In a recent tweet, Binance CEO, CZ, hacked Ethereum, pointing out its downside: transaction fees are too high. For him, only the wealthy can afford to pay fees to transact Ethereum.
I like ETH, I just don't use it anymore.
— CZ 🔶 Binance (@cz_binance) February 27, 2021
Ethereum has become a blockchain for the rich guys, according to the CEO of Binance
CZ’s judgment is not really wrong. Throughout 2021, average transaction costs on Ethereum have grown as fast as ETH price, from averaging below $ 5 last year to around $ 15 today. Just four days ago, the average network fee reached ATH near $ 40.
Graph showing fees on the ethereum blockchain | Source: yCharts
However, this is the cost per transaction. Traders operating on DeFi or productivity farming platforms have to deal with the ability to pay more than $ 100 for every transaction they make daily.
Later, CZ stated that he is no longer using Ethereum. Binance is developing two projects to compete directly with the two largest blockchains in the ecosystem.
Binance Chain is designed to enable extremely fast payments with minimal fees. It will be a direct competitor to Bitcoin due to its limited focus on sending and receiving money.
On the other hand, Binance Smart Chain allows for the implementation of smart contracts more efficiently and cost-effectively than Ethereum.
The rise of projects like Polkadot, Binance Smart Chain, and Cardano is a sign of a growing interest in finding a blockchain that can potentially replace Ethereum. Yesterday, Cardano ranked third among cryptocurrencies with the largest market capitalization, removing BNB from its recent position.
Like Binance Smart Chain, Cardano seeks to execute smart contracts quickly, cheaply, and securely. However, as a difference, Cardano has a more complex design and a much longer roadmap.
However, Ethereum developers are working on the second version of the blockchain. Ethereum 2.0 will have several layer 2 implementations. According to some enthusiasts, the new blockchain will process thousands of transactions per second – even hundreds of thousands when fully deployed, according to Vitalik Buterin.
Perhaps, once Ethereum 2.0 matures, it will return to being a blockchain for the poor, and crypto billionaire CZ will love it again.
Binance’s Trading Volume Hits $100 Billion in Just One Day
Binance continues to see unprecedent trading activity while attempting to sail through regulatory hurdles
Binance’s daily volume hit an eye-popping $100 billion on Oct. 20, according to a tweet by CEO Changpeng Zhao.
The leading crypto exchange recorded this crucial milestone on the day Bitcoin, the largest cryptocurrency, reached a new all-time high of $67,276.
Despite introducing stricter measures for users due to severe regulatory scrutiny, Binance enjoys a comfortable lead over other crypto exchanges in both spot and derivatives trading, according to data provided by CoinMarketCap.
Eerier this month, the trading platform also announced a $1 billion ecosystem fund.
Meanwhile, the decentralized finance sector is catching up with centralized behemoths. The total value locked in DeFi protocols has hit $100 billion for the first time.
Binance Smart Chain DeFi protocol PancakeHunny suffers flash loan attack
As the users argue “what’s better,” Ethereum or Binance Smart Chain, the latter saw another decentralized protocol being exploited. PancakeHunny on BSC was attacked by a flashloan and no, this wasn’t a first for the protocol.
Blockchain security and data analytics company Peckshield Inc. announced the attack on Twitter.
The last time that this protocol was exploited, was in June, wherein the team had noted the creation of a smart contract to exploit the Hunny Minter Smart Contract. The contract was subsequently executed 91 times, as per the team.
The team took a long time to respond to the hack this time but assured the users that their funds were safe. The team added in a preliminary report,
“On 20 October 2021, at 0920 UTC. A smart contract was created to exploit the Hunny TUSD vault. The Contract was subsequently executed 26 times.”
PeckShield provided some details about the same noting,
According to the agency, this hack was possible due to a profit inflation bug, which converts the relatively small amount of harvested ALPACA, to a large amount of TUSD for staking. PeckShield added,
“These converted TUSDs are then counted as profit, now inflated to mint large amount of $HUNNY!”
Actions taken by the team
The PancakeHunny team has stopped the minting process for the TUSD vault while assuring that funds in Hives were all SAFE. The exploit did not affect other Hives and Vaults but the price of HUNNY.
They added that the issue has been identified and the team will change its rooting to higher liquidity pools to prevent the aftereffects of price manipulation of LP pools.
NBA Makes Coinbase Its Exclusive Crypto Partner
Coinbase has joined FTX in scoring major partnerships in the sports industry
The National Basketball Association has announced a multi-year deal with Coinbase, America’s biggest crypto trading platform in an Oct. 19 press release.
Coinbase will act as the exclusive partner of the NBA, NBA G League, Women’s National Basketball Association (WNBA), and other leagues.
As part of the deal, the exchange will have a brand presence during televised games as well as unique content and activations that are meant to boost crypto awareness.
Kate Rouch, Coinbase’s chief marketing officer, says that the company is proud of joining forces with the NBA:
The freedom to participate and benefit from the things you believe in is at the heart of Coinbase’s mission. Nobody believes this more than NBA and WNBA fans. We’re proud to become the Leagues’ official cryptocurrency partner.
The shares of Coinbase are up roughly 3% at press time.