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Oct 10
2020
Binance Weekly Report: Earn on Binance, Pay Lower Gas Fees on Binance Smart Chain

In this weekly report (October 3 to October 9, 2020): We completed the token offering of ALPHA on Binance Launchpad and Launchpool. We also launched Binance Earn and revealed recent statistics on the performance of Binance Smart Chain.

Crypto Market Overview

BTC breaks $11,000 after dry September

A quiet Saturday and Sunday followed the price trend from the previous week. Moving around $10,600, Bitcoin (BTC) continued its sideways movement until a slight uptrend on Tuesday, reaching almost $10,800.  BTC then breached the price level of $11,000 for the first time since September 20 to end this week. 

Altcoins weren’t left behind, and Ethereum’s weekly performance closely followed Bitcoin’s price. Throughout the week, Ethereum moved between $340 and $355, before reaching its weekly high of $365 on Friday. 

Meanwhile, over the weekend, BNB steadily grew from $27 up to $29.30. The price slightly dropped over the workweek, stabilizing at $28.50 on Friday. 

The cryptocurrency industry's total market capitalization was at $333 billion at the start of the week. It slowly grew to $340 billion on Tuesday and reached a weekly high of $350 billion on Friday.

For more crypto-related news and updates, head over to the Binance News service. We now move to updates from the Binance ecosystem and beyond.

Binance Exchange Updates

1. Binance Launchpad: Alpha Finance Lab Sale Results. Out of 20,112 participants, 8,736 drew and claimed winning lottery tickets for the purchase of the 100,000,000 ALPHA tokens available in the token sale.

2. Binance opens BEP20 deposits and withdrawals for seven new projects. We started supporting BEP20 (Binance Smart Chain) deposits and withdrawals for MKR, COMP, ELF, TCT, IOTX, BEL, and WBNB on October 9.

3. NEW Listings:

- October 9: VIDT Datalink (VIDT) in the Innovation Zone

- October 9: Alpha Finance Lab (ALPHA) 

4. Introducing Binance Earn: A One-stop Earning Experience. The Binance Earn page shows product offerings from the following four products: Flexible Savings, Locked Savings, Launchpool, and Asset Management (Binance Liquid Swap & Dual Savings).

5. Binance Earn launches multiple high-yield products for various tokens. We added 12 Locked Staking products and 14 Savings products to Binance Earn.

6. One month since its launch, Binance Liquid Swap is offering users a more rewarding experience with yields of up to 45% APY.

7. Also on Binance Earn, you can earn up to 10% APY on EGLD & NEO or 8% APY on TOMO via Binance Savings. 

8. Binance Pool launches 11th phase of Dual Savings products.

9. We’re extending our Zero Maker Fee for BUSD until February 2021! 

10. We continue the 12 weeks-long SXP distribution. Read about the 7th week of Binance Ecosystem SXP Rewards.

11. Binance supports the Aave (LEND) token swap to AAVE.

Binance Futures and Options Updates

12.The Coin Margined Futures bonus program will conclude soon. The previously announced Coin Margined Futures Bonus Program will start next Monday, October 12 at 0:00 AM (UTC). 

13. Binance Futures Leaderboard Updates:

- Add your Twitter account

- List is now extended to top 500

- Filter by sharing positions

- Daily ROI/PNL updated every hour

- Auto-notifications when someone you follow makes a trade and shares it

Binance Ecosystem Updates

14. Latest findings: Binance Smart Chain has 35x cheaper gas fees. In a recent tweet, Binance CEO Changpeng Zhao (CZ) noted that Binance Smart Chain already handles about 21% of Ethereum’s transaction size, but with 0.6% of the gas fees. 

15. Introducing the BUIDL Reward Program for Binance Smart Chain. To further encourage the development of the dApp ecosystem on Binance Smart Chain, we have committed $5 million USD worth of BNB to the newly-launched Binance Smart Chain BUIDL Reward Program.

16. Binance Academy’s newest articles:

- An Introduction to Binance Smart Chain (BSC). Learn about our game-changing full-fledged blockchain for developing high-performance decentralized applications. 

- What is Dogecoin? This meme-inspired crypto has a dedicated community of users.

- What is an Automated Market Maker (AMM)? AMMs have carved out their niche in DeFi.

Got an eye for interesting topics and the skill to translate them into beginner-friendly articles? Read our Guest Post Guidelines and start contributing today.

17. Like, comment on, and retweet this post for a chance to get a copy of Binance Academy’s latest Cryptocurrency Trading eBook. 

From the Binance Team

18. September Trading Report: Bitcoin’s Bull Market Still Intact? Following a parabolic surge in preceding months, crypto markets took a significant hit as Bitcoin and Ethereum recorded their first down month since June. In September, Bitcoin closed 7.5% lower while Ethereum declined by 17%.

19. Interested in cryptocurrency trading? Join Binance Academy Thailand’s free crypto trading course and get started on your crypto journey, starting October 14! 

20. Using Crypto To Pay For Your College Tuition - Highlights from #MyCryptoLife. These #MyCryptoLife graduates used their crypto assets to pay for their college tuition and schooling. We bring you a round-up of this week’s best crypto success stories. 

21. Build for Bharat Virtual Meetup Series - Your Gateway to the DeFi Haven. One month ago, we launched our Build for Bharat Hackathon and Accelerator Program, and we were overwhelmed by the responses. To keep the DeFi culture going, we hosted a virtual meetup on Friday.

22. Binance X Head Teck Chia discusses DeFi on Binance during his appearance on REIMAGINE 2020 v3.0/

23. Join us at the Binance Online Masterclass for Australia on October 16. This session will be about crypto arbitrage. 

24. Binance’s community in Africa runs a 3-Day Crypto Trading Course on October 9-11.

Promos and Community

25. ONGOING: #MyCryptoLife Swag Giveaway Promo Share your story and snag some Binance merch.

26. ONGOING: 25,000 THB Binance P2P Video Tutorial Competition. Binance P2P presents a video competition for our Thai crypto community. 

27. ONGOING: 30,000 UGX Cashback Promo: Sign Up and Trade. Deposit at least 200,000 UGX, buy BTC, BNB, ETH, BUSD, USDT, XRP until October 12 to join.

28. ONGOING: TRX/NGN Trading Competition in Nigeria.

29. COMPLETED: Binance Futures 1st Anniversary Tournament. Thanks to all participants and congratulations to all winners!

30. COMPLETED: Binance Academy Riddle Promo for limited-edition NFTs. You’ll need Trust Wallet to collect your NFT if you win.

31. COMPLETED: SXP Promotion (ended October 9)

That’s a wrap for the past week. Follow us on Twitter, Instagram, Facebook, and YouTube, and join our official Binance Telegram group to talk more with our community.