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Trading Volumes Soar As IDEX Launches On Binance Smart Chain

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IDEX has just announced the launch of its trading infrastructure on the Binance Smart Chain, which will facilitate cost-effective DEX trading. The IDEX ‘Multiverse’ trading solution can export its trading experience to other blockchains, enabling 1000x reduced trade settlement costs. 

Vastly Lower Fees 

Binance Smart Chain is attracting DEX’s and playing a big role in their continued growth. Since September of 2020, BSC users made more than 5 million trades while spending $456,000 in gas fees. By contrast, Ethereum DEX users have carried out more than 46 million trades since 2015 and have paid more than $207 in gas fees. 

In a like for like comparison, BSC users pay less than 10 cents a transaction, while Ethereum DEX users pay an average of $4.50 a transaction – a 49x increase. 

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Alex Wearn, the CEO and Co-founder of IDEX stated: 

“IDEX is excited to usher in the future of DEX trading,” 

He added: 

“As more users enter the cryptocurrency market, we’re 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.” 

Advantages Of A DEX On Binance Smart Chain 

IDEX is now matching the performance of centralised exchanges, as it ramps up its platform to enable hundreds of thousands of transactions per second. IDEX BSC is able to provide the same off-chain infrastructure as its Ethereum counter-part, such as high-performance matching engine, instant execution, and protection against front-running.  

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IDEX BSC also supports the kind of advanced orders normally available only on centralised exchanges such as ‘stop-loss’ and ‘take-profit’. 

Wearn continued,  

“In line with the IDEX Multiverse, we will continue to explore new Layer-1 blockchains to support the IDEX infrastructure and become a hub for trading assets on various blockchains through a secure, high-performance platform.” 

Binance have said previously: 

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Binance Smart Chain aims to facilitate fast, decentralized trading to rectify blockchain’s scalability challenges,”  

“Our blockchain was built to support high-performance decentralized applications, like IDEX, and cultivate cross-chain compatibility to deliver users the best of both worlds.” 

New native assets available on IDEX BSC will include BNB and CAKE. Other assets, which aren’t available on Ethereum DEXs, will be wrapped versions of DOT and LTC among others.  

Finally, when asked how he thinks DEX trading will evolve in 2021 given the boom in DeFi, Alex Wearn replied: 

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“To this point swap DEXs have dominated the conversation. This is in many ways due to the fact that the underlying networks don’t have the performance or throughput to host a proper order book DEX. IDEX’s hybrid design changes the game, and, when paired with a low-cost settlement system, gives users the performance of a centralized exchange combined with the security of a DEX.” 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.   

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Binance Coin Price Analysis: BNB continues to hold above $470, more upside to slowly follow?

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  • Binance Coin price analysis is bullish today.
  • BNB/USD slowly moved higher overnight.
  • Closest resistance at $510.

Binance Coin price analysis is bullish today as the $470 support still holds, likely leading to a reversal back to the upside later today. Therefore, we expect BNB/USD to move towards the $510 and end the several-day retracement.

Binance Coin Price Analysis: BNB continues to hold above $470, more upside to slowly follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with a slight bullish momentum over the last 24 hours, with Bitcoin gaining 1.3 percent. Meanwhile, Ethereum has gained 3.67 percent, while Shiba Inu (SHIB) is the top performer, with a gain of 40 percent.

Binance Coin price movement in the last 24 hours: Binance Coin holds support above $470

BNB/USD traded in a range of $473.11 – $486.80, indicating low volatility over the last 24 hours. Trading volume has declined by 25.12 percent and totals $1.159 billion, while the total market cap trades around $79.9 billion, ranking the coin in 3rd place overall.

BNB/USD 4-hour chart: BNB ready to move higher?

On the 4-hour chart, we can see Binance Coin Price action consolidating as bulls likely prepare for another push higher.

Binance Coin Price Analysis: BNB continues to hold above $470, more upside to follow?
BNB/USD 4-hour chart. Source: TradingView

Binance Coin price action has seen a strong performance so far in October. After setting a new major swing low at $320, a sharp push higher followed on the 1st of October.

BNB/USD eventually peaked at $450, with the following retracement setting a higher low at $395. From there, the market continued higher on the 12th of October, moving to $480 this time.

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After another brief retracement, the further upside was seen earlier this week, with a brief move above the $500 mark seen on Wednesday. Since then, Binance Coin price action has retraced to $470 and formed a consolidation as bulls prepare for the next push higher.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bullish today as a new higher high has been established above $470. Therefore, once the current consolidation ends, we expect BNB/USD to push above the $500 again.

While waiting for Binance Coin to move further, read our guides on LTC wallets, Gero wallets, and  DeFi wallets.

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Crypto Newcomer Explodes After Abrupt Altcoin Listing on Binance

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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.

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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. 

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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.

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

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  • 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.

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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. 

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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.

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