverick Protocol (MAV) deposit address on BNB Smart Chain (BEP20) within the Deposit Crypto page” on the Binance platform. Additionally, the smart contract address for Maverick Protocol on the BNB Smart Chain is made available, although the exact address was not disclosed in the announcement.

Implications for Users and the Ecosystem

The integration of Maverick Protocol into the BNB Smart Chain could potentially offer more liquidity and utility for MAV tokens. It also expands the range of assets supported on Binance’s native blockchain, thereby enhancing its ecosystem. (Read more on Blockchain.News exclusive interview with BNB Smart Chain)

Conclusion

Today’s integration marks a notable development in the ongoing expansion of assets supported by the BNB Smart Chain. As deposits and withdrawals for Maverick Protocol are now enabled, users have more options for asset management on the Binance platform.

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Binance Completes BNB Smart Chain Upgrade and Hard Fork: What You Need to Know

by Blockchain NewsAugust 30, 2023

Key Points

* Binance successfully completes BNB Smart Chain (BEP20) network upgrade and hard fork.

* Deposits and withdrawals were temporarily suspended from approximately 07:15 am UTC and have now resumed.

* The announcement was made on August 30, 2023, at 11:14 AM, and garnered significant attention on social media.

Binance, a global leader in digital asset exchanges, announced today the successful completion of a critical upgrade and hard fork for its BNB Smart Chain (BEP20). The upgrade, which temporarily halted deposits and withdrawals, has now been successfully implemented, and all services have resumed as of 11:14 AM on August 30, 2023.

The Upgrade: A Focused Look

The upgrade was initially announced on August 28, 2023, and was scheduled for today. Deposits and withdrawals on the BEP20 network were suspended from approximately 07:15 am UTC. A reminder was issued an hour before the upgrade commenced, stating that all deposits and withdrawals would be temporarily suspended until the network was deemed stable. Finally, Binance confirmed the completion of the upgrade, stating, “Binance has completed the BNB Smart Chain (BEP20) network upgrade and hard fork, with deposits and withdrawals back online.”

User Impact and Market Response

While Binance thanked its users for their patience, it also apologized for any inconvenience caused during the upgrade. The temporary suspension of deposits and withdrawals was a necessary step to ensure the successful implementation of the network changes.

Broader Context: BNB Chain’s Future Plans

In a recent interview, Binance revealed ambitious plans for its BNB Smart Chain, aiming to lay the groundwork for the next 1 billion Web3 users. The chain is focusing on performance and scalability improvements, including the implementation of layer 2 solutions like opBNB, which can handle around 4K TPS and offers a 90% reduction in gas fees at $0.005.

Conclusion

The completion of the BNB Smart Chain upgrade and hard fork marks a pivotal moment for both Binance and its community of users. Although the immediate market ramifications remain unclear, the reinstatement of deposit and withdrawal functions signals a return to normalcy for the platform’s operations.

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Tagged : Binance / BNB SMART CHAIN / Hard Fork / News

BNB hacker liquidates from market meltdown, loses $53M

by Blockchain NewsAugust 19, 2023

The dramatic market reversal that occurred in the cryptocurrency arena resulted in the liquidation of many traders. According to the data that was shown on the blockchain, the attackers responsible for the BNB Smart Chain vulnerability, which resulted in the theft of nearly $600 million worth of BNB tokens, were also liquidated.

On October 6th, an exploit on the BSC Token Hub cross-chain bridge led to the temporary suspension of BNB Smart Chain (BSC). Validators have been asked to halt BSC, but the issue was then contained, ensuring the safety of all funds. The community’s swift assistance was crucial in freezing transfers. Node service providers, including Hash, Neptune, BSCScan, and others, were commended for their rapid response. While initial losses were estimated between $100M-$110M, community and security efforts have frozen about $7M. The collaboration and support from the community have been deeply appreciated.

On August 18, the collateral connected with a cryptocurrency wallet that was tied to the vulnerability was liquidated on the cryptocurrency lending site Venus Protocol, as stated by the PeckShield. Over 53 million dollars’ worth of value was assigned to the collateral.

The value of the whole cryptocurrency market dropped by 7% on August 18, according to CoinGlass, bringing the total worth of the market down to $1.1 trillion.

The market data tracker CoinGlass estimates that the disaster was responsible for the loss of more than one billion dollars’ worth of cryptocurrency assets over the course of the preceding twenty-four hours.

The decline in the price of BNB below $220 (liquidation price) has a negative impact on the activities of the hackers operating on the BNB Smart chain. After the price plummeted, three positions related to the wallet were instantly closed out.

As a direct and immediate result of the dramatic decrease in the market, a large number of individuals were obliged to face a financial blow, while others were able to mitigate the magnitude of their losses.

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Tagged : Bnb / BNB SMART CHAIN / Coinglass / News