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Binance Weekly Report: Raising the Stakes for DeFi Week

2020-08-14

In this weekly report (August 8 to 15, 2020): We listed several DeFi tokens, completed The Sandbox’s token sale, introduced a BNB demo staking promo called Stake Wars plus a Swipe airdrop promo for BNB holders, and more.

Crypto Market Overview

Bitcoin crosses $12,000. ETH and BNB also reach multi-month peaks

This week, Bitcoin (BTC) reached $12,000 for the first time in more than a year, before settling at $11,734 as of the end of Friday, August 14 (UTC +8), according to CoinMarketCap data. 

The market action for most major cryptocurrencies was a mix of bullish and sideways trends, with growing interest in DeFi playing a major factor. Ethereum (ETH) continued its rise, ending Friday at a two-year high of $441. Chainlink (LINK) rose from $10 to as high as $18.14 –an all-time-high–vaulting it past both Bitcoin Cash (BCH) and Litecoin (LTC) in the cryptocurrency rankings, Meanwhile, BNB crossed $23 on Friday as well, marking a six-month high.

The total market capitalization of the cryptocurrency industry rose to $370 billion this week, the highest point since June 2019.

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. $16,000,000 SXP airdrop. We are giving away 4,000,000 SXP tokens to BNB holders over a 12-week period. This gives you another very good reason to buy and hold BNB on Binance.com. More details here.

2. The Sandbox sale results. The token sale, Binance Launchpad’s third this year, saw 360,000,000 SAND going to 12,225 lucky participants. 

3. NEW LISTINGS: Launchpad project, plus five DeFi projects.

- Curve (CRV). CRV/BNB, CRV/BTC, CRV/BUSD, and CRV/USDT launched on August 15.

- The Sandbox (SAND). SAND/BNB, SAND/BTC, SAND/USDT, and SAND/BUSD launched on August 14.

- Aragon (ANT). ANT/BNB, ANT/BTC, ANT/BUSD, and ANT/USDT launched on August 13.

- Serum (SRM). SRM/BNB, SRM/BTC, SRM/BUSD, and SRM/USDT launched on August 11. 

- JUST (JST). JST/BNB, JST/BTC, JST/BUSD, and JST/USDT launched on August 11. 

- yearn.finance (YFI). YFI/BNB, YFI/BTC, YFI/BUSD, and YFI/USDT launched on August 10. 

4. NEW TRADING PAIRS: BLZ/BUSD, KMD/BUSD, BAL/USDT, BLZ/USDT, IRIS/USDT, KMD/USDT, SOL/USDT, BTC/DAI, ETH/DAI, BNB/DAI, USDT/DAI, and BUSD/DAI, which all launched on August 11.

5. Isolated Margin trading for three more tokens: LSK, MANA, and OGN. A zero-interest promotion for borrowing these tokens runs until August 18.

6. Binance supports SXP staking, starting August 23.

7. Binance Staking adds USDC locked savings.

8. Introducing 14.8% APY stablecoin savings products + random DeFi token bonus. Subscribe to these 14-day products for a chance to receive token bonuses.

9. Risk control measures for BLVT. To better serve our users and to prevent increased market risk, we will impose a maximum allowable position limit of BLVT tokens for each user.

10. Binance launches Filipino language support. Filipino is the 17th language supported on the Binance website and the 13th on the Binance app. 

Binance Futures and Options Updates

11. Month 11 review. Binance Futures posted its best numbers yet:

- $13 billion daily volume, an all-time high

- $1 billion open interest

- 22 new derivatives contracts

12. Introducing Bitcoin-margined perpetual futures contract. The BTC/USD COIN-Ⓜ perpetual contract uses Bitcoin as collateral. Users will be able to select between 1-125x leverage.

13. NEW PERPETUAL CONTRACTS: 

- SNX/USDT (August 14)

- MKR/USDT (August 13)

- WAVES/USDT (August 12)

14. Three Benefits of COIN-margined Perpetual Futures. In this article, we shall dive into how COIN-margined perpetual futures works, how it differs from existing futures products, and how it complements them. 

Binance Ecosystem Updates

15. Stake Wars: Binance Smart Chain provides a sneak peek at BNB staking. Binance is sponsoring a 3,000 BNB prize pool for Stake Wars, a 10-day event where participants test how staking will work on Binance Chain, Binance Smart Chain, and BNB. Also, learn how to use a Smart Chain faucet here.

16. More updates from Binance Chain: Binance Smart Chain upgrade, migration of testnet faucet, and delisting of the VRAB/BNB trading pair.

17. Binance.US lists two more tokens: Compound (COMP) and Decentraland (MANA)

18. Binance Labs backs DeFi startup 1inch in a $2.8 million funding round. This is part of the ongoing effort by Binance Labs to support some of the most impactful startups in the DeFi space.

19. Binance Academy celebrates its 2-year anniversary. We look back at the platform’s milestones and join in on the fun with a special quiz promo where we gave away $1,000 in BTC.

20. Meanwhile, here are Binance Academy’s newest articles: 

- Beginner's Guide to VPNs. They are fast becoming an integral tool when it comes to Internet access.

- How Does the Economy Work? We dive into the concepts that power the economy.

- Yield Farming in DeFi. Yield farming is the latest DeFi trend that allows users to earn rewards with crypto holdings.

- Tokenized Bitcoin on Ethereum. We discuss a way to use bitcoin on other blockchains.

21. Binance Research publishes newest reports on DeFi projects: Curve (CRV), Aragon (ANT), Serum (SRM), JUST (JST), and yearn.finance (YFI).

BNB, Fiat, and Stablecoin Updates

22. Buy crypto with MasterCard and earn 2% cashback. Offer runs until August 19.

23. Koinal removed as deposit option, effective August 13. Binance P2P’s escrow service safeguards every transaction, giving traders peace of mind. 

From the Binance Team

24. Now Streaming Act III. Here’s our third installment of our series on shows that feature crypto. (Read Part I and Part II as well.)

25. Intro to Binance Blog Trader Series. This is a new series of articles that introduce research, insights, and analysis from notable names in the world of trading.

Promos and Community

26. ONGOING: $100,000 DUSK Trading Competition. Complete tasks and trade DUSK to get a share of the prize pool. Promo runs until August 19.

27. ONGOING: $100,000 WAVES Trading Competition. Get a share of the prize pool by completing tasks and trading the WAVES futures contract. Promo runs until August 21.

28. ONGOING: Independence Day Giveaway for India. Binance is giving away 5,000 USD worth of BNB to Indian traders on Binance Futures. Promo runs until August 18.

29. ONGOING: Binance Academy PH’s Learn and Earn Series. This is a 2-week back-to-back virtual education program taught by top cryptocurrency traders in the Filipino community. This week, P2P and Spot Trading promos were introduced.

30. ONGOING: Binance Lite’s Trezor giveaway. The platform is giving away three hardware wallets. Winners will be announced on August 17.

31. EXTENDED: Zero-Fee GBP Faster Payments. We’re extending our zero fee promotion for GBP Faster Payments deposits and withdrawals until August 31. 

32. EXTENDED: OTC Portal VIP +1 Campaign. Binance offers a one-month VIP +1 level increase to users who make a trade through the OTC Portal (now with Swipe) until October 12.

33. COMPLETED PROMOS: 

34. COMMUNITY EVENTS

  • Travala AMA on Binance English (August 19

  • Binance Pool with Whatsminer Community (August 13)

  • CoinMarketCap AMA with Band Protocol (August 12)

  • The Sandbox AMA on various Binance communities (August 10-14)

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.