Connect with us

Binance

IDEX Launches on Binance Smart Chain (BSC): Aims To Lower The Transaction Fees

Published

on

Changpeng Zhao

A few months after launching its Multiverse solution, IDEX has expanded its services to the Binance Smart Chain to offer lower transaction fees.

By employing its recently-launched multi-chain solution for exporting data to new blockchains, the decentralized exchange IDEX has launched a Binance Smart Chain trading infrastructure. As a result, the platform will onboard new assets and reduce trade settlement costs sharply.

IDEX Joins Binance Smart Chain

Launched last year, the Binance Smart Chain (BSC) blockchain works in parallel with Binance Chain to support smart contracts functionality. The latest integration to BSC comes on behalf of the decentralized crypto exchange (DEX) IDEX.

Advertisement

As previously reported, IDEX released a multi-chain solution, called Multiverse, to expand its infrastructure to other blockchains, including BSC’s layer 1. The transition has become official, according to a press release shared with CryptoPotato.

Both projects aim to lower the transaction fees and enhance the users’ experience when interacting on the exchange. Per the announcement, BSC has already executed more than five million trades with an average cost of $0.10 per transaction. For comparison, Ethereum-based DEXs have completed 46 million trades, but the average fee is $4.5.

“IDEX is excited to usher in the future of DEX trading. As more users enter the cryptocurrency market, we are committed to providing the best possible trading experience. With settlement costs as low as $0.10 and the improved functionality, IDEX BSC is the most user-friendly DEX available.” – commented IDEX co-founder and CEO Alex Wearn.

A spokesman from Binance noted that BSC aims to “facilitate fast, decentralized trading to rectify blockchain’s scalability challenges.” Additionally, the leading cryptocurrency exchange solution hosts several other trading platforms, including TrustSwap and PancakeSwap.

Advertisement
cz_binance-min
CZ, CEO of Binance

The First Of Many Integrations?

Apart from the successful usage of the Multiverse solution with the BSC, the decentralized exchange plans to utilize further integrations.

Wearn explained that the project looks for other Layer-1 blockchain networks to “support the IDEX infrastructure and become a hub for trading assets on various blockchains through a secure, high-performance platform.”

The exchange also plans to reward its customers following the launch. Between February 2nd to February 16th, all stakers will receive back 50% of the trading fees in the form of the project’s native token – IDEXB.

News Source

Advertisement

Binance

Crypto Newcomer Explodes After Abrupt Altcoin Listing on Binance

Published

on

A small-cap altcoin is shooting into the stratosphere after earning support from the global crypto exchange Binance.

The governance token Tranchess (CHESS) officially began trading today.

News of the coin’s listing triggered a 185% rise in the price of the asset – from $2.77 to $7.91. Its value has since settled to $5.09 at time of publishing.

Advertisement

CHESS is listed in Binance’s Innovation Zone, a dedicated trading area where users can buy and sell newer tokens that are likely to have higher volatility and pose a higher risk to traders.

According to Binance Research,

“Tranchess is a yield-enhancing asset tracker with varied risk-return solutions on Binance Smart Chain (BSC), which consists of 3 tranche tokens (QUEEN, BISHOP, and ROOK) and its governance token CHESS. 

Advertisement

The platform offers various features including a DEX (Tranchess Swap), money markets (Primary Market), staking, and network governance.”

Tranchess recently raised $1.5 million from Binance Labs, Three Arrows Capital, and other crypto venture firms.

News Source

Advertisement
Continue Reading

Binance

Binance proposes a real-time token burning mechanism to boost BNB value

Published

on

  • Binance has proposed the BEP-95 aimed to burn a percentage of transaction fees as a deflationary measure.
  • BEP-95 will occur alongside the quarterly token burn and well after the 100 million token supply is achieved.

Binance Smart Chain (BSC) is taking further steps to incorporate an additional deflationary mechanism to increase token valuation. As announced today, Binance (BNB) is introducing a new Binance Evolution Protocol (BEP) known as BEP-95. The BEP stands out from the network’s occasional token burns since it introduced a real-time burning mechanism.

According to Binance, a fixed portion of gas fees collected by validators in each block will be sent to the burn address. The ratio initially set at 10 percent, is adjustable according to changes proposed by the Binance community. BSC validators get to vote on community proposals, where voting power is based on staked BNB.

For a proposal to be reviewed by the validators, it has to receive a minimum deposit of 2,000 BNB (mainnet). All BNB is returned to holders after the finalization of the voting process. A proposal that wins is that which gathers 50 percent of the total voting power on the mainnet. Binance notes that voted-upon parameters are implemented immediately.

Details of Binance BEP-95 token burning mechanism

BEP-95 became relevant as it speeds up the BNB token burn, and makes the network increasingly decentralized. The BNB supply cap is about 168 million tokens and Binance intends to burn until 100 million tokens remain in circulation. This will take about 5-8 years to complete, according to Binance. The network’s most recent quarterly burn wiped out over 1 million tokens, worth about $639 million, from circulation.

Advertisement

However, the latest update from its blog now says the BEP-95 burn “will continue functioning” even after the above target is attained. With the burn, Binance expects the intrinsic value of the BNB token to increase in tandem with demand. The network notes that validators and delegators may receive fewer tokens from staking, but the “fiat-denominated value of their rewards may increase.” Moreover, BNB has multiple use cases that benefit all holders of the token.

Currently, BEP-95 is in the draft stage and the network is yet to give a specific date for its implementation.

Several blockchains use the crypto-burning mechanism to create token scarcity and a subsequent increase in token value. Ethereum, for instance, uses the EIP-1559 for this purpose. 

Advertisement

BNB price action

BNB, the fourth-largest cryptocurrency by market cap, was trading at $494 at press time, according to our data. The token has gained 0.8 percent in the day, and 4.8 percent week-over-week. Similar to other digital assets, BNB has rallied fueled by the Bitcoin-led gains. Crypto investor and YouTuber Lark Davis expects “good things” for the BNB price following its launch of a $1B growth fund.

News Source

Advertisement
Continue Reading

Binance

New proposal aims to raise Binance Coin value by burning BSC fees

Published

on

Amid the ongoing rally of Binance’s native token, Binance Coin (BNB), the developers of Binance Smart Chain (BSC) have proposed more measures to maintain the token’s deflationary model and improve its intrinsic value.

According to a new Binance Evolution Protocol, BEP-95, BSC developers are considering introducing a real-time burning mechanism for a portion of gas fees to reduce BNB supply and drive BNB value higher by increasing the demand. According to the BEP, BNB holders will decide how to dispatch the BSC gas reward.

Releasing the proposal on Friday, BSC developers noted that the new BEP might decrease the total amount of BNB that validators and delegators obtain from staking. The burning mechanism will be enabled by introducing governable parameters for two system smart contracts for collecting gas fees.

Advertisement

Created by Binance in 2017, BNB is a deflationary token by design, meaning that Binance burns a percentage of the BNB supply every three months to maintain the token’s value. Binance will stop burning BNB once 50% of the initial supply has been burnt and only 100,000,000 BNB remain.

The latest BNB token burn took place last Monday, with Binance burning 1,335,888 BNB ($640 million) in its 17th quarterly burn.

The proposal comes amid BNB seeing a major rally recently, with the token breaking above $500 on Wednesday. At the time of writing, BNB is the third-largest cryptocurrency by market capitalization after Bitcoin (BTC) and Ether (ETH). The token is trading at $495, up around 44% over the past 30 days. BNB’s all-time high was recorded in May 2021, with the token surging to as high as $686, according to CoinGecko.

Advertisement

The latest BIP, which occurred in August, is similar to a new transaction fee mechanism implemented for Ethereum’s London upgrade. According to Etherchain, the current average ETH burn rate amounts to 3.76 ETH or $15,448 per minute.

News Source

Advertisement
Continue Reading