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The largest cryptocurrency exchange by trade volume, Binance, is gearing up to establish its dominance in the DeFi landscape with the launch of Ethereum-wrapped Beacon Ether (ETH-wBETH) liquidity pool on Curve Finance.

Binance is incentivizing users with staked Ether rather than native tokens like other protocols. This has helped the pool amass $129.9 million in Total Value Locked (TVL) since its launch on April 27.

Also read: Bitcoin mining difficulty hits record high, signals likely influx of selling pressure on BTC

The wrapped Beacon Ethereum (wBETH) token was launched on April 27 and Binance introduced it in an ETH-wBETH liquidity pool on Curve Finance. Each wBETH represents one Beacon Ether and the accrued staking rewards from the Beacon Chain at the rate of conversion of 1.002.

Within two weeks, 70.9K wBETH tokens have been minted and the current TVL is $129.9 million. wBETH ranks eighth among Liquid Staking Derivatives.

wBETH statistics

Binance can gain an edge over its competitors by inviting users to deepen the liquidity of the ETH-wBETH pool. In order to make this possible, the largest exchange by trade volume needs voting rights and needs to lock Convex Finance (CVX) tokens.

The exchange is currently incentivizing vlCVX (vote locking CVX) holders with 11.381 wBETH, instead of a native protocol token. This opens up an opportunity for vlCVX token holders to gain staked Ether instead of other tokens like wstETH (wrapped staked Ether) offered by Lido Finance that need to be exchanged further for unlocked staked ETH.

The exchanges native token BNB benefits from Binances dominance in the DeFi landscape. BNB is in an upward trend that started in mid-June 2022 and Binances native token is on track to break past the 50% Fibonacci retracement (of the decline from April 2022 highs of $460 to June lows of $184) at $322.

The 50-day Exponential Moving Average at $318.80 is the immediate resistance for BNB in its upward trend.

BNB/USD one-day price chart

In the event of a price decline, the 38.2% Fibonacci level at $289.50 would be key. A drop below this level could invalidate the bullish thesis for Binance Coin. Equal low at $267.7 is likely to act as support for BNB in the event of a decline in the native token of the exchange.

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Binance Coin likely to outperform competitors as Wrapped Beacon ETH gets warm welcome - FXStreet

Cryptocurrency investment has gained immense popularity in recent times, and with Bitcoin (BTC) halving approaching soon, the ROI potential of altcoins seems to be on the rise. Three Major Altcoins that have captured the attention of crypto investors and enthusiasts alike are Binance Coin (BNB), Solana (SOL), and the newest meme coin in the crypto arena,Caged Beasts (BST).

Cryptocurrency investment has gained immense popularity in recent times, and with Bitcoin (BTC) halving approaching soon, the ROI potential of altcoins seems to be on the rise. Three Major Altcoins that have captured the attention of crypto investors and enthusiasts alike are Binance Coin (BNB), Solana (SOL), and the newest meme coin in the crypto arena,Caged Beasts (BST).

The standout feature of investing in Binance Coin (BNB) lies in its exceptional growth potential. Since its inception in 2017, BNB has witnessed remarkable expansion, cementing its position as one of the most successful cryptocurrencies in the market.

The standout feature of investing in Binance Coin (BNB) lies in its exceptional growth potential. Since its inception in 2017, BNB has witnessed remarkable expansion, cementing its position as one of the most successful cryptocurrencies in the market.

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BNB boasts a multitude of applications, augmenting its value and appeal among investors. It serves as a means to pay trading fees on the Binance exchange, with BNB holders enjoying discounted rates. Moreover, BNB serves as a gateway to acquiring other cryptocurrencies within the Binance ecosystem and even facilitates payments for select goods and services. With its high liquidity, Binance Coin ensures effortless buying and selling transactions.

The price of BNB received support around the $308 level. As a result, the bullish momentum allowed the price to rebound and reach the $315 level. However, it is important to note that the price is currently encountering significant bearish pressure, with the bulls being rejected at the $315 level.

Solana (SOL) has emerged as a prominent contender in the pursuit of lower transaction fees, capturing significant attention and resulting in a surge in active addresses on its network. Recent data from The Block has unveiled a remarkable 113% increase in the number of daily active addresses on the Solana blockchain.

When assessed on a month-over-month (MoM) basis, Solana witnessed substantial growth, with a total of 7.72 million active addresses recorded in April. What's even more intriguing is that, with around two weeks remaining in May, the chain has already surpassed 7 million active addresses.

In the month of May, Solana witnessed a significant surge in its user base, with the creation of an impressive 4.19 million new addresses. This remarkable increase surpassed the number of new addresses added to the network in April, which stood at 3.76 million.

The growing number of new addresses on the Solana network signifies a rising interest and adoption of the platform. Users are increasingly recognizing the benefits and advantages offered by Solana, leading to an influx of new participants eager to be part of its vibrant ecosystem.

This surge in new addresses reflects the growing confidence and trust in Solana as a blockchain network. With its efficient infrastructure and lower transaction fees, Solana has positioned itself as a top contender in the cryptocurrency space, attracting a significant number of users seeking a seamless and cost-effective blockchain experience.

In the realm of cryptocurrencies,Caged Beasts (BST) shines brightly with its innovative concept of "Caged Liquidity." This distinctive community token sets itself apart by securely locking up funds, fostering transparency, and setting it apart from its counterparts. Caged Beasts has a paramount objective of revolutionising the finance industry through decentralisation, striving to liberate itself from the constraints akin to caged beasts.

Caged Beasts (BST) brings a revolutionary approach to the world of cryptocurrencies by offering unparalleled transparency. Unlike other tokens, it allows every participant to observe the stringent lock-up of funds, ensuring a high level of trust and integrity. With 75% of the funds raised securely caged until the release date, the ecosystem operates in a controlled and safeguarded manner.

With a strong focus on decentralization and breaking free from the limitations of traditional finance, this community token aims to reshape the industry. The Plot, Pre-Sale, and Release stages lay the groundwork for an extraordinary transformation led by a diverse cast of powerful and captivating characters.

With active community engagement, transparent tokenomics, and a robust roadmap, Caged Beasts Coin invites investors and enthusiasts to join the revolution and be part of an exceptional decentralized ecosystem that challenges the existing norms. Don't miss out on the opportunity to embark on this exhilarating journey from its very inception.

Sign up now to secure your spot in the upcoming pre-sale, and together, let's reshape the world of finance and unleash the true potential of decentralized technology.

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Altcoins to Look Out For in 2023: Binance, Solana, and The Latest Meme Coin Caged Beasts | Mint - Mint

Binance publishes a comprehensive guide on Cardano MEME coin SNEK, sparking listing speculation in the crypto community.

In an exciting development for the Cardano ecosystem, Binance, the largest crypto exchange, has recently published a detailed guide on purchasing SNEK (SNEK), a newly launched MEME coin built on the Cardano blockchain.

The guide published by Binance titled How to Buy SNEK sparked speculation within the crypto community regarding a potential listing of SNEK on the exchange. SNEK founder Goofy Crisp, who is also a crypto engineer and investor, expressed his enthusiasm for Binances support of SNEK on his official Twitter account. In a tweet, he wrote:

Looks like Binance wants people to buy SNEK

Notably, Binances How to Buy SNEK Guide publication signals the exchanges recognition of the growing demand and interest in MEME coins within the crypto space. Expectedly, many crypto enthusiasts shared excitement that the largest crypto exchange has entered the conversation of SNEK.

By providing users with a step-by-step tutorial on acquiring SNEK, Binance has simplified the onboarding process for new investors and made the token more accessible.

Recently, Charles Hoskinson, the Cardano blockchain founder, showed interest in the SNEK meme coin when he asked about it on Twitter. While Hoskinsons inquiry appears harmless, a crypto enthusiast responded that the Cardano founder was attempting to promote the coin.

While the majority of coins on the crypto market are trading in red zones, data from the popular market tracker, CoinMarketCap, shows that SNEK has gained an astounding 20% in the last 24 hours. Interestingly, the coin gained above 21.2% against the Bitcoin and Ethereum trading pairs.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Binance Publishes Guide on Cardano Meme Coin Snek, Is Listing ... - The Crypto Basic

Binance listing has the potential to be a game-changer for the price of $CORE. The exchange offers assets with several positive factors for long-term development.

In the ever-expanding world of cryptocurrencies, achieving widespread recognition and adoption is a vital goal for any Decentralized Finance (DeFi) project. One significant milestone that has the potential to catapult a cryptocurrency's price and visibility is getting listed on major exchanges.

In this article, we will explore the potential impact of a Binance listing on the price of $CORE, the native currency of the Core DAO blockchain:

Binance, one of the largest and most reputable cryptocurrency exchanges, provides unparalleled liquidity and exposure to millions of traders and investors worldwide. The listing of $CORE on this platform would increase market access, making it easier for traders to buy and sell the token. The enhanced liquidity and broader market participation can drive up demand, potentially resulting in a positive price impact.

Binance's rigorous listing process ensures that only high-quality projects and blockchain platforms gain access to its platform. By successfully passing this vetting process, $CORE would demonstrate its legitimacy and credibility to the crypto community. Investors and traders often rely on Binance as a stamp of approval, increasing trust and confidence in the network. This newfound credibility can attract new investors, further stimulating price growth.

Binance boasts a vast user base, reaching crypto enthusiasts from all corners of the world. A listing on this exchange would expose $CORE to a diverse range of investors, including retail traders, institutional investors, and crypto enthusiasts. The increased visibility and exposure to this global community can result in heightened interest and a surge in demand for $CORE. As demand outpaces supply, the token's price will likely experience an upward trajectory.

Being part of the Binance ecosystem can open doors to exciting opportunities for $CORE. Collaborations and partnerships with other projects listed on Binance become more accessible, leading to cross-promotion and shared resources. This network effect can generate positive sentiment and investor confidence, which in turn can have a significant impact on the price of $CORE.

The cryptocurrency market is no stranger to the "fear of missing out" (FOMO) phenomenon. When a token gets listed on a prominent exchange like Binance, it often creates a sense of urgency among traders and investors. The fear of missing out on potential profits can trigger speculative trading activity, resulting in a rapid increase in trading volume and price. While FOMO-driven price movements may be short-lived, they can create a positive feedback loop and attract long-term investors who recognize the value of $CORE beyond short-term hype.

A Binance listing has the potential to be a game-changer for $CORE. The increased liquidity, credibility, exposure, and potential partnerships associated with being listed on the top-tier exchange can significantly impact the coins price.

However, it is essential to recognize that while a listing on a major exchange can provide a boost, the long-term success of $CORE ultimately depends on the networks fundamentals, adoption, and utility.

$CORE has failed to live up to price expectations in the blockchain industry, prompting questions about the networks potential. Since launching in March, the coin has failed to cross the $10 mark. Further, the asset is down by 85% since launch and is currently trading at $0.85.

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The Potential Ripple Effect: How Binance Listing Can Boost the ... - BSC NEWS

Indian cryptocurrency exchange WazirX recently provided additional clarity regarding its relationship with the worlds leading crypto exchange, Binance. In a blog post, WazirX disclosed that Binance controls the WRX token, shedding light on the initial exchange offering (IEO) and the subsequent management of the token. This revelation has raised concerns, particularly as Binance has failed to conduct quarterly burns for the past five quarters. In this article, we delve deeper into the details of WazirXs ties with Binance, the concerns raised, and the potential implications for the WRX token and its users.

WazirX confirmed that Binance conducted the WRX token IEO, retaining all the proceeds from the sale, which amounted to nearly $2 million. Currently, Binance holds a significant amount of WRX tokens, with a total of 580.78 million locked and unlocked tokens. Of the unlocked WRX tokens, Binance transferred 116.8 million (11.68% of the total supply) to a treasury account on binance.com through multiple transactions. Notably, WazirX clarified that their team did not receive any token allocations from Binance, further emphasizing the control that Binance maintains over the WRX token.

WazirX highlighted Binances responsibility for conducting quarterly burns of WRX tokens. However, the exchange revealed that Binance has failed to carry out the token burns for the past five quarters, starting from January 2022. The most recent burn event, covering the period of October to December 2021, took place on March 9th, 2022, when approximately $6 million worth of WRX tokens were burned. The absence of subsequent burns has raised concerns about the commitment of Binance to the project and its impact on the WRX tokens value.

The lack of transparency regarding the management of WRX tokens has left WazirX users in the dark for an extended period. Although the news of Binances control over WRX tokens did not cause a significant immediate impact on the tokens price, there are potential implications for both WazirX and WRX token holders.

For WazirX, this revelation adds fuel to an ongoing feud with Binance over the ownership of the exchange. Previously, Binance ceased providing wallet services to WazirX and requested the Indian crypto exchange to withdraw its assets from Binance wallets. The failure of Binance to conduct quarterly burns for an extended period might indicate a lack of commitment to the project, potentially raising concerns about the future relationship between the two exchanges.

For WRX token holders, the lack of regular token burns raises questions about the scarcity and value of the token. Token burns are typically intended to reduce the tokens supply, thereby potentially increasing its value. However, the absence of regular burns can impact market sentiment, as investors may perceive a lack of commitment from Binance, affecting the long-term prospects and stability of the WRX token.

The recent disclosure by WazirX regarding Binances control over the WRX token has shed light on the initial exchange offering conducted by Binance and subsequent token management. The revelation that Binance has failed to conduct quarterly burns for the past five quarters raises concerns about the commitment and future direction of the WRX token. This lack of transparency and potential abandonment of the project by Binance has implications for both WazirX and WRX token holders.

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WazirX Reveals Ties with Binance and Raises Concerns Over WRX ... - Cryptopolitan