Tag: Spell

Binance to Remove ALCX, FOR, LOOM, NMR, PEOPLE, PUNDIX, SPELL, STORJ from BUSD Trading Pairs on August 25, 2023

by Blockchain News

On 2023-08-23, Binance, one of the leading cryptocurrency exchanges, made an official announcement regarding the removal of specific spot trading pairs. Effective from 2023-08-25 at 03:00 (UTC), the following spot pairs will no longer be available for trading on the platform: ALCX/BUSD, FOR/BUSD, LOOM/BUSD, NMR/BUSD, PEOPLE/BUSD, PUNDIX/BUSD, SPELL/BUSD, and STORJ/BUSD.

However, Binance has clarified that users can continue to trade these assets using other available trading pairs on their platform.

In addition to the removal of these spot pairs, Binance will also discontinue the Trading Bots services for these pairs. The termination will take effect at the same time as the removal of the spot pairs, i.e., 2023-08-25 at 03:00 (UTC). Binance has strongly advised its users to either update or cancel their Trading Bots associated with these pairs to prevent any potential losses.

For any discrepancies between translated versions of this announcement and the original English version, Binance has stated that the English version will take precedence.

The Binance Team expressed gratitude to its users for their continued support.

Recent Binance Removals

SOLBUSD Perpetual Contract Adjustments (August 21, 2023): Binance Futures announced the delisting of the USDⓈ-M SOLBUSD Perpetual Contract, effective from August 28, 2023, at 09:00 (UTC). Prior to this, leverage and margin tiers were adjusted on August 21, 2023, at 12:30 (UTC).

LTCBUSD and DOGEBUSD Perpetual Contracts Adjustments (August 17, 2023): Binance Futures revealed changes to the USDⓈ-M LTCBUSD and DOGEBUSD Perpetual Contracts. All positions on these contracts were set to be closed by August 24, 2023, at 09:00 (UTC), followed by delisting. Leverage and margin tiers for both contracts were adjusted on August 17, 2023, at 12:30 (UTC).

Spot Trading Pairs Removal (August 16, 2023): Binance discontinued several spot trading pairs, effective from August 18, 2023, at 03:00 (UTC). Affected pairs included CKB/BUSD, FARM/BUSD, ORN/BUSD, and others.

Margin Pairs Delisting (August 16, 2023): Binance Margin announced the delisting of several cross margin and isolated margin pairs, including EPX/BUSD, GAL/BUSD, and GMX/BUSD, effective from August 24, 2023, at 06:00 (UTC).

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3 key metrics show DeFi’s TVL on the verge of a new ATH

by Cointelegraph

As 2022 gets underway, the decentralized finance (DeFi) sector of the cryptocurrency ecosystem appears to be gaining momentum in what could be an echo of the bullish market seen in seen in early 2021. 

Data from crypto market intelligence firm Messari shows that over the past 30 days, 5 out of the top 10 DeFi protocols have seen their tokens post double-digit gains. This is in spite of the struggles that Bitcoin has faced, a dynamic which usually places bearish pressure on the wider crypto market.

Top 10 DeFi assets. Source: Messari

A deeper dive into the data shows that AAVE, Curve (CRV) and Spell Token (SPELL) have outperformed a majority of the field but what’s behind these bullish outbreaks?

In the case of AAVE, the Dec. 28 introduction of real-world assets (RAW) to the protocol represented the next advance in DeFi capabilities. Users will now be able to borrow against tokenized forms of traditional assets such as real estate, cargo, freight invoices and payment advances.

Curve and Abracadabra Money’s integration of stablecoins across the DeFi ecosystem have elevated their status as integral components of the DeFi and this is reflected in reflected in the price growth of their native tokens.

Rising metrics highlight DeFi’s building strength

Further evidence of the building momentum in the DeFi space can be found by looking at various metrics within the ecosystem. These metrics include active users and total value locked.

According to data from Dune Analytics, the number of uniques users in DeFi has continued to climb higher over time and is currently at a record high of 4,304,478 unique wallets.

Total DeFi users over time. Source: Dune Analytics

The activity shown on decentralized exchanges (DEX) has also been on the rise over the past few months. Data from Dune Analytics shows that May 2021 was the only month with a higher DEX trading volume than was seen in November and December 2021.

Monthly DEX volume by project. Source: Dune Analytics

As a way to see how far the DeFi ecosystem as a whole has grown in the last two years, the volume traded on decentralized exchanges in the first four days of January has already surpassed the volume seen during the entire month of July 2020, when the “Summer of DeFi” was starting to gain momentum.

Related:

Total value locked in DeFi. Source: Defi Llama

According to data from Defi Llama, the current TVL for all of DeFi sits ast $255.87 billion, just $4 billion lower than its all-time high of $259.41 billion which was set on Dec. 2, 2021.

The leading protocols in terms of TVL are Curve with $24.42 billion, Convex Finance with $21.23 billion, MakerDAO at $18.28 billion and AAVE with $14.62 billion.

The overall cryptocurrency market cap now stands at $2.234 trillion and Bitcoin’s dominance rate is 39.4%.

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.