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SPORTS AND ENTERTAINMENT CENTRIC TOKEN CHILIZ CHZ ADDED TO THE GROWING LIST OF COINS ON OKEX

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Sports and entertainment are one of those industries that were hit hard by the pandemic, but fan-focused collectibles offered as crypto assets called NFTs have supplied them the much needed recovery in terms of revenue and resurgence of interest. This booming trend has exploded across mainstream media, and to meet the growing demand from customers across the globe, OKEx has listed Chiliz’s CHZ token for spot trading on the popular cryptocurrency trading platform.

LEADING CRYPTO TRADING PLATFORM OKEX LISTS CHZ TO SUPPORT SPORTS AND ENTERTAINMENT

OKEx is keen on staying many steps ahead of the current ongoing trend. This is evident by the platform’s commitment to be amongst the first to introduce innovative DeFi projects and other niches within the blockchain space. As a result, OKEx has opened deposits for Chiliz’s CHZ token starting March 3, with spot trading and withdrawals going live shortly after that. 

“Chiliz has uncovered another key use case for blockchain technology showing how the sports and entertainment industries can adapt to an increasingly digital world and create new revenue streams beyond traditional sources,” commented OKEx CEO Jay Hao.

Hao says the company couldn’t be more happy to support the initiative, continuing that fans adopting cryptocurrencies could help propel the asset class into the “mainstream” – and it has as of late.

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HALF A MILLION DOWNLOADS BY FANS AND CLIMBING: WHY CHZ IS THE HOTTEST CRYPTO TOKEN AROUND

With restrictions still taking some of the thrills out of spectator sports and other forms of live entertainment, these industries have struggled to maintain revenue to the detriment of fan engagement. Chiliz’s platform Socios.com, launched in 2018, helps clubs and franchises serve fans, bolster engagement, and generate new lucrative revenue streams.

More than 20 major sporting and eSport organizations have developed Fan Tokens through Socios.com in an attempt to digitally monetize each brand’s loyal global fanbase, ranging from FC Barcelona to Paris Saint-German, AC Milan to Team Heretics, and many more.

With more than half a million downloads from supportive fans around the world, Fan Tokens helped generate $30 million in revenue for Socios.com and its partners in 2020. And with fan-focused tokens becoming the hottest trend in crypto, 2021 is set to be even more profitable for partners. 

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OKEx Is Giving Fans Over $150,000 In Fan Tokens At CHZ Listing Debut 

To celebrate the listing of CHZ, OKEx will issue $150,000 USD worth of Fan Tokens in a CHZ community giveaway. The giveaway phase started on March 3 when CHZ deposits went live and remains active until March 10 at 7:00 AM UTC.

Users are already eligible to win the lucky draw for one of two massive prize pools consisting of $75,000 each, as well as an additional $10,000 in CHZ rewards available through referrals, by simply depositing or trading CHZ.

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For a full list of official rules, visit the official giveaway landing page on OKEx.

Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.

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Binance

Binance’s Trading Volume Hits $100 Billion in Just One Day

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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.

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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.

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Crypto Exchange

Binance Smart Chain DeFi protocol PancakeHunny suffers flash loan attack

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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.

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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,

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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!”

Source: Twitter

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.

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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.

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Coinbase

NBA Makes Coinbase Its Exclusive Crypto Partner

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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. 

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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.

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The shares of Coinbase are up roughly 3% at press time. 

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