Weekly Digest: Binance Restrictions & 8x NFT Boom

By CoinJoy | CoinJoy Magazine | 23 Aug 2021

Every week we make a digest about the most significant news in crypto with bloggers and crypto community members, but this week we decided to find out what companies’ representatives and media think about all things crypto.

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📌 Ontology Expands Operations For Japanese Crypto Fans

Leading public blockchain network Ontology expands its decentralized services in Japan which comes along with the desire of the Japanese government to utilize its advanced tech resources to support the development and the growth of blockchain companies in the country. In the last year, Japan experienced a 30% increase in the number of crypto entities and it still has growing potential. Ontology is supporting this flow by holding events in different parts of the country to inform the citizens about the technology. Company rising in Japan started 2 years back when it participated in one of the most prestigious blockchain conferences Coindesk Japan’s b.tokyo exhibition sharing its ideas on how to boost business by the adoption of blockchain. Later it developed a crypto wallet ONTO that became the top choice for the Japanese crypto enthusiasts and the listing of its native token on Japan-based crypto exchange Decurrent is going to become the next big breakthrough of the company. Additionally, Ontology has partnered with a top-tier consultancy firm AP LLC to support its increasing activity in the country and also with the popular inventory management firm ZAIKO to develop projects that will reduce the gap between crypto and investors. 

“The ONT/JPY token pair went live on July 19 and achieved a trading volume of 40,000 ONT quickly. Recently, on August 12, ONT was listed on the Huobi Japan exchange.”  — Cryptonewsz

📌 ADA Becomes Top-3 Asset on CoinGecko

Cardano’s native token ADA has become the third-largest asset surpassing BNB and USDT according to the data by CoinGecko analytics website. It has also shown 13% growth just in one day after the news were published and was trading at $2.02 level, but the first significant rise has occurred when the founder of Cardano said he will announce on August 13 when the smart contract feature will be launched on the network.

“At the moment, ADA's market cap totals $65,061,028,575. The caps of BNB and Tether that are now behind Cardano's native asset are $62,547,750,365 and $63,454,759,721, respectively.” — U.Today

📌 Solana Surges 60% Monthly to New ATH: SOL Enters Top 10

Solana’s native token SOL lately has been among the best crypto performers the last month and recently reached a new all-time-high of almost $65 that allowed it to get into the top ten. This growth of the next “Ethereum killer” is understandable taking into consideration numerous network improvements and records from Solana blockchain, in particular ATH for transactions and the drop of the fresh NFT collection making it able to capitalize on the exponential growth of the NFT sector. The total value locked in Solana has gone up to over $1.9 billion and the number of transactions exceeded 24 billion. Recent bullish tendencies on the market caused more than 40% explosion of the token price that painted a new record of $65 and the market capitalization grew to about $18 billion bringing it to the top 10 assets by this metric.

“On a macro scale, the token entered 2021 at around $1.5 but took full advantage of the bull run in the first half of the year and reached an all-time high of $58.5 (on Bitstamp) on May 18th. Following this 3,750% surge in months, SOL, as most of the market, retraced heavily to approximately $20 on July 20th.” — Cryptopotato

📌 PayPal’s Venmo Expanding Crypto Support With Cashback Conversion Feature

PayPal’s mobile payment service Venmo will allow the users to buy crypto for the cashback earned on credit cards purchases. For this purpose, it has launched a new feature called “Cash Back to Crypto” that will be enabled automatically without any associated transaction fees. This feature allowing the cardholders to buy crypto assets such as Bitcoin, Ethereum, Litecoin and Bitcoin Cash through the cashback feature was first launched earlier this year. The feature is implemented in a “set-it-and-forget-it” way that is supposed to simplify the process of buying digital assets and will become a stepping stone for the crypto newcomers.

“We’re excited to bring this new level of feature interconnectivity on the Venmo platform, linking our Venmo Credit Card and crypto experiences to provide another way for our customers to spend and manage their money with Venmo.“ — Darrell Esch, Senior Vice President and General Manager at Venmo

📌 Dogecoin Foundation Restructures BOD, Includes Buterin and Musk Rep

After 6 years of existence, the Dogecoin Foundation was quite inactive is restructuring its advisory board, which is a non-profit organization aiming to support the famous meme coin through development and advocacy. It also pursues the idea of preventing any fraud and abuse and creating a proper roadmap and system of governance for the whole Dogecoin community. It has an official Dogecoin manifesto where the “guiding principles” of the foundation are laid out. The new restructuring of this board brings on the prominent figures of the crypto space including Ethereum co-founder Vitalik Buterin as a “Blockchain and crypto advisor” and Jared Birchall, a representative of Elon Musk as a “Legal & Financial Advisor” and also two other advisors — developer Max Kellner as a “Technical Advisor” and the meme coin founder Shibetoshi Nakamoto as “Community and Memes Advisor”. Three veteran members of Dogecoin Foundation — Jen Wiechers, Michi Lumin and Ross Nicoll.

“Nonetheless, with these two big names in its pocket, the Dogecoin Foundation appears to be set to have an active future. The foundation ended its statement with a target of securing a three-year budget to bring on staff full-time.” — Beincrypto

📌 Japanese Exchange Liquid Exchange Hacked, $80M Cryptocurrency Assets Transferred for Safety

Japanese online cryptocurrency exchange Liquid Exchange was attacked by the hackers on August 19 and about $80 million worth of cryptocurrency were moved to the cold wallets for safety. The withdrawal and deposits were also suspended until the moment the hack will be properly investigated. In the official Twitter, Liquid Exchange revealed the addresses of the assets moved by the attackers, but didn’t specify the amount of the funds stolen. Reportedly the loss was about 107 BTC, 9 000 000 TRX, 11 000 000 XRP and about 60 million USD worth of Ethereum and ERC-20 tokens. The address receiving all the stolen funds was blocked at the moment of publishing.

📌 Binance Extends Restrictions on Derivatives Offering in Australia

Binance has extended the restrictions on derivatives trading to users in Australia, so the Australian users won’t be able to open new accounts for options, margin products, and leveraged tokens. This decision extends the existing restrictions from August 7 that don’t allow users to open new future accounts. This move is a part of Binance’s proactive response to the regulatory and compliance concerns due to the intense scrutiny towards Binance in the last few months.

📌 Avalanche Hits Three-Month High With Aave, Curve's $180M Launch on Platform

As Avalanche platform extended its DeFi offering by introducing “Avalanche Rush'' $180 million liquidity mining incentive program for blue-chip DeFi applications, the price of AVAX, the native token has increased by 37,7% in just 24 hours and by 100% just in one week, becoming one of the main gainers. Avalanche platform created by the Cornell University computer science professor Emin Gun Sirer is often called “Ethereum killer” is offering a scalable and secure environment for creating DeFi and has already introduced a few important solutions such as Avalanche-Ethereum bridge, the integration SushiSwap. The two of the largest DeFi protocols are to be launched on Avalanche Network.

“The Avalanche Foundation has allocated up to $20 million AVAX for Aave users and $7 million AVAX for Curve users, with additional allocations to be announced in the coming months.” — Decrypt

📌Coinbase launches in crypto-friendly Japan

The third-largest crypto exchange in the world, Coinbase is launching into the Japanese market aiming to become the easiest and the most trusted exchange in one of the first countries to embrace crypto and one of the largest regulated markets by crypto trading in the world. The country has strict regulations according to which cryptos can be listed, what exchanges can operate and on which terms and this makes Japan an attractive market for the established projects that look for the legal, regulated approach to the crypto industry. Recently Coinbase has also partnered with Mitsubishi UFJ Financial Group (MUFG) — one of the largest banks in Japan serving 40 million Japanese customers to reach millions of Japanese customers and to allow them to trade crypto by using MUFG’s Quick Deposit service.

“Coinbase is committed to increasing the use of crypto in Japan by bringing a best-in-class product offering to Japanese customers. We will be launching retail products first including a suite of five top assets based on trading volume, and will add more assets and products in the coming months.” — Coinbase

📌 KuCoin Futures Exceeds 3 Million Users on Its Second Anniversary

KuCoin, the world’s leading crypto exchange has celebrated the two-year anniversary of its Futures service, which kept the fast growth reaching the top 10 global Futures trading platforms thanks to the support of the KuCoin users. Introduced in 2019 the first Bitcoin Perpetual Contract now spans more than 60 cryptocurrencies on KuCoin and the number of users increased by 260% and the open interest increased by 15 times in just one year. Now the service is available in 13 languages and also offers the LITE version to help newcomers to get familiar with Futures Trading. Last year the company introduced KuCoin Features Brawl, gamifying the concept of crypto futures trading, and got more than 200 000 users taking part in the event. In the future, KuCoin users can expect the upgrades for the leverage and initial margin ratios of certain contracts and also additional innovative products and features including the KSC contract launch that will happen as soon as Q4 2021. For the second anniversary, KuCoin began a carnival during which a total of $1 million of USDT was awarded to the users in the form of bonuses.

“The user interface and experience of KuCoin Futures have improved dramatically over the years. Initially, it was only accessible through a web portal, but it has become a full-fledged web and mobile app experience.” — Johnny Lyu, CEO of KuCoin

📌NFT Trading Surges 8X Boom

Thanks to the craze of Bored Ape Yacht Club and Pudgy Penguins as well as the classic NFT CryptoPunk, non-fungible tokens has experienced a surge in the market trading volume in the last 2 weeks with the total daily number of buyers and sellers reaching 60K last week surpassing almost 8 times even the March NFT boom. The NFT trading platform giant OpenSea experienced a transaction volume higher than $1 billion in August. Some specific NFT attracted the public's attention. For instance, an anonymous buyer purchased 104 CryptoPunks, the earliest NFT collection ever, with a total value of approximately $7 million. The items from Bored Ape Yacht Club collection of 10000 unique NFTs on Ethereum blockchain were sold for the total price of millions of dollars with the base price reaching more than 15 ETH. The trading volume of Pudgy Penguins reached $13.5 million.

“Most mainstream NFTs are usually priced in ETH, so the fluctuation or the volatility of ETH prices will impact the trading volume on the NFT market, and a sudden increase may deter new entrants to the NFT market. However, higher NFT sales may help attract new users to the Ethereum blockchain.” — Blockchain.News


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