Reflecting the dynamic nature of the crypto industry, Binance, a global frontrunner in cryptocurrency exchanges, has declared the discontinuation of multiple spot trading pairs. The adjustments are scheduled to be implemented on September 1, 2023, as confirmed by an official statement from the Binance Team, released on August 30, 2023, at 16:15 UTC.
Details of the Removal
The trading pairs to be removed are as follows:
At 03:00 (UTC) on September 1, 2023: ANKR/BNB, CVC/BUSD, EPX/BUSD, HIVE/BUSD, IOTA/BNB
At 04:00 (UTC) on September 1, 2023: KLAY/BUSD, LRC/BNB, MBL/BUSD, MTL/ETH, UMA/BUSD
The announcement also stated, “Users can still trade the above assets on other trading pairs that are available on Binance.”
Impact on Spot Trading Bots
For traders who utilize Binance’s Spot Trading Bots services, it’s crucial to note that these services will also be terminated for the aforementioned trading pairs. The termination will occur at the same times as the delisting of the pairs: 03:00 (UTC) and 04:00 (UTC) on September 1, 2023. Binance “strongly advised” users to update and/or cancel their Spot Trading Bots “prior to the cessation of Spot Trading Bots services to avoid any potential losses.”
Implications and Considerations
While the announcement did not specify the reasons for the removal, such actions are generally taken due to low trading volume or other market factors that make the pairs less viable for the exchange. Traders and investors should be aware that the removal of these pairs could impact liquidity and trading strategies, particularly for those who rely on automated trading systems.
Regional Restrictions
The announcement included a disclaimer stating that “Products and services referred to here may not be available in your region,” highlighting the importance of regional regulations and availability in the cryptocurrency market.
The IOTA Foundation announced a major contribution to the Imperial College. The non-profit organization based in Europe donated £1 million to the world-renown academic institution to research potential improvements to the circular economy supported by decentralized ledger technology (DLT).
Related Reading |Why IOTA Was Chosen By The European Union To Develop Blockchain Solutions
According to the Ellen MacArthur Foundation, the circular economy contemplates a transformation of the world’s economic model to reduce or eliminate the production of waste. Thus, economic agents would adopt a “system solution framework” to prevent negative impacts on the environment.
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The ultimate goal would be for humans to reduce waste and pollution from the production and supply chain and aid “nature to regenerate” itself. The Ellen MacArthur Foundation explains it as follows:
A circular economy decouples economic activity from the consumption of finite resources. It is a resilient system that is good for business, people and the environment.
In that sense, the IOTA Foundation and the Imperial College will collaborate to create an entity that will conduct research to promote the circular economy. Called the I3-LAB or Imperial-IOTA-Infrastructures Lab, the research facility will be located within the Dyson School of Design Engineering in London.
The lab will be comprised of prestigious academic faculty from this engineering school, including Professor of Cyber-Physical Systems and Deputy Director of the Dyson Robert Shorten. With a specialization in smart mobility, smart cities, sharing economy, and DLT, Shorten seems the right person to lead the initiative.
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Via his Twitter account, IOTA founder Dominik Schiener stated the following while celebrating the crypto industry’s influence to improve issues that affect people while creating real-world use cases:
Many of us have joined crypto because we truly believe in the positive impact that we can have. We are here to decentralize, to empower and to create opportunities for everyone. Let’s use the money, knowledge and communities we have to accelerate that impact.
IOTA Makes Push To Support Sustainable Economy
As Schiener clarified, the developments that will come out of this Circular Economy Lab will be open source and everyone will have access. In that sense, he invited the IOTA community to take part in the initiative and added:
This will be the first of many philanthropic activities from the IOTA Foundation. Let’s accelerate our impact, together.
The Foundation also revealed that its contribution to the Imperial College will support doctoral studentships, and postdoctoral fellowships for those researchers interested in topics related to sustainable business models, tokenization, and more.
The non-profit organization also claimed that selected projects will require cooperation between researchers, local entrepreneurs, and authorities. Thus, DLT will be leveraged to resolve a wide variety of environmental challenges. Peter Cheung, Head of the Dyson School of Design Engineering said:
We are incredibly grateful to the IOTA Foundation for their support. Innovation in sustainable growth is one of the key research themes for the Dyson School and this grant will bring new impetus to research on the technological drivers of the circular economy.
Related Reading | IOTA to Release Smart Contract Network ‘Assembly’ And Distribute ASMB Token
As of press time, MIOTA trades at $0.87 with sideways movement in the past 24 hours. The cryptocurrency has been following the general trend in the crypto market as it revisits support after BTC’s price was rejected at critical resistance.
MIOTA moving sideways in the 4-hour chart. Source: MIOTAUSDT Tradingview
IOTA was selected as one of the projects that will take part in the European Union Blockchain Pre-Commercial Procurement. The platform will be competing with four projects in a second round for this EU program for a chance at improving the European Blockchain Services Infrastructure (EBSI).
Related Reading | IOTA Smart Contracts Enter Beta Phase To Circumvent Network Flaws
Announced by the IOTA Foundation (IF), the network has reached stage two out of three after it was selected from around 35 applicants. This second phase will last around six months, per the announcement, and will have a special focus on research, development, and lab testing.
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The IOTA Foundation will receive support from the European Commission in order to investigate and develop “blockchain innovations in the context of testing how future evolutions of EBSI could evolve towards a more scalable, energy-efficient, secure and interoperable architecture”.
In that sense, the IOTA Foundation revealed that it will partner with Software AG to implement the developed solution. After, the EU Commission will launch an evaluation phase to test the results of its program’s second phase and the progress each participant has accomplished. The IF added the following:
(…) based on this evaluation, a minimum of three projects will be selected to move on to Phase 2B, final solutions development and field testing, which is expected to last another year.
Therefore, the non-profit organization will start testing blockchain solutions based on IOTA, specifically they will test a use case for digital product passports for digital waste recycling and a cross-border management of IP rights, the announcement said. Besides Software AG, the IF will rely on other partners and will attempt to growth its partner network.
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In the past, the organization has worked with major companies from around the world to help them develop multiple use cases. This includes software giant IBM, Dell Technologies, Jaguar Land Rover, and others.
IOTA To Power EU Supported Blockchain Solutions?
In its final stage, the EU program will require projects to field test the capabilities of their proposals. The IF claimed to be “excited” about its role on this European driven initiative and added:
We very much support the strategic focus placed by the European Commission on blockchain and distributed ledger technology as a driver for innovation and growth. We are privileged to be part of this pre-commercial procurement procedure to develop a Europe-wide infrastructure based on blockchain and DLT for use in public services (…).
IOTA will dedicate resources to develop solutions and use cases on Scalability, and the implementation of sharding on the EBSI infrastructure. The objective is to improve the protocol’s scale capabilities to onboard and support the users that will leverage the EBSI network.
The IF will attempt to develop its sharding solution with a “root network” approach. In other words, a main network will be connected to a series of leaf or branch smaller networks. In addition, the organization will work on its consensus and governance mechanism, its interoperability, and potential to implement identity solutions.
Related Reading | IOTA to Release Smart Contract Network ‘Assembly’ And Distribute ASMB Token
At the time of writing, IOTA trades at $1,11 with a 1.9% loss in 24 hours.
MIOTA with small gains on the 4-hour chart. Source: MIOTAUSDT Tradingview
The IOTA Foundation was recently selected as a contractor for Phase 2 of the EU blockchain’s pre-commercial procurement. They will now develop prototype improvements for the European Blockchain Services Infrastructure (EBSI)’s future versions.
Competing For The EU
The foundation announced the commission’s support in a blog post on their site earlier today. They will be competing with four other selected contractors to research how the EBSI could be made more scalable, interoperable, secure, and energy-efficient.
The EBSI is a collection of nodes using blockchain technology to improve cross-border services across Europe. It was created in 2018 after the EU commission and member states formed the European blockchain sponsorship.
In September, IOTA was selected in Phase 1 of the EU blockchain’s initiative, among seven of thirty-five applicants.
In Phase 2A, the foundation will reportedly work closely with Software AG on implementing its improvements. After six months, the commission will evaluate results from all participating projects, and select at least three for Phase 2B – field testing.
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IOTA named sharding as a major component of its scaling solution for EBSI. Sharding is a method by which only certain groups of nodes validate specific types of transactions, vastly increasing transaction volume. Vitalik Buterin has named this as a long-term solution for Ethereum but believes it could take years to implement.
“Our vision for sharding is to develop a Tangle Tree, where a “root” network connects to potentially a large number of “leaf” networks through a series of “branch” networks,” explained IOTA. “Different branches and their children can be divided up geographically, by use case or by agency.”
IOTA’s Innovations
IOTA launched multiple major upgrades to its network last year, including a staking test net and Assembly – a multi-chain smart contract platform. The innovations are part of a larger comeback the foundation is attempting to ensure IOTA is used by billions of people as a “human-machine payment network”.
IOTA’s price is $1.11 at the time of writing, marking a strong resurgence since its collapse in 2018.
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On Thursday, the Iota Foundation, which oversees developments in the namesake Internet-of-Things transactions blockchain (IOTA), announced that it had been selected as one of five contractors by the European Commission to develop blockchain and distributed ledger technology in the region. According to the announcement, phase 2A aims to advance European Blockchain Services Infrastructure, or EBSI, in five areas:
It will investigate the feasibility of sharding as to exponentially scale the Iota network on EBSI.
Develop an approval weight consensus mechanism that will be highly flexible and allow both permissionless and permissioned use cases.
Ensure any Iota-based solution for cross-border transfers abides by EBSI governance structures and any regulatory requirements from EU member states.
Integrate its GDPR-compliant identity solution with the new framework for EU digital identity on EBSI.
Prepare on and off-chain bridges to other protocols in and outside EBSI, including support for Ethereum Virtual Machine.
Based on the results of the phase 2A development over the next six months, a minimum of three out of five contractors will be chosen to advance to the next stage, where the European Commission will field-test the capabilities of the newly developed infrastructure and applications. Last September, Iota was one of seven enterprises chosen to support the early-stage innovation of the said European blockchain venture. With its signature decentralized acrylic graphs, the Iota blockchain is known for very little energy consumption and no gas fees. Previously, Assembly, a decentralized layer one smart contract network built within the Iota ecosystem, announced a $100 million capital raise from private investors while receiving praise from Dominik Schiener, Iota Foundation’s co-founder and chairman.
The cost to purchase one Bitcoin (BTC) has dropped almost 10% in the last seven days and has been eyeing extended declines as it drops below $40,000, its interim psychological support, on Jan. 10.
BTC/USD weekly price chart. Source: TradingView
Nonetheless, the losses suffered by Bitcoin still appear lesser than some of its top crypto rivals’ performances. For instance, Cardano (ADA), the seventh-largest cryptocurrency by market valuation, has dropped by nearly 11% to around $1.15 in the last seven days.
Similarly, XRP, the eighth-largest by market capitalization, has dipped by around 10% to nearly $0.75 in the same period.
Meanwhile, some cryptocurrencies listed among the top 50 digital assets have experienced bigger losses between 15% and 30% in the last week. They include Ethereum’s native token Ether (ETH), which has plunged over 16%, and its blockchain rival Terra, whose token LUNA has declined by nearly 20.50%.
That said, listed below are three tokens among the top-50 cryptocurrencies that have performed worse than Bitcoin on a seven-day adjusted timeframe.
Axie Infinity (-27.50%)
Sitting atop more than 12,000% year-over-year profits, Axie Infinity (AXS) turned out to be one of the best places for traders to secure their profits.
AXS price plunged nearly 27.5% to around $70 in the last seven days, thus becoming the worst performer among the large-cap coins. Meanwhile, against Bitcoin, the token slipped by almost 17% to 0.0017 BTC in the same period.
ASX/USD vs. AXS/BTC daily price chart. Source: TradingView
Nevertheless, AXS price may rebound in the coming days as one of the market’s key momentum indicators, the relative strength index (RSI), alerts about the token’s “oversold” status. In detail, the AXS’s daily RSI has slipped below 30, which traditional chartists interpret as a buy signal.
More bullish cues for the Axie Infinity token have been coming from its downside target area between $64.50 and $50, as shown in the chart below. Notably, the $64.50-level served as a support to the AXS price during the August-September trading session in 2021.
Similarly, the levels around $50 prompted traders to accumulate AXS en masse on four occasions since Sept. 7 selloff.
Conversely, breaking below the downside target range may end up pushing below $40, another support level from August 2021.
AAVE (-25%)
Unlike Axie Infinity, Aave (AAVE) native token of the same name had been sitting atop dwarfed year-over-year profits — nearly 60% since Jan. 10, 2021. Nonetheless, it has still become one of the worst-performing cryptocurrencies entering 2022.
AAVE price dropped by a little over 24% to $200 in the last seven days. Meanwhile, the token’s performance against Bitcoin came out to be nearly -15%, reflecting that traders remained unconvinced about a bullish rebound in the Aave market.
AAVE/USD vs. AAVE/BTC daily price chart. Source: TradingView
For instance, AAVE’s daily RSI has been trending lower since Dec. 27 and now sits near 39. It now eyes an extended correction to reach its oversold levels below 30, meaning there is still room for the AAVE price to go further down than its current rates.
The sell signal appears also as AAVE retests its two-month-old ascending trendline support, as shown in the chart below. AAVE has rebounded at least four times from the said rising level since Dec. 4. Therefore, if the coin breaks below it, its likelihood of correcting toward $165, another support level, would be higher.
AAVE/USD daily price chart featuring its interim support and resistance targets. Source: TradingView
Conversely, a rebound from the ascending trendline support may have AAVE rally toward the $250-275 trading range, which has a recent history of acting as both resistance and support. Since December 2021, the area has been able to cap AAVE’s upside attempts successfully
IOTA (-24%)
Based on their seven-day adjusted timeframe performance, IOTA’s losses are marginally lesser than AAVE’s. But given the token has been sitting atop nearly 150% year-over-year profits, it appears like a good sell for traders looking to offset their losses elsewhere during the recent crypto market decline.
Notably, IOTA’s price dipped a little over 24% to $1.00 in the past seven days. Against Bitcoin, IOTA is down about 14% in the same period.
IOTA/USD vs. IOTA/BTC weekly price chart. Source: TradingView
Related: Top 5 cryptocurrencies to watch in 2022: BTC, ETH, BNB, AVAX, MATIC
A bounce is now likely, however, as the token’s daily RSI neared oversold levels, while it dropped to a trading range of $0.93-$1.00, which has a recent history of attracting buyers.
IOTA/USD daily price chart featuring its interim support and resistance targets. Source: TradingView
As a result, if IOTA drops below the $0.93-$1.00 range, its likelihood of extending its price decline towards $0.71 — a support level from the May-June 2021 trading session — looks high. Conversely, a rebound action from the area could have the IOTA price eye $1.21 as its interim bull target.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
On Friday, Assembly, a decentralized layer one smart contract network built within the IOTA ecosystem, announced it had raised $100 million from private investors, including LD Capital, HyperChain Capital assembly, and Huobi Ventures.
The project stated that the funds will be used to accelerate the development of decentralized finance protocols, nonfungible tokens, and play-to-earn crypto games.
IOTA is a blockchain designed for facilitating internet-of-things transactions. Its proprietary technology consists of a system of decentralized acyclic graphs that can connect to one another in multiple vectors as opposed to in-series as with a regular blockchain. As a result, one new block can validate two other blocks, leading to self-sustainable transaction verification. This allegedly leads to the complete elimination of transaction fees and minimal energy cost.
The Assembly mainnet is currently scheduled to launch in early 2022 with a large community focus. 70% of its native ASMB tokens are reserved for developer incentives, community-governed decentralized autonomous organizations, and grant programs.
Meet $ASMB, a token to fuel innovation and growth. The vast majority of tokens are designated to ignite #Assembly’s ecosystem growth and to reward the @iota community.
In a statement to Cointelegraph, Dominik Schiener, co-founder and chairman of the IOTA Foundation, claimed that there are too many Ethereum Virtual Machine, or EVM, blockchains stating:
“Ultimately, all of them will face the same problems with fees, scalability, and interoperability. Most of them will fail in the long term as they offer nothing unique.”
When asked about the uniqueness of the Assembly blockchain, Scheiner feels that it all comes down to flexibility:
“Each smart contract chain can be fully customized to the project’s needs. In addition, Assembly is already fully EVM-compatible, and has support for WASM [WebAssembly], plus Go, Rust and TypeScript as optional smart contract languages.”
Billionaire investor Stelian Balta, founder of HyperChain Capital, said:
We always needed a feeless, highly scalable network for developers to build highly scalable apps in the crypto ecosystem. Assembly does that. They have been pioneers in the crypto ecosystem since 2015, and we are confident in their experience and their vision for the next decade.
The ledger IOTA aims to become “a fully decentralized, feeless multi-asset ledger” by launching Assembly in 2022, a governance layer one for permissionless smart contracts, along with the native token ASMB that will open the doors for the network’s main stakeholders, who would be democratizing Assembly.
IOTA’s founders say the ledger is a “public permission-less backbone for the Internet of Things that enables interoperability between multiple devices.” It aims to provide decentralized transactions accessible for everyone, without the need for miners or blocks, offering solutions for the cost fees, increasing scalability, and staying secure by using the Tangle network.
As the Shimmer network was released only two weeks ago along with its own token -with real monetary value, most likely to be traded on crypto exchanges- to stake, some skeptical users questioned the actual need for Assembly, but enthusiasts have compared to a scalable Ethereum without imposed fees.
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Smart contracts will be allowed to run for free, but there is an option to put a price when high computing power is needed, in which cases supply and demand will determine prices.
Smart contract chains can be fully run from Assembly’s own network, which is the reason for all activities to be anchored to the IOTA Tangle to provide trust by “making them fully immutable and secure”.
Related Reading | IOTA Smart Contracts Enter Beta Phase To Circumvent Network Flaws
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The Staking Of Assembly (ASMB) Token
Proof of Stake also works to provide trust. As a decentralized network, of course, Assembly has no central system to reach if a user requires assistance, so staking comes to play as a wide community is meant to be built through the ASMB token, with members who care about the safety and maintenance of the network: validators.
If validators do not play the role of making sure the rules are followed, they get penalized. Just as well, playing by the rules generates revenue for validators in form of more tokens. All that is required to deploy smart contract chains or become a validator is to run a node or own “a small amount” of the ASMB token “to stake as a security deposit”.
The ASMBtoken will have “70% going to the community”. In the beginning, tokens will be created during a 90-day period when users will be able to “stake IOTA tokens in order to earn ASMB tokens.” -by locking IOTA on the Firefly wallet-, then tokens will be able to get claimed for free, and there will be a period 2 years for users to get their staking rewards.
20% of the initial token supply will go to IOTA holders. Afterward, there will be more staking periods for the ASMB token distribution. Assemble was further described by Dominik Schiener, IOTA’s co-founder, as:
A fully decentralized, permissionless network. It’s an extension of theSmart Contractsframework (live in Beta), and adds a validator pool, the ASMB token, staking and slashing. Anyone can deploy fully sharded smart contract networks on Assembly, while benefitting from the shared security, trustless interoperability, and feeless transactions.
No more bridges, relays or M-of-N multisigs. We’re here to connect smart contracts. … What makes Assembly so unique is that you can customize fees and incentives.
He also stated the Assembly’s journey is only starting and they will be sharing more details on the Builders Program and the support that teams building on Assembly and IOTA will receive. “Hint: It involves a lot of financial support”, he said.
Related Reading | How IOTA Could Reach $1B In Tokens Locked Before Chrysalis 2.0
IOTA trading at $1.3910 in the daily chart | Source: IOTAUSD on TradingView.com
IOTA has announced a new smart contract platform called “Assembly” to accelerate the adoption of Web 3. Like IOTA’s staging network – Shimmer – users can stake IOTA on Assembly to earn rewards, this time dispatched in ASMB token.
What Is Assembly For?
Assembly revealed itself in a blog post on its site earlier today, which was retweeted by IOTA. The platform calls itself a “scalable, multi-chain network for sharded, composable smart contracts.” Sharding is a scaling method that reduces validation time by making smaller groups of nodes validate transactions, rather than the whole network.
Anyone using the protocol can create their own sharded smart contract chain, defined by their own parameters. Virtual machine requirements, validation requirements, and incentive/fee structures are completely composable by developers.
“Every smart contract chain built on Assembly is a fully shared network, limited only by its own throughput while benefiting from the shared security and trustless interoperability of the global network.”
Assembly claims it will be the “open network to build and connect open worlds” using a feeless and highly scalable base-layer for hosting Defi, NFTs, and DAOs. This is a function that Ethereum has attempted for years, but has been held back from due to base-layer congestion and high fees. As such, Vitalik has proposed sharding on Ethereum, alongside other layer-2 scaling solutions.to reduce costs.
The network’s native token – ASMB – will see 70% of its supply distributed to the community. That includes a 20% allocation that goes to stakers of IOTA. With the foundation’s recent launch of its staking testnet, the network’s stakers will be compensated with even greater rewards. The final 30% will go to early participants and the IOTA foundation.
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Another Network for IOTA?
Despite Assembly’s long list of platform features, many were disappointed with the announcement. Considering how IOTA launched smart contracts on its main net in October, some found the entirely new network to be redundant.
Until now, IOTA has been playing the long game. Despite a sleeping price far below its all-time high in late 2017, it is still aiming to become an efficient, zero-fee, human-machine payment network used by billions of people.
“Short-term success in the crypto market is based on speculation and hype; long-term success is based on ideals, community and culture. Only the solutions that follow a clearly defined purpose and preserve their values will ultimately prevail,” reads Assembly’s announcement.
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Iota has announced the release of decentralized layer-one smart contract network Assembly, and accompanying ASMB token, in a bid to accelerate the expansion of smart contracts across a multitude of sectors, including decentralized finance (DeFi) and nonfungible tokens (NFTs).
Assembly utilizes the Iota network’s existing architecture, most notably the directed acyclic graph structure, to operate adjacently as an interoperable, self-sovereign bridge that reaps the benefits of scalability and robust security, among others.
Decentralized application, or DApp, developers have the ability to create their own smart contract chains and set individual parameters for low-cost execution fees, a function that also enables service providers to issue on-chain stablecoin assets to incentivize validators.
Alongside this, the platform is fully compatible with the Ethereum Virtual Machine (EVM), as well as supporting smart contract languages Solidity, Rust, Go and TypeScript, with more expected to be added in the near future.
In conversation with Cointelegraph, Dominik Schiener, co-founder and chairman of the Iota Foundation, revealed how Assembly aligns with Iota’s overarching vision to create a decentralized ecosystem, as well as how the project’s infrastructure could provide a perfect environment for project construction, stating:
“Assembly is fully configurable and can bridge across any smart contract chain running whatever type and flavor its builder desires. Every network built using the protocol will benefit from the shared security, interoperability and token infrastructure provided by the Assembly network.”
Related: Iota Foundation to launch staging network and reward token
In October, the Iota Foundation launched beta smart contracts with EVM functionality in an effort to expand scalability, interoperability and drastically reduce transactional fees on the network.
Source: Iota
The token’s distribution model allocates 40% of ASMB assets to a community decentralized autonomous organization, 20% granted to Iota stakers (as rewards distributed over the coming two years), a further 10% to early participants and ecosystem developers, leaving the final 20% to the Iota Foundation.
By adopting this community-centric governance model, Assembly is seeking to foster an environment for creators, developers and community advocates that facilitates the expansion of the Iota ecosystem into a panoply of Web3 sectors, including the Metaverse.
Amid the parabolic financial gains of metaverse tokens MANA and LAND, in addition to the heightening mainstream debate around the impact of emerging metaverse worlds, Schiener expressed the importance of establishing and maintaining open, transparent, self-governing metaverse models:
“Its underpinnings must be able to support and bridge any type of technical architecture its builders desire, uninhibited by gatekeepers, costly auctions, or rigid architectures limited to certain programming languages, virtual machines, or smart contract types.”
