Binance’s New Blockchain Platform Aims to Build Web3 Infrastructure

In its recently published BNB Greenfield white paper, the cryptocurrency exchange Binance stated that it is interested in constructing a blockchain-based Web3 infrastructure. BNB Chain is a blockchain platform that was established by Binance.

According to the white paper, it is a decentralised storage infrastructure that is integrated into BNB Chain. This infrastructure grants users and decentralised applications (DApps) complete control of the data stored inside it. Hosting websites, maintaining personal clouds and data archives, publishing, and other applications are all examples of possible use cases.

The core team at BNB Chain is responsible for building the testnet for the planned Web3 infrastructure. This testnet is backed by community developer teams from Amazon Web Services, NodeReal, and Blockdaemon. BNB Greenfield is a distributed storage system that is currently in development. It will integrate smart contract functionality for Web3 apps and is powered by the BNB (BNB) token (previously known as Binance Coin).

Victor Genin, senior solution architect at BNB Chain, revealed the intention to create a new theme for the ownership and utility of data while discussing the motivation behind the upcoming initiative. He added that “BNB Greenfield will build utility and financialization opportunities for data that is in storage as well as bring programmability to the ownership of data.”

Users that have BNB tokens and a BNB Chain address are able to store data on BNB Greenfield, which functions in a manner similar to that of Web2 cloud storage systems such as DropBox. The creation of websites and the archiving of historical data are two more possibilities.

In addition to this, the system will make use of something called nonfungible tokens, or NFTs, in combination with smart contracts in order to govern who owns the data and who has permission to view it. On the backend, BNB Chain will be utilised to hold the storage metadata; however, the actual data storage will be handled by third-party storage providers.

Recent events have resulted in a cooperation between Mastercard and Binance for the introduction of a prepaid cryptocurrency card in Latin American countries. This desire for continued product growth has been pursued by Binance.

On January 30, the cryptocurrency exchange made the announcement that it will be launching the Binance Card in Brazil. The card will be issued by Dock, a payment institution that is licenced by the central bank.

The card enables real-time conversion of fiat currency to any of 14 different cryptocurrencies, and it comes with a number of enticing bonuses, such as the opportunity to earn up to 8% cash back in cryptocurrency on qualifying transactions and waived fees for certain ATM withdrawals.


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Trader Joe (JOE) makes a 110% V-shaped recovery after Rocket Joe launch

The market appears to be finding its feet and as the smoke clears, its easier to see which projects are fundamentally flawed and which are returning to their previous trading range where they were before the recent three-week downturn.

Trader Joe is one of the decentralized finance (DeFi) protocols that continued to push out new developments during the market-wide correction..

Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.658 on Jan. 24, the price of JOE rebounded 147% to a daily high of $1.63 on Feb. 1 before entering a new consolidation range.

JOE/USDT 4-hour chart. Source: TradingView

Three reasons for the turnaround seen in the price of JOE are the launch of the Rocket Joe liquidity platform, the addition of new projects and staking pools on Trader Joe and a climbing total value locked (TVL) on the platform.

Rocket Joe blasts off

The biggest development to come out of Trader Joe thus far in 2022 has been the launch of Rocket Joe, a liquidity launch platform designed to facilitate the launch of a new tokens on Trader Joe by providing seed liquidity for the protocol.

JOE token holders are now able to stake their JOE on the Rocket Joe platform to earn rJOE, which is a credit used to enter Rocket Joe Launches. Every 100 rJOE that a user deposits into a Rocket Joe Launch will enable them to unlock a 1 Avalanche (AVAX) allocation towards that pool.

The committed funds are used to help determine the starting price for that token and bootstrap its liquidity on Trader Joe. Users who opt to provide liquidity will have their funds locked in the liquidity pools for seven days. In exchange for helping to provide liquidity, users receive an allocation of the newly launched token

This method of token launch allows Avalanche users to acquire newly issued tokens without needing to compete with bots during other token launches or high gas prices.

New listing and project launches at Trader Joe

A second factor helping boost the value of JOE has been the addition of multiple new tokens and projects on the Trader Joe platform, including the first project to launch out of Rocket Joe, Heroes of NFT (HON).

Some other new arrivals to the Trader Joe ecosystem include Dragon Crypto Gaming and Domi Online, a pair of play-to-earn gaming projects, as well as integrations with Cook Finance, the Open DeFi Notification Protocol and the cross-chain trading terminal Kattana.

Related: Avalanche correction risk rises after AVAX price soars 80% from January lows

TVL is rising again

As a result of the increase in the price of JOE and the addition of new tokens and liquidity pools to the Trader Joe ecosystem, data from Defi Llama shows that the total value locked on the platform has begun to recover following the recent multi-month market sell-off. 

Total value locked on Trader Joe. Source: Defi Llama.

The TVL on Trader Joe is $1.43 billion at the time of writing, up from $957 million on Jan. 28 but still well below its all-time high of $2.59 billion on Dec. 1, 2021.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.