Connect with us

Exchanges

Binance’s PoR system shows over $63B in reserves backing 24 assets

Published

on

Binance’s PoR system shows over $63B in reserves backing 24 assets

Binance’s PoR system shows over $63B in reserves backing 24 assets Monika Ghosh · 2 hours ago · 1 min read

Binance held $3.55 billion worth of USDC — a reserve ration of 5,490.54% to the $64.7 million worth of assets users hold on the exchange.

1 min read

Updated: March 7, 2023 at 6:49 pm

Advertisement

Cover art/illustration via CryptoSlate

Ad

Binance, one of the world’s largest crypto exchanges, updated its proof-of-reserves (PoR) system to include 11 new tokens. These include Mask Network (MASK), Dogecoin (DOGE), Curve DAO Token (CRV), 1inch (1iNCH), and more.

According to the March 7 update, Binance’s PoR system now reflects the reserves held for the added new tokens in addition to the 13 previously added. The total reserves for the 24 assets on Binance exceeded $63 billion as of March 1.

USD Coin (USDC) had the highest reserve ratio at 54,90.54%. Binance held $3.55 billion worth of USDC, while users have a net balance of $64.7 million worth of assets.

Binance USD (BUSD) had the second-highest reserve ratio at 128.81%, while BNB (BNB) followed at a close second at 123.85%.

Advertisement

Bitcoin (BTC) and Ethereum (ETH) of Binance customers are collateralized at just above 101% each. Binance holds 4.47 million ETH, and its BTC holdings stood at around 556,000 tokens.

Binance claims to have all user funds collateralized with at least a 1:1 ratio in addition to more reserves.

Binance’s attempt to gain user trust

After the FTX fallout, the whole crypto community asked for more transparency from exchanges on how user assets are stored and protected. So Binance became one of the first exchanges to publish PoR in late November 2022.

Binance’s PoR system uses Merkle trees to add up on-chain data so users can verify that their assets are safe in the exchange’s custody.

Last month, Binance updated the PoR system to incorporate zk-SNARKs, zero-knowledge protocols that increase the privacy and security of user data during the verification process. The zk-SNARK verification process makes Binance’s proof of reserves more transparent, verifiable, and less prone to tampering, the exchange claims. 

Advertisement

The update was in line with Ethereum co-founder Vitalik Buterin’s suggestion on making centralized exchanges more safe and trustless. Binance also made its PoR system code open-source.

Airdrop

Arbitrum Airdrop Goes Live: ARB Price Drops More Than 85%

Published

on

Arbitrum Airdrop Goes Live: ARB Price Drops More Than 85%

On Thursday, the Arbitrum airdrop claiming process went live and ARB markets dropped more than 85% lower than pre-IOU market prices recorded the day before. Arbitrum airdropped just over a billion ARB tokens, or 11.6% of the total supply. At noon ET, more than 474 million tokens had been claimed.

Wild Volatility for ARB Token: Prices Range from $1.10 to $11.80 per Unit Following Airdrop

At block height 16,890,400, around 9 a.m. ET, the Arbitrum airdrop claiming process began and distribution of 11.6% of the supply started. The day before, Bitcoin.com News reported on exchanges listing IOU ARB markets just before the real ARB token launched on Thursday. At that time, ARB’s value in U.S. dollars was more than 85% higher. At the time of writing, a single ARB was trading for $1.25 per unit. The ARB token has seen wild volatility over the last 12 hours with prices ranging from $1.10 to $11.80 per ARB.

ARB’s price has been down despite bitcoin nearing $29,000 and ethereum rising to $1,855 per unit. ARB trade volume is much higher than the ARB IOU volumes recorded yesterday at $8.7 million. In the past 24 hours, roughly $849.81 million in ARB volume has been recorded. The top three crypto exchanges with the most ARB trading activity are Binance, Okx, and Bybit.

Advertisement

With 1.275 billion ARB in circulation, 474 million have been claimed by 244,255 unique addresses. Thirty-nine percent of eligible addresses have been claimed and more than 40% of the airdropped ARB has been received by recipients. At $1.25 per unit, ARB’s overall market valuation was $1.6 billion on Thursday afternoon at noon ET.

Tags in this story

Airdrop, arb, ARB airdrop, ARB tokens, Arbitrum, Arbitrum airdrop, Billion, Binance, Bitcoin, block height 16.890.400, Bybit, Circulation, claimed, claiming, Distribution, drop, eligible, Ethereum, Exchanges, Higher, IOU ARB markets, launched, listing, live, market, Markets, noon, Okx, pre-IOU, Prices, process, recipients, rising, single unit, Supply, Thursday, trade volume, U.S. Dollars, Unique addresses, valuation, Value, volatility

What do you think about the Arbitrum airdrop and its impact on the crypto market? Share your thoughts in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Advertisement

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Continue Reading

Exchanges

Coinbase CEO sells shares prior to SEC warning

Published

on

Coinbase CEO sells shares prior to SEC warning

Coinbase CEO sells shares prior to SEC warning Zeynep Geylan · 5 hours ago · 2 min read

Brian Armstrong issued three transactions to sell Coinbase shares on March 15 and 21, according to recent data.

2 min read

Updated: March 23, 2023 at 11:08 am

Advertisement

Cover art/illustration via CryptoSlate

Ad

Coinbase CEO Brian Armstrong sold Coinbase shares prior to receiving a warning from the Securities and Exchange Commission (SEC), according to data shared on Twitter by crypto sleuth, @theirish_man.

Armstong has been selling his shares since November 2022, but the three sales transactions recorded days before the SEC warning caused Coinbase shares to drop by 10% have raised concerns within the community.

The sales

The data shows that Armstrong facilitated four sales transactions since the beginning of March – on Mar. 3, Mar. 15, and two on Mar. 21. He sold a total of 89,196 Coinbase shares — which add up to $5,871,561 in value. Almost half of this amount was sold within the 24 hours before the SEC warning.

Brian Armstrong’s sale transactions (Source: @theirish_man)

Most recent sales were recorded on Mar. 21. Armstrong issued two transactions to sell from the prices of $75.31 and  $75.51, respectively. The SEC warning was publicized on Mar. 22, which dropped share prices by over 10%. At the time of writing, Coinbase share price sits at $77.14 — making a 8.16% fall in price in the last 24 hours.

Advertisement

According to the numbers, Armstrong has been selling Coinbase shares almost regularly since November 2022. He issued two sale transactions per month in November 2022, December 2022, and January. In February and March, he increased the amount sold by giving three transactions per month.

The SEC warning

The SEC issued a Wells notice to Coinbase on Mar. 22. The Wells notice means that the SEC has made a preliminary determination to recommend an enforcement action against the exchange. The filing specifies that the upcoming enforcement action will likely concern parts of Coinbase’s main trading platform and its other services — such as Coinbase Prime and Coinbase Wallet.

Upon first response, Coinbase said it is confident in its services and it “welcomes a legal process,” indicating that it will fight with the SEC. The crypto community also revealed its stance by rallying behind Coinbase. Executives of the crypto sphere started to question if the SEC’s warning was a deliberate attempt to stifle the market.

Advertisement
Continue Reading

Binance

Binance’s Bitcoin liquidity for TUSD surges 250%

Published

on

Binance’s Bitcoin liquidity for TUSD surges 250%

Binance’s Bitcoin liquidity for TUSD surges 250% Oluwapelumi Adejumo · 6 hours ago · 2 min read

Kaiko’s director of research Clara Medalie said the zero-trading fee option helped improve Binance’s market share by 20% within eight months.

2 min read

Updated: March 23, 2023 at 10:20 am

Advertisement

Cover art/illustration via CryptoSlate

Ad

Binance’s Bitcoin (BTC)  liquidity for its TrueUSD (TUSD) rose more than 250% on March 22 after it phased out its zero-fee trading for other stablecoins.

Kaiko Data researcher Riyad Carey highlighted that the exchange’s BTC liquidity for Binance USD (BUSD) and Tether’s USDT declined by 60% and 70%, respectively.

Source: Kaiko

Meanwhile, the exchange’s liquidity for TUSD increased to 29 BTC from 9 BTC within a few hours.

On March 15, Binance announced it was moving the zero-fee BTC trading feature from BUSD to TUSD on March 22. At the time, CEO Changpeng ‘CZ’ Zhao blamed the regulatory upheaval the other stablecoins faced for the firm’s decision.

Advertisement

Will this decision affect Binance’s market share?

Kaiko’s director of research, Clara Medalie, highlighted the role the zero-trading fee option played in improving Binance’s market share.

Source: Kaiko

According to Medalie, the free trading option helped Binance gain an additional 20% of the market since it was introduced in July 2022. At the time, Binance controlled only 50.5% of the market; however, the exchange’s market control increased to 72% following FTX’s collapse in November 2022.

Source: Kaiko

Additional information from Kaiko pointed out that the zero-trading option accounted for 61% of the total volume on Binance as of the previous week.

Binance users drawn to the exchange because of its zero-fee feature could leave for other rival platforms, Medalie noted.

TUSD keeps growing

Binance’s decision would greatly benefit TUSD — emerging as a significant winner from its rivals’ recent debacle.

Advertisement

Carey added that Binance’s decision showed that it had made an apparent move to promote TUSD as the successor to BUSD.

Since the crackdown on BUSD, TUSD has seen its circulating supply double to over $2 billion and become the second-largest stablecoin on the Tron network. During the period, Binance minted more TUSD stablecoin and added new trading pairs for the asset.

Meanwhile, Protos’ researcher Bennett Tomlin pointed out that TUSD is one of the weirdest stablecoins in the crypto market. According to the researcher, TUSD has some undisclosed relations with Justin Sun, and bankrupt Alameda Research was also a lead investor in the asset.

Advertisement
Continue Reading

Top posts

Avalanche C-Chain halts block production, here’s what concerns investors Avalanche C-Chain halts block production, here’s what concerns investors
altcoin5 hours ago

Avalanche C-Chain halts block production, here’s what concerns investors

Avalanche’s explorer showed that block production was halted for over two hours on 23 March. Despite the halt, the transactions...

EUR/USD Hits 6-Week High, As Greenback Weakens Following Fed Hike EUR/USD Hits 6-Week High, As Greenback Weakens Following Fed Hike
Analysis5 hours ago

EUR/USD Hits 6-Week High, As Greenback Weakens Following Fed Hike

EUR/USD raced to a six-week high on Thursday, as markets continued to react to the U.S. Federal Reserve’s 25-basis-point rate...

Arbitrum Airdrop Goes Live: ARB Price Drops More Than 85% Arbitrum Airdrop Goes Live: ARB Price Drops More Than 85%
Airdrop6 hours ago

Arbitrum Airdrop Goes Live: ARB Price Drops More Than 85%

On Thursday, the Arbitrum airdrop claiming process went live and ARB markets dropped more than 85% lower than pre-IOU market...

SEC issues investor alert over crypto investments SEC issues investor alert over crypto investments
Regulation8 hours ago

SEC issues investor alert over crypto investments

SEC issues investor alert over crypto investments Oluwapelumi Adejumo · 2 hours ago · 2 min read The SEC said...

Is Solana’s [SOL] FUD justified? According to these analytics… Is Solana’s [SOL] FUD justified? According to these analytics…
altcoin8 hours ago

Is Solana’s [SOL] FUD justified? According to these analytics…

As per recent data, Solana’s downtime woes may not be as bad as they seem. Daily active users and fees...

Terraform Labs Co-Founder Do Kwon Arrested In Montenegro, Says Interior Minister Terraform Labs Co-Founder Do Kwon Arrested In Montenegro, Says Interior Minister
Alleged Arrest8 hours ago

Terraform Labs Co-Founder Do Kwon Arrested In Montenegro, Says Interior Minister

According to Montenegro’s interior minister Filip Adzic, Terraform Labs co-founder Do Kwon was apprehended at Podgorica airport allegedly bearing falsified...

Over 300M Arbitrum ARB tokens claimed; price plunges 90% Over 300M Arbitrum ARB tokens claimed; price plunges 90%
ARB9 hours ago

Over 300M Arbitrum ARB tokens claimed; price plunges 90%

Over 300M Arbitrum ARB tokens claimed; price plunges 90% Oluwapelumi Adejumo · 54 mins ago · 2 min read with...

Explosive Allegations: Hindenburg Research Accuses Jack Dorsey’s Block of Enabling Fraud Through Cash App’s Illicit Activities Explosive Allegations: Hindenburg Research Accuses Jack Dorsey’s Block of Enabling Fraud Through Cash App’s Illicit Activities
Cryptocurrency10 hours ago

Explosive Allegations: Hindenburg Research Accuses Jack Dorsey’s Block of Enabling Fraud Through Cash App’s Illicit Activities

Yet again Hindenburg Research’s new revelation has shocked the cryptocurrency market. According to a report published on Thursday by the...

Biggest Movers: DOGE Rebounds, LTC Climbs 13% Higher Biggest Movers: DOGE Rebounds, LTC Climbs 13% Higher
Analysis10 hours ago

Biggest Movers: DOGE Rebounds, LTC Climbs 13% Higher

Litecoin was one of Thursday’s biggest gainers, as prices rose by as much as 13% in today’s session. This came...

How the crypto winter made scammers improvise, adapt, overcome: Report How the crypto winter made scammers improvise, adapt, overcome: Report
Crypto Fraud10 hours ago

How the crypto winter made scammers improvise, adapt, overcome: Report

Chainalysis recently revealed that crypto scammers adapted to the crypto winter by switching tactics. Scammers moved away from investment scams...

Do Kwon’s Arrest in Montenegro Causes Steep Drop in Terra’s LUNA Tokens Do Kwon’s Arrest in Montenegro Causes Steep Drop in Terra’s LUNA Tokens
Arrested10 hours ago

Do Kwon’s Arrest in Montenegro Causes Steep Drop in Terra’s LUNA Tokens

The Montenegrin Minister of Interior has announced that Do Kwon, the co-founder and former CEO of Terraform Labs, has been...

USDT dominance exceeds 60% – fundamentals for stablecoins declining at rapid rates USDT dominance exceeds 60% – fundamentals for stablecoins declining at rapid rates
Dominance10 hours ago

USDT dominance exceeds 60% – fundamentals for stablecoins declining at rapid rates

Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy Policy. CryptoSlate has no affiliation or...

Circle CEO says ‘aggressive regulatory actions’ on crypto caused ‘deep market anxiety’ Circle CEO says ‘aggressive regulatory actions’ on crypto caused ‘deep market anxiety’
Circle11 hours ago

Circle CEO says ‘aggressive regulatory actions’ on crypto caused ‘deep market anxiety’

Circle CEO says ‘aggressive regulatory actions’ on crypto caused ‘deep market anxiety’ Oluwapelumi Adejumo · 4 hours ago · 2...

Breaking: Montenegro officials arrest man suspected to be Terra founder – Do Kwon Breaking: Montenegro officials arrest man suspected to be Terra founder – Do Kwon
altcoin11 hours ago

Breaking: Montenegro officials arrest man suspected to be Terra founder – Do Kwon

Man suspected to be Do Kwon arrested at the Podgorica airport with fake documents The location of the Terra founder...

Montenegro Vice President announces arrest of individual suspected to be Do Kwon: Confirmed Montenegro Vice President announces arrest of individual suspected to be Do Kwon: Confirmed
Bankruptcy11 hours ago

Montenegro Vice President announces arrest of individual suspected to be Do Kwon: Confirmed

Montenegro Vice President announces arrest of individual suspected to be Do Kwon: Confirmed Samuel Wan · 3 hours ago ·...

Coinbase Vs. SEC: Who Shall Prevail In The Battle For Crypto Clarity?  Coinbase Vs. SEC: Who Shall Prevail In The Battle For Crypto Clarity? 
Crypto news11 hours ago

Coinbase Vs. SEC: Who Shall Prevail In The Battle For Crypto Clarity? 

Coinbase CEO Brian Armstrong’s recent comments comparing the Securities and Exchange Commission (SEC) to “soccer refs” in a game of...

Bitcoin, Ethereum Technical Analysis: BTC Below $28,000, ETH Falls Under $1,800 Following Fed Rate Hike Bitcoin, Ethereum Technical Analysis: BTC Below $28,000, ETH Falls Under $1,800 Following Fed Rate Hike
Analysis12 hours ago

Bitcoin, Ethereum Technical Analysis: BTC Below $28,000, ETH Falls Under $1,800 Following Fed Rate Hike

Bitcoin moved below $28,000 on Thursday, as markets reacted to the latest Federal Reserve interest rate hike. The Fed opted...

Tron [TRX] plunges, longs liquidated, credit goes to ‘his excellency’ Tron [TRX] plunges, longs liquidated, credit goes to ‘his excellency’
altcoin12 hours ago

Tron [TRX] plunges, longs liquidated, credit goes to ‘his excellency’

The Tron native token experienced a major nosedive in quick succession. Liquidation hit a yearly high while the protocol’s founder...

Trending