Finance Redefined: Ethereum exodus continues as Binance ‘helps,’ Feb 17–24.
Binance is flexing its muscles in a bid to promote BSC over Ethereum. The parabolic rise of the Binance Smart Chain has been all over the news this week, aided by a few seemingly unfriendly moves by the exchange itself.It started on Friday, when Binance suddenly froze withdrawals of Ethereum-based assets for about one hour. Many interpreted it as a move against the blockchain and its ecosystem, given that the cited reason was “congestion issues” — something one hardly imagines is a problem for an exchange, unless they shoulder withdrawal costs for the user.The day after, FTX started....
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Despite the bitcoin price high, there continues to be a massive exodus of bitcoin leaving exchanges. Onchain data shows exchanges are being drained like a sieve and during the last 30 days, 87,954 bitcoin was withdrawn from the top crypto trading platforms. Back in December 2019, it was reported that the San Francisco-based exchange Coinbase held close to 1 million BTC for its users. In fact, in January 2020, Coinbase had around 969,000 BTC and the next month, it was up to its highest point of 973,000 BTC on February 10, 2020. But all year long, not only from Coinbase, but also a slew of....
Everyone’s trying to jump ship from Ethereum’s layer one, apparently. Finance Redefined is Cointelegraph's DeFi-centric newsletter, delivered to subscribers every Wednesday.It seems that this week, finally, the community has had enough of Ethereum’s gas fees.That is obviously a bit of hyperbole, as gas fees are high precisely because people are willing to pay such a premium for Ethereum block space. But we’re seeing a kind of “applied trickle-down economics,” where a few brave degens are venturing outside to see what else exists in the world.The effect has been particularly pronounced on....
Binance, one of the world’s largest cryptocurrency exchanges, continues to experience a wave of executive departures as it grapples with regulatory challenges and legal scrutiny in the United States and Europe. According to a Reuters report, the recent resignation of Mayur Kamat, Binance’s global head of product, adds to the growing list of critical figures […]
Binance Labs was the lead funder in a $60-million seed round, Interlay seeks to increase Bitcoin interoperability, Bent Finance and Grim Finance suffer million-dollar exploits — all coming to you in this week’s Finance Redefined. Welcome to the latest edition of Cointelegraph’s decentralized finance newsletter.As the crypto community filled its crypto stockings for the holiday season, the Grinch emerged to gift a grimacing fate to two DeFi platforms, stealing their festive spirit and a whole lot of dollars. Reading this article, you're only receiving a portion of the content from our DeFi....
Ethereum Name Service issued its native token, an SEC commissioner published a DeFi opinion piece, and Polkadot’s parachains registered billions of dollars — all coming to you in this week’s Finance Redefined. Welcome to the latest edition of Cointelegraph’s decentralized finance (DeFi) newsletter.Ethereum Name Service announced a retroactive token airdrop this week to a fanfare of crypto enthusiasts. If you happen to own a .eth domain, read on to discover how you can claim your eligible tokens.What you’re about to read is the smaller version of this newsletter. For the full breakdown of....