On April 16, 2024, the Drift Foundation, which supports the Solana-based decentralized exchange (dex) platform Drift, disclosed plans to distribute 100 million tokens to its users. The tokens will function as the platform’s governance coin, to be utilized by the community and the Drift decentralized autonomous organization (DAO). Solana-Based Dex Platform Drift to Distribute Governance […]
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Trust Wallet Advises Apple Users to Disable Imessage Amid Fears of Zero-Day Exploit
Trust Wallet, a crypto wallet provider, has issued a warning for Apple users to disable Imessage, based on “credible intel” about a zero-day exploit available on the dark web for million, which could allow hackers to take control of users’ Iphones without any interaction needed. The alert was met with skepticism by some in […]
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Stepn Rewards Move-to-Earn Users With $30 Million in FSL Points Airdrop
On Wednesday, the Web3 fitness and move-to-earn platform Stepn unveiled a million airdrop campaign, offering participants the chance to earn FSL points that can be exchanged for GMT tokens. Stepn Reveals M Airdrop, Precedes Big Brand Collaboration The Solana-based Stepn has begun the allocation of 100 million FSL points among its users, which they […]
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Crypto Exchange Okx Shuts Down Services in India Due to Regulations — Advises Users to Withdraw All Funds
Cryptocurrency exchange Okx has notified its users in India that the platform is shutting down services in the country “due to local regulations.” The exchange has advised users in India to “withdraw all funds” from their accounts by the end of April. The Indian government has not regulated crypto and the country’s finance minister recently […]
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Embattled Binance Discontinues Nigerian Naira Services — Users Urged to Convert NGN Balances
Binance, one of the leading crypto exchanges, has said it will discontinue all Nigerian naira services on March 8. The crypto exchange’s decision to drop trading pairs that feature the naira follows weeks of attacks and an official crackdown on its Nigerian operations. Crypto experts like Oladotun Wilfred Akangbe believe dropping the naira will temporarily […]
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Coin-for-Coin Payback — Gemini Announces Full Recovery of Crypto Assets for Earn Users After Genesis Settlement
Gemini has reached a settlement with Genesis and other creditors within the Genesis bankruptcy proceedings, promising a full in-kind return of digital assets to Earn program users. This resolution, pending bankruptcy court approval, signifies a major victory for users, with over .8 billion in assets set to be returned. Potential Full Crypto Asset Recovery for […]
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Future AI Models Will ‘Know Users Better Than They Know Themselves’ – Calanthia Mei
The rapid proliferation of artificial intelligence (AI) models in recent years is contributing to the escalating problem of personal data harvesting, or “grabbing,” by major tech companies, Calanthia Mei, the co-founder of the data marketplace Masa, has argued. Mei, a Web3 builder and investor, asserts that this personal data harvesting frequently occurs without the consent […]
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Aave Joins Binance’s BNB Chain Ecosystem – Here’s How Users Benefit
In a significant development for the Binance Smart Chain (BSC) ecosystem, Aave (AAVE), one of the largest decentralized finance (DeFi) market protocols, has announced its integration with BNB Smart Chain. Aave joins prominent projects such as Uniswap, Ambit Finance, PancakeSwap, and Lista DAO.
BNB Chain Welcomes Aave
According to the announcement, this latest development opens up new opportunities for BNB Chain users, giving them access to what the protocol calls “top-tier lending platforms” and enhanced liquidity.
With the launch of First Digital USD (FDUSD), users can now leverage “robust” liquidity, allowing them to explore different applications and opportunities in the Binance ecosystem.
On the other hand, Aave users can now benefit from BNB Chain’s fees and the ability to integrate with one of the largest DeFi ecosystems, fostering increased collaboration between the two communities. The announcement also noted the following about the Aave integration:
This not only complements but strategically aligns with BNB Chain’s 2024 outlook. Focused on mass adoption, high-frequency DeFi applications, and network efficiency improvements, the ecosystem is set for an exciting evolution.
2024 Goals
Looking ahead, BNB Chain has set numerous goals for 2024. The introduction of opBNB – the Layer 2 (L2) scaling solution for the BNB Smart Chain – aims to achieve a transaction processing capacity of 10,000 transactions per second (TPS) by doubling the gas limit to 200 M/s.
Enhanced security measures accompany this increase in capacity through multi-proof mechanisms. In addition, implementing Ethereum’s EIP4844 and Greenfield’s data availability upgrades will reduce gas fees by 5-10 times, providing users with a more cost-effective experience.
In a move called “BNB Chain Fusion,” the BNB Beacon Chain will be merged with the BSC, further enhancing the efficiency and security of the network. The expansion of the number of validators, which will increase from 40 to 100 by 2024, is also expected to contribute to the stability of the network.
Market Cap And Token Holders On The Rise
According to Token Terminal data, the BNB chain has experienced significant growth, evidenced by several key metrics.
One notable metric is the fully diluted market cap, which stands at .71 billion, representing a significant increase of 23.9% over the past 30 days, highlighting the confidence in the protocol.
The circulating market cap, another crucial indicator, currently sits at .73 billion, showing a solid 11.6% growth over the same 30-day period.
On the other hand, the number of BNB token holders has shown a positive trend, reaching 113.51 million, with a significant increase of 3.5% in the last 30 days, demonstrating interest in the ecosystem.
Featured image from Shutterstock, chart from TradingView.com
Nigerian Users Criticize Binance for Imposing Exchange Rate Caps on USDT to Naira Transactions
Some Nigeria-based users of Binance’s peer-to-peer platform have blasted the crypto exchange’s decision to block or remove traders quoting USDT to naira exchange rates exceeding NGN1,802. Binance says it has the right to remove “users behaving in a malicious or manipulative way.” The Nigerian Currency’s Woes Some Nigerian users of Binance’s peer-to-peer (P2P) platform have […]
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Robinhood Cash Surge: Sees $4 Billion Monthly Inflow From Users
Robinhood, a significant player in the United States financial technology sector, has recorded major growth. The platform has seen a notable rise in monthly user inflow.
Robinhood Monthly Deposits Surges To New Height
A correspondent at CNBC, Kate Rooney, recently shared the development with the crypto community on the X (formerly Twitter) platform. The CNBC reporter said Robinhood recorded increased profits in its most recent quarterly results.
Rooney pointed out that the platform is making some headway in its attempt to overtake established “brokerage companies” for market dominance. Additionally, Robinhood aims to expand beyond its “original base of inexperienced and younger traders” in the crypto market.
She further highlighted that over 0 billion of the firm’s assets are currently “under custody.” In addition, a “net positive transfer from every major brokerage competitor” drove the Q4 deposits to approximately .6 billion.
Consequently, this suggests its increasing popularity among investors looking to include digital assets in their portfolios for diversification. It also indicates the growing confidence and inclination toward the trading firm among crypto investors.
The CNBC correspondent asserted that the numbers above consist of an “average customer transfer balance” of 0,000.
As per Rooney’s X post, Robinhood saw a substantial rise in monthly deposits valued at billion in January. So far, the recent uptick signifies the online trading platform’s strongest month since early 2021.
During the same quarter last year, the trading platform lost 6 million, or .19 per share. However, this year, it made a profit of million, or .3 per share.
As was revealed, Robinhood’s income rose due to increased net interest and transaction-based and other revenue streams. Over the three months, its net interest income grew by 4% to 6 million.
Taking Over The Active Trader Market
Vlad Tenev, Robinhood’s Chief Executive Officer (CEO), has revealed Robinhood’s intentions to take over the active trader market. Tenev recently disclosed this objective during a quarterly earnings call.
He stated that the firm’s user base and revenue have grown “nearly seven times” in the past four years. “looking at what is in front of us, we are excited by the opportunity to continue growing significantly from here,” he added.
Robinhood has gained market share and attracted net asset inflows from its major rivals. According to Tenev, the company will continuously invest in its “user experience on mobile” to achieve its goal.
Currently, the crypto enterprise stands out as the dominant player in market share. Tenev has confirmed the addition of futures and index options to the platform in the coming months of this year.