Binance, the largest cryptocurrency exchange in the world, is firmly establishing itself as the top dog in the initial exchange offering [IEO] market. Following the launch of several successful tokens via their launchpad, competing platforms are nowhere in sight.
With BitTorrent [BTT] and the Matic Network [MATIC] shooting for the moon, Binance has strengthened its position as a big player in the IEO space, among competing platforms backed by the likes of OKEx, Huobi Global Kucoin, and Bittrex.
According to data released by Ceteris Paribus, Binance registered a whopping 501 percent return from their token sales. Most of their token sales have been successful, with MATIC, BTT, and Fetch AI [FET] offering 870 percent, 869 percent and 128 percent return, respectively.
Similarly, the current Return on Investment [ROI] for the tokens was 13.8x [BTT], 11.0x [MATIC], 3.3x [CELR], and 3.2x [FET].
Binance’s rival Maltese exchange, OKEx, took the second spot, amassing 272 percent returns on their token sales, the most notable of which were from Blockcould [BLOC], recording 399 percent return and Allive [ALV] with 145 percent increase. Their ROI stood at 5.7x and 2.4x, respectively.
Huobi Global took the third spot, despite having the token Top Network [TOP] enjoying 417 percent returns with 3.8x ROI, while Newton [NEW] accounted for 106 percent increase with an ROI of 2.3x.
Matic is undoubtedly the hot topic in terms of token sales via IEOs, with many notable crypto-influencers stating that any correction would not thwart Binance’s long term ambitions for the token.
Jonathan Habicht, Founder of BlockFyre, chided the “dump” that pushed the coin’s price down by 41.72 percent and foretold that it would “start pumping again.” He added that Binance will push the token till it enters the “top 50,” thus portraying the prowess of their IEO.
The BlockFyre Founder added,“The $Matic dump was brutal but I have a feeling that it will start pumping again.
Don’t take my word for it but I believe, Binance will not let this thing go until its in the top 50. They want to showcase that their IEOs are successful.
Wouldn’t buy the dip though, too risky.”
At press time, the Matic Network occupied the 87th spot on CoinMarketCap, the crypto-market aggregator. The MATIC token surged by 22.6 percent over the past 24-hours, while the seven-day price gain was in the region of 235.44 percent. Its market capitalization stood at $65.28 million.
Interestingly, apart from BTT, MATIC, CELR, and FET recorded similar performances, when measured against the top cryptocurrency, Bitcoin, as the below charts reveal.
Binance Unveils Phase Four of Its Lending Products
Binance, the leading digital currency exchange in the world in terms of trading volume, is all set to unveil the phase four of its Lending Products. The exchange made an official announcement detailing the launch date, time and format in an official blog post dated September 16, 2019.
As per the announcement, the Binance Lending Products’ 4th phase will be launched on September 18, 2019, at 6 am of the UTC zone. With this launch, Binance will make lending products with the fixed-term of 14 days’ available to users.
Users must note that the subscription period will begin from 6 am (UTC) on September 18, 2019, and run till September 19, 2019, 0:00 am. The duration of interest calculation is slated to start from September 18, 2019, 6 am and end on October 2, 2019, at 6 am (UTC).
The time of interest payouts is immediately after the loan term maturity, whereas the format of the subscription is on a first-come-first-serve basis, revealed the blog post.
According to the announcement, the digital assets to be included in the fourth phase are Binance Coin (BNB), Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and Ethereum Classic (ETC).
While the annual interest rate for BNB is 10 per cent with a lot size of 10 BNB and individual cap of 500 BNB, Bitcoin is available at 3 per cent annual rate of interest with the individual cap of 20 BTC and a lot size of 0.01 BTC. ETH and ETC are available for 6 per cent and 7 per cent annual rate of interest with the individual cap of 150 ETH and 1,000 ETC, respectively. Their lot sizes are 1 ETH and 1 ETC. USDT, on the other hand, has an annual interest rate of 10 per cent with 100 USDT lot size. The individual cap of USDT is 5,000,000.
Binance has also provided the total subscription cap, as well as interest at maturity per lot, for each of these digital assets in its official announcement to make it easier for users.
CZ Provokes Unintended Panic Following An ‘Attacker’ On New Futures Platform
“A market maker from a smaller futures exchange tried to attack @binance futures platform. NO ONE was liquidated, as we use the index price (not futures prices) for liquidations (our innovation). Only the attacker lost a bunch of money, and that was that.”
Just above is a tweet recently posted by the CEO of Binance, Changpeng Zhao in dispelling the concerns that a bad actor had just attacked the freshly-launched bitcoin futures platform.
This month alone has seen Binance form one of the two major BTC futures offerings to hit the market in September. The other being the Bakkt platform due on 23rd September, comes from the institutional trading platform, Bakkt.
The above quote was just the first in a series of tweets from the Binance CEO who initially warned that the platform’s futures were under attack from one of its own market makers.
“The attacker is a well-known account that trades with @binance,” CZ said. He continued, saying they “started their own futures exchange a few months ago. This was the 2nd attempt they tried. Shame!”
The attacker had reportedly crushed under the BTC/USD order book from $10,324 to $10,024, in what CZ said was the second such attempt at an attack.
The futures platform was launched in an invite-only setup mode following a user testing period earlier in the month. Two platforms were initially available with users voting for their preferred choice.
Aside from the criticism’s of both options’ technical characteristics, uptake was brisk with open interest reaching $150 million last week.
We still don’t know who specifically CZ is talking about but a few hours after the accusations came forward from the CEO, it was confirmed that everything was a big misunderstanding.
“Had a chat with the client. It was an accident, due to a bad parameter on their side. Not intentional. All good now.”
Binance CEO: Bitcoin Futures Platform ‘SAFU’ After Attack False Alarm
The CEO of cryptocurrency exchange Binance has dispelled fears a bad actor had attacked its newly-launched Bitcoin futures platform.
Technical error crashed Bitcoin price
In a series of tweets on Sept. 16, Changpeng Zhao, also known as CZ, initially warned that the exchange’s futures were under attack from one of its own market makers.
The perpetrator allegedly crashed the BTC/USD order book from $10,324 to $10,024, in what Zhao said was the second such attempt at an attack.
Binance launched its futures platform in invite-only mode following a user testing period earlier this month. Two platforms were originally available, with users voting for their preferred choice.
As Cointelegraph reported, despite criticism of both options’ technical characteristics, uptake was brisk, with open interest reaching $150 million last week.
CZ: Only “attacker” lost money
In the event, the attack turned out to be a false alarm, originating from a technical error on the market marker side.
The entity remains unknown, Zhao only revealing it was also an operator of Bitcoin futures. Due to Binance’s own settings, meanwhile, the $300 dip did not liquidate other traders’ positions; only the accidental attacker lost funds.
“NO ONE was liquidated, as we use the index price (not futures prices) for liquidations (our innovation). Only the attacker lost a bunch of money, and that was that,” he confirmed.
Binance forms one of two major Bitcoin futures offerings to hit the market this month. The other, due on Sept. 23, comes from institutional trading platform Bakkt.