Crypto Guides, Knowledge & Insights

Binance Research: Stablecoin Market Shrinks, Account Abstraction Adoption Grows in September

Binance Research has released its latest report, delving into key market dynamics for September. The report covers various themes, including DeFi, Account Abstraction (AA), stablecoins, and Layer 2 protocols (L2). Overall, the report indicates that the crypto market in September remained relatively stable, with the total market capitalization experiencing minimal fluctuations. However, there are still noteworthy developments and activities to consider.　　Firstly, Account Abstraction (AA) is witnessing increasing adoption, with monthly transaction volumes showing a growing trend. Secondly, the market cap of stablecoins continues to decline, reaching a new low since September 2021, standing at $123.8 billion. The adoption of chatbots on platforms like Telegram represents a relatively new trend, offering a user-friendly alternative to DeFi applications, and the market remains competitive in this regard. Lastly, there have been significant shifts in the landscape of the DeFi perpetual contract market. Historically, protocols like dYdX, GMX, and Gains Network were major players, dominating a significant portion of trading activity. ApolloX has emerged as a significant participant after its market share in trading volume increased by over 450% month-on-month.　　

2023-10-07Deep Dive

Stablecoin Market Capitalization Witnessed A Decline To $123.8 Billion

Stablecoin market capitalization still sees a sharp decline after market difficulties in 2022 and early 2023.Stablecoin Market Capitalization Sees Significant Contraction　　The total market capitalization of stablecoins, a form of digital currency tied to traditional assets like fiat, has witnessed a decline to $123.8 billion as of September, according to data from CCData. This marks the lowest point since August 2021, when the sector was valued at $137.9 billion in December.　　In addition to the stablecoin market capitalization decline, stablecoin trading volume on centralized exchanges, including Coinbase, dropped by 28.4% to $331 billion in September. This represents the lowest monthly trading volume since July 2020.　　According to Bloomberg, this contraction in the stablecoin market aligns with an overall reduction in crypto market activity following various scandals and bankruptcies in 2022.Tether Dominates as Stablecoin Sector Faces Challenges　　While several stablecoins like USD Coin and BUSD have seen their market caps shrink, Tether (USDT), the sector leader, has increased its dominance. USDT now accounts for 67.3% of the total stablecoin market, marking its highest percentage since March 2021.　　In August, PayPal introduced its stablecoin, PayPal USD (PYUSD), for payments and transfers. PYUSD is issued by Paxos Trust Company and is backed by U.S. dollar deposits and similar

2023-10-07Deep Dive

Instagram Bans Bitcoin Post Causing New Controversy In The Community

Instagram, the popular social networking platform owned by Meta, has stirred controversy in the cryptocurrency community by taking a surprising action.　　Source: CoingraphInstagram Bans Bitcoin and Crypto Posts Raises Questions　　Instagram bans Bitcoin and its price, a move that has raised eyebrows among crypto enthusiasts. In a statement, the platform explained:　　“We restrict certain activities to protect our community.”　　This decision has left many wondering about the motivation behind the ban.　　The cryptocurrency market has been attracting significant attention, and social media has played a pivotal role in this surge of interest. Crypto influencers, individuals with extensive experience in cryptocurrency investment, have been sharing insights and market updates on various platforms, including Instagram.European Complaints Spark Regulatory Pressure on Social Media Platforms　　However, its not just Instagram that has faced scrutiny. According to Reuters, other major platforms such as YouTube, Twitter, and TikTok could also face regulatory action.　　The European consumer group BEUC has lodged complaints with the European Commission and consumer authorities, alleging that these online platforms facilitate misleading promotions of crypto assets. This regulatory pressure may explain why social media platforms are taking stricter measures against crypto-related content.　　Instagram, known for its visual appeal and influencer-friendly features, has become a favorite platform for crypto influencers. Yet, Instagram

2023-10-07Deep Dive

Telegram Plans to Create a "Super Ecosystem"Similar to WeChat

The encrypted partner of the Telegram instant messaging application, the TON Foundation, is collaborating with Tencent Cloud. Telegram aims to create a “super app ecosystem” similar to WeChat, allowing third-party developers and businesses (including games, restaurants, and more) to develop mini-programs for user interaction. Developers can use JavaScript to create highly flexible interfaces that can run within Telegram or entirely replace any website.　　According to the announcement, Tencent Cloud has collaborated with the TON Foundation this week and has already successfully supported TON validators. They plan to further expand their services to help meet TONs high computational and network bandwidth requirements. Telegram games built on TON can benefit from Tencent Clouds rich gaming solutions and reference cases. For all projects built on TON, Tencent Cloud will provide a certain amount of cloud credits and product discounts, which will be available through Tencent Clouds startup program. Its worth noting that Tencent Cloud will not be the exclusive cloud provider for TON, but partners appear to be able to benefit from its synergies (TechCrunch).　　In previous news, the TON Foundation announced a partnership with Telegram to introduce a self-hosted crypto wallet called TON Space for the platforms users. Additionally, projects built on TON will

2023-09-28Deep Dive

Binance to Halt Euro Trading for Paysafe Users on September 28th

According to an official announcement, due to Paysafes unilateral decision to cease processing Euro deposits for Binance users, Binance advises Paysafe users to take appropriate action in advance.　　Paysafe users can convert their Euro balances in their Binance accounts to USDT until 8:00 AM on October 31, 2023. Additionally, users can continue to withdraw Euro balances from their Binance accounts to their bank accounts.　　Binance suspended Euro deposits for Paysafe users on September 25th at 8:00 AM. Starting from September 28th at 12:00 PM, users will no longer be able to buy or sell cryptocurrencies using Euro balances.　　

2023-09-28Deep Dive

Hong Kong's Financial Chief Vows Strong Action in JPEX Case

Hong Kong Financial Secretary Paul Chan Mo-po concluded his European visit and returned to Hong Kong in the afternoon. During his visit, he responded for the first time to the alleged fraud case involving the virtual asset trading platform JPEX. He acknowledged the announcement made earlier in the week by the Chief Executive of the Securities and Futures Commission (SFC), Ashley Alder. He noted that this incident serves as a reminder of the risks associated with trading on unlicensed virtual asset exchanges. While the Hong Kong SAR Government recognizes the significance of blockchain technology and financial innovation, it also emphasizes the importance of bringing third-generation internet-related businesses under appropriate regulation. Chan stressed that illegal activities of this nature will be dealt with severely and integrated into a suitable regulatory framework. The goal is to encourage the responsible and sustainable development of the industry, reflecting the governments policy direction.　　Secretary for Security Chris Tang Ping-keung stated that the police have received 2,392 reports related to the case so far, with contact made with over 300 individuals. The total amount involved is nearly HK$1.5 billion. To date, 12 individuals have been arrested, with HK$8 million in cash seized and over HK$77 million in

2023-09-28Deep Dive

BNB Holders Get 25% Off Trading Fees on CommEX

Binance is taking significant steps to facilitate a seamless transition for its Russian BNB holders as it completes its withdrawal from the Russian market.　　Changpeng Zhao, the founder of Binance, recently took to Twitter to reassure Russian users about the transition process and the safety of their funds.　　In his tweet, Zhao expressed his commitment to ensuring that Russian users experience a smooth transition to CommEX, the platform that has acquired all of Binance‘s Russian operations. This commitment is in line with Binance’s ongoing efforts to prioritize user satisfaction and security.Safeguarding User Funds During Transition　　One of the key highlights of this transition is the assurance that all user funds are safe. This announcement aims to alleviate any concerns Russian users may have had about the safety of their assets during this period of change. Binance has a strong track record of prioritizing the security of user funds, and this commitment remains unwavering even during this transition.　　Additionally, Binance has decided to extend a special benefit to BNB holders. BNB holders will continue to enjoy a 25% discount on trading fees, a perk that has been a part of the Binance ecosystem for some time. This move demonstrates Binances appreciation for its loyal users

2023-09-28Deep Dive

Latest Gemini Genesis News Reveals $282 Million Withdrawal Before Bankruptcy

In a recent Gemini Genesis news reported by Bloomberg, Gemini withdrew $282 million from Genesis before bankruptcy, triggering legal disputes in the crypto world.　　In a recent Gemini Genesis news, Gemini Trust Co. executed a significant move months before Genesis Global Holdco LLC faced a deposit freeze and eventual bankruptcy. Two anonymous sources have revealed that Gemini Trust Co., owned by Tyler and Cameron Winklevoss, withdrew approximately $282 million in cryptocurrency from Genesis in August 2022.Geminis Strategic Move　　Contrary to speculations, the withdrawn funds were not directed towards the Winklevoss twins. Instead, they were allocated to establish a reserve to facilitate immediate redemptions for Gemini Earn customers.　　The situation was complicated as FTXs collapse sent shockwaves through the volatile crypto market. Genesis subsequently froze customer withdrawals and, in January, filed for Chapter 11 bankruptcy protection in New York. In response, Gemini filed a claim seeking $1.1 billion for Earn users.　　Since the initial withdrawal freeze, negotiations involving Gemini, Genesis, and Digital Currency Group have been ongoing, marked by public disagreements between Barry Silbert, the founder of DCG, and the Winklevoss twins. A tentative agreement reached in February remained unresolved, leading to a lawsuit by Gemini against DCG for fraud in July.　　Additionally, both Genesis and

2023-09-28Deep Dive

Xiang Xiang Unicoin Arrested By Hong Kong Police In JPEX Case: Report

Two other people and Xiang Xiang Unicoin arrested by Hong Kong police in the Unicoin crypto case. Investigation ongoing; total funds involved reach HK$1.499 billion.　　According to Sing Tao Daily, the Hong Kong police have made significant strides in the ongoing JPEX case, with three more individuals taken into custody, bringing the total number of arrests to 15. One of the newly apprehended suspects is a 29-year-old Internet celebrity, “Xiang Xiang,” whose real name is Liang.　　She is an employee of Unicoin, an over-the-counter cryptocurrency exchange shop, and is popularly referred to as the “Unicoin Resident Analyst” on social media. Her YouTube channel and Instagram account, where she shares investment insights and photos, have earned her the “Goddess of the Coin Industry” title among local netizens.Along with Xiang Xiang Unicoin Arrest　　The other two individuals arrested are a 23-year-old named Zhong and a 28-year-old named Huang. Zhong Nan, the 23-year-old, holds the position of director at Lupin, another over-the-counter cryptocurrency exchange store.　　The police have emphasized that their investigation is ongoing, and further arrests are not ruled out. The Commercial Crime Bureaus officers are actively pursuing leads to provide crucial information to aid the investigation.　　Additionally, according to Metroradio reports, as of 5 pm today,

2023-09-28Deep Dive

Arbitrum Odyssey Relaunches, Inaugural Week's Missions Hosted on GMX

Arbitrum has announced the relaunch of its Odyssey event on the X platform, with the first task starting on GMX. The first week of tasks will run from September 27th, 0:00 Beijing time, to October 2nd, 0:00. Tasks for this week include engaging in leveraged trading on the GMX V2 market and sharing GMX referral links on social media.　　Arbitrum reminds users that after completing the GMX tasks, it may take several days to verify eligibility for NFT badge qualification since eligibility information needs to be manually updated this week.　　In previous news, Arbitrum Odyssey entered into a 7-week partnership with the Web3 community platform, Galxe. Participants who complete tasks and explore the 13 projects on Arbitrum One can earn custom badges.　　

2023-09-27Deep Dive

...

6567

...

736