Detail: Binance Addresses CyberConnect CYBER Simple Earn Flexible Products Redemption Issues

Binance, one of the world’s leading cryptocurrency exchanges, has issued a statement addressing concerns over the redemption of its CYBER Simple Earn Flexible Products. The announcement comes in the wake of a significant price discrepancy of the CYBER token between Upbit and other exchanges on August 31, 2023.

Key Events

On August 31, 2023, a notable price difference was observed for CYBER between Upbit and other trading platforms. The discrepancy was linked to Upbit’s exclusive support for CYBER (ERC20) and the absence of a cross-chain bridge for CYBER (ERC20) and CYBER (BEP20). This led to a liquidity shortage for CYBER (ERC20) on Binance and other exchanges.

The rising price of CYBER prompted arbitrage traders to borrow the token, resulting in a spike in loan requests. Binance’s risk management protocol was triggered, halting new loan requests and significantly increasing loan interest rates.

Due to the high demand for borrowing CYBER and simultaneous redemption requests, Binance faced challenges in immediately fulfilling CYBER Simple Earn Flexible Products redemptions.

Binance’s Response

To address the situation and enhance user experience, Binance has outlined several measures:

* Dynamic adjustment of Crypto Loans and Margin interest rates, especially during high volatility periods.

* Implementation of a stricter risk management framework for tokens with smaller market caps. Tokens with reduced liquidity might face delisting from * various Binance products.

* Display of risk warnings for specific tokens and periodic reviews of borrowing limits.

* Introduction of a second confirmation step, highlighting potential risks before completing a subscription.

Compensation for Impacted Users:

Binance has committed to compensating affected users

* 887 users who couldn’t redeem their CYBER Simple Earn Flexible Products between August 29 and September 5, 2023, will share a pool of 800,000 USDT and an additional 871 CYBER. The distribution will be proportional to their daily average CYBER holdings during the specified period.

* All other users holding CYBER Simple Earn Flexible Products during the mentioned timeframe will equally share a pool of 200,000 USDT worth of CYBER Locked Trial Fund vouchers, sponsored by CyberConnect Foundation.

In their statement, Binance acknowledged the crypto industry’s nascent stage and expressed gratitude for user feedback, emphasizing their commitment to refining the platform.

CyberConnect has recently become a focal point of discussion in the cryptocurrency world. As previously reported by Blockchain.News, CYBER coin experienced a sharp 40% decline in a single day following the introduction of Proposal CP-1. Subsequently, CyberConnect announced its decision to reject the proposal and took full responsibility for the rumors suggesting that the proposal fueled manipulation of the CYBER token.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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CyberConnect Fully Responsible for Proposal Fueling CYBER Token Manipulation Rumors

Key Takeaways:

CyberConnect dispels rumors surrounding CYBER token manipulation and market control.

The firm acknowledges a “slip-up” in its inaugural proposal at Cyber DAO, contributing to market uncertainty.

New safeguards and a revised proposal for a multi-network bridge involving Ethereum, Optimism, and BNB Chain are forthcoming.

In a statement released on September 3, 2023, CyberConnect, a decentralized social protocol, addressed concerns about its CYBER token. Acknowledging an error in its initial proposal at Cyber DAO, the company aims to quell rumors and market instability. The statement, dated September 2, 2023, delineates plans for new safeguards and an updated proposal to ensure equitable CYBER access across multiple blockchain networks. As previously reported by Blockchain.News, CyberConnect withdrew Proposal CP-1 following a 40% crash in the value of the CYBER token. The primary aim of the now-retracted proposal CP-1 was to ‘optimize CYBER liquidity across Ethereum (ETH), Binance Smart Chain (BSC), and Optimism networks through a series of active balancing strategies.’

Addressing the Rumor Mill

On September 1, 2023, CyberConnect retracted a proposal at Cyber DAO after community members identified an error. The CyberConnect official stated, 

We take full responsibility for this mistake and are introducing safeguards to ensure such events are never repeated.

The withdrawn proposal had intended to optimize CYBER liquidity across Ethereum (ETH), Optimism (OP), and BNB Chain but included a “slip-up” concerning the unlocked amount of CYBER in the community treasury.

Market Dynamics and Liquidity Concerns

The statement also spotlighted a surge in CYBER demand in Korea, where major exchanges currently facilitate CYBER deposits and withdrawals exclusively on Ethereum. This exclusivity has resulted in “unprecedented price differences in CYBER across exchanges.” To mitigate this, CyberConnect introduced the CYBER Multichain Liquidity Balance proposal, aiming for equitable and fair CYBER access across exchanges.

Future Steps

CyberConnect is set to introduce a revised proposal in Cyber DAO, focusing on a bridge to facilitate free CYBER movement across Ethereum, Optimism, and BNB Chain. This proposal will undergo a multi-day voting period for community scrutiny. Additionally, an external, reputable expert will be enlisted to conduct a security audit of the bridge. A Dune dashboard has also been established to offer a transparent view of CYBER’s total and circulating supply.

Mission and Commitment

CyberConnect reaffirmed its mission to “decentralize social networking on the Internet,” emphasizing its dedication to transparency and community engagement. The company stated,

While short-term market volatility may serve as a distraction, the long-term success of CYBER hinges on its community, ecosystem, industry-leading products, and steadfast commitment to a better internet.

Implications

CyberConnect’s statement serves as a blueprint for crisis management in the volatile crypto landscape. By acknowledging its oversight and outlining transparent corrective measures, the firm aims to rebuild trust and stabilize the CYBER token market.

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CyberConnect Rejects Proposal CP-1 After CYBER Coin Dropped Over 40%

CyberConnect, a blockchain project focused on decentralized social protocol championing identity sovereignty for mass adoption and network effects, announced the rejection of its much-anticipated snapshot proposal CP-1. The official Twitter account of CyberConnect @CyberConnectHQ stated,

There was a mistake in the snapshot proposal CP-1 and so it was rejected. The intended usage of Community Treasury for providing liquidity was 1,088,000 CYBER which was unlocked already.

What The Proposal CP-1 Says

The primary objective of proposal CP-1 was to enhance the liquidity of the CYBER token across Ethereum (ETH), Binance Smart Chain (BSC), and Optimism networks. It states:

To optimize CYBER liquidity across ETH, BSC, Optimism networks, we propose a series of active balancing strategies for CYBER token on these networks. 

The proposal outlined a series of active balancing strategies, including:

Deployment of Bridges: The plan was to deploy CYBER-ETH, CYBER-BSC, and CYBER-OP bridges, powered by LayerZero’s ProxyOFT. This would have allowed users to bridge CYBER tokens from any chain to another via Stargate. LayerZero Documentation

Utilization of Community Treasury: The CyberConnect foundation intended to use 1,088,000 unlocked CYBER tokens from the Community Treasury to provide liquidity for these bridges. The foundation aimed to maintain 25,000 CYBER in each of the CYBER-ETH, CYBER-BSC, and CYBER-OP bridges.

Supply Maintenance: In case of liquidity issues on any of the networks, the foundation would burn and mint CYBER tokens across chains to maintain a balanced supply. The total supply of CYBER tokens across all chains would remain constant at 100,000,000.

Market Reaction: A 40% Drop in CYBER Token Value

Following the announcement of the proposal, the value of CyberConnect’s native token, CYBER, experienced a sharp decline, plummeting over 40% within hours. This has raised concerns among traders that the CyberConnect project owners and early investers would like to dump CYBER. However, upon the subsequent rejection of the proposal, the CYBER token experienced a slight rebound in price.

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Animoca Brands and CyberConnect Collaborate on Decentralized Social Layer for Mocaverse

CyberConnect, recognized as one of Web3’s pioneering social networks, has formalized a memorandum of understanding (MoU) with Animoca Brands. The latter is known for its efforts in advancing digital property rights in gaming and the open metaverse. This strategic partnership aims to develop a decentralized social layer for Mocaverse, an NFT collection integral to the Animoca Brands ecosystem.

The collaboration will leverage CyberConnect’s smart account infrastructure, known as CyberAccount, to bolster the identity layer of Mocaverse. This move will provide companies under Animoca Brands the capability to construct their unique social graph. This will further enhance interoperable user experiences across various games, products, and services.

A significant development from CyberConnect was the recent V3 upgrade, which introduced CyberAccount. This is Web3’s inaugural scalable and thoroughly vetted ERC-4337-powered smart account. Since its debut on 26 July 2023, CyberAccount has established itself as a frontrunner in the ERC-4337 account abstraction domain, accounting for over 90% of all smart accounts (or smart contract wallets) created thus far.

The joint venture between Animoca Brands and CyberConnect aspires to set a benchmark in the Web3 social network space. Their goal is to pave the way for a novel paradigm in crafting consumer products and applications. This will empower users to seamlessly navigate their preferred applications without the need to reestablish their networks.

ERC-4337-powered smart accounts are designed to simplify the intricacies of crypto wallets for Web3 developers. This ensures that the user experience and onboarding process is as intuitive as the familiar Web2. Applications built on CyberAccount will grant users access to a plethora of games and services offered by Animoca Brands and its associated companies through a unified smart account.

While existing solutions like MetaMask provide developers access to a crypto-native user base, they fall short in offering developers the tools to deploy context-specific, tailored user experiences. By integrating a social graph with users’ CyberAccount, developers can expedite the launch of their decentralized applications, thereby reducing time-to-market and tapping into new user demographics. Animoca Brands envisions broadening its reach with this ‘super account’ strategy, offering developers an unparalleled user onboarding solution.

In the forthcoming months, Animoca Brands intends to extend support for CyberAccount across Mocaverse. This will enable users to integrate their networks of friends, fans, followers, and connections into their favorite applications.

About CyberConnect 

Established by a team of entrepreneurs from Silicon Valley in 2021, CyberConnect is Web3’s earliest and most expansive social network. It facilitates developers in crafting social applications using ERC-4337/Account Abstraction. This empowers users to have ownership of their digital identity, content, connections, and interactions. As of August 2023, the CyberConnect protocol boasts 1.2M user profiles, with 400k monthly active wallets executing over 16.3M transactions. Its native social app, Link3, has 940k monthly active users.

Recently, CyberConnect’s native token, CYBER, has been listed on several major cryptocurrency exchanges. This includes industry giants such as Binance, Bithumb, and Bitget.

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Binance to Open Trading for CyberConnect (CYBER) and Sei (SEI) on August 15, 2023

Binance, one of the leading cryptocurrency exchanges, has announced the listing of CyberConnect (CYBER) and Sei (SEI), with trading set to commence on August 15, 2023, at 12:00 (UTC). The trading pairs for these new listings include CYBER/BNB, CYBER/BTC, CYBER/FDUSD, CYBER/TRY, CYBER/USDT, SEI/BNB, SEI/BTC, SEI/FDUSD, SEI/TRY, and SEI/USDT.

CyberConnect (CYBER)

CyberConnect (CYBER) is a Web3 social network that enables developers to create social applications. The total token supply for CYBER is 100,000,000, with 3,000,000 CYBER (3% of the total token supply) allocated for Launchpool Token Rewards. Users were able to stake their BNB, TUSD, and FDUSD to farm CYBER tokens over a 30-day period, starting from August 2, 2023, until August 31, 2023.

Sei (SEI)

Sei (SEI) is identified as a layer 1 blockchain optimized for the exchange of digital assets. The total token supply for SEI is 10,000,000,000, with 300,000,000 SEI (3% of the total token supply) designated for Launchpool Token Rewards. Similar to CYBER, users were able to stake their BNB, TUSD, and FDUSD to farm SEI tokens over the same 30-day period.

Additional Features

Binance has also announced that Binance Spot Grid will be enabled for the CYBER/BTC, CYBER/USDT, SEI/BTC, and SEI/USDT trading pairs within 48 hours of the trading start time. Furthermore, users will enjoy zero maker fees on CYBER/FDUSD and SEI/FDUSD trading pairs until further notice.

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Binance Lists CyberConnect (CYBER) and Sei on Launchpool; Farming to Begin on August 2, 2023

Binance has announced the addition of two new projects to its Launchpool platform: CyberConnect (CYBER) and Sei (SEI). The announcements were made on August 1, 2023, detailing the specific information about the projects and their integration into the Launchpool.

CyberConnect (CYBER)

CyberConnect (CYBER) is described as a Web3 social network that enables developers to create social applications. The total token supply for CYBER is 100,000,000, with 3,000,000 CYBER (3% of the total token supply) allocated for Launchpool Token Rewards.

Users will be able to stake their BNB, TUSD, and FDUSD into separate pools to farm CYBER tokens over a 30-day period. The farming will commence on August 2, 2023, at 00:00 (UTC), and will continue until August 31, 2023, at 23:59 (UTC).

Binance will list CYBER on August 15, 2023, at 12:00 (UTC), and open trading with CYBER/BTC, CYBER/USDT, and CYBER/BNB trading pairs.

Sei (SEI)

Sei (SEI) is identified as a layer 1 blockchain optimized for the exchange of digital assets. The total token supply for SEI is 10,000,000,000, with 300,000,000 SEI (3% of the total token supply) designated for Launchpool Token Rewards.

Similar to CYBER, users can stake their BNB, TUSD, and FDUSD to farm SEI tokens over a 30-day period, starting from August 2, 2023, at 00:00 (UTC).

Binance will list SEI on August 15, 2023, at 12:00 (UTC), and open trading with SEI/BTC, SEI/USDT, and SEI/BNB trading pairs.

Participation and Eligibility

Both projects require KYC verification for participation, and there are specific restrictions based on users’ country or region of residence. The staking terms, supported pools, and other details are provided in the official announcements.

The addition of CyberConnect (CYBER) and Sei (SEI) to Binance’s Launchpool represents a continued expansion of the platform’s offerings. By providing opportunities for users to stake and farm these tokens, Binance is facilitating access to new and emerging projects within the crypto space.

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