Buy Crypto
Pay with
Top news
copy link
create picture

Exciting developments on BNB Chain

Binance Research team
2023-02-03 12:55
Full disclaimer: This platform includes third party opinions. We do not endorse their accuracy. Digital asset prices can be volatile. Do your own research. See full terms here.
Happy Friday! The Weekly Market Highlights is an initiative from the Binance Research team to round up the week, summarizing key market events and views from the team.
🔎 Macro / TradFi
  • The Federal Reserve slowed its pace of rate hikes and raised the federal funds rates by 0.25%, bringing the target range to 4.50% - 4.75%. This marks the eighth consecutive increase since the central bank embarked on its rate hike cycle in March 2022. Statement from the Federal Open Market Committee (“FOMC”) highlighted the need for “ongoing increases in the target range.”
  • The European Central Bank (“ECB”) lifted interest rates by 0.5%, taking its key rate to 2.5%. In a statement, the ECB pledged to “stay the course in raising interest rates” and to “raise interest rates by another 50 basis points” in March.
🔎 Crypto
  • BNB Chain unveiled the whitepaper for BNB Greenfield, a decentralized storage system and the third blockchain in the BNB ecosystem this week. Users and dApps will be able to create, store and exchange data with full ownership. Potential use cases include website hosting, personal and blockchain data storage, publishing, and more. The BNB Chain core developer team has teamed up with Amazon Web Services, NodeReal and Blockdaemon to build the BNB Greenfield testnet, with plans for launch in the coming months.
  • Ethereum staking withdrawal testnet, “Zhejiang”, has gone live. This marks another step closer to the highly-anticipated Shanghai upgrade which will allow the withdrawal of staked Ether when implemented.
  • Optimism has proposed a protocol upgrade to boost performance and functionality. The “Bedrock” upgrade will be scheduled 2 weeks after the vote passes, and the current estimated implementation date is 15 March.
  • Cardano's decentralized algorithmic stablecoin Djed has gone live on mainnet. Djed is pegged to the U.S. dollar and will be over-collateralized by 400-800% with ADA. A separate token, SHEN, will act as a reserve coin.
  • Two Solana DeFi projects have decided to shut down their services. Citing challenging market conditions, Friktion Labs, a startup that builds systematic DeFi portfolio management strategies, has announced that they will sunset its user platform. Separately, Everlend, a decentralized yield and loan aggregator, also announced it will shut down due to a lack of liquidity and a shrinking market.
  • An oracle hack has resulted in an estimated US$120M loss for BonqDAO. However, due to illiquidity issues, the hacker has only managed to withdraw around US$1M.
  • Sorare has scored a US$150M deal with the English Premier League. Under this four-year agreement, users will be able to collect and trade official Premier League-licensed NFTs representing players from top-tier teams and use them in Sorare’s fantasy football game.
  • NFT marketplace Sudoswap has airdropped its $SUDO token to eligible users. Holders of $XMON (a token created with the 0xmon NFT collection by Sudoswap founders) will be able to lock $XMON and receive $SUDO. Other eligible users include early liquidity providers on Sudoswap and 0xmon NFT holders.
  • Bullish sentiment seems to have perpetuated the crypto market. The Crypto Fear and Greed Index recorded a one-year high of 61 this week, putting the index firmly in the “Greed” zone.
  • The Hong Kong Monetary Authority (“HKMA”) issued its “Conclusion of Discussion Paper on Crypto-assets and Stablecoins”. Initial points include licensing requirements for stablecoin issuers and zero acceptance for algorithmic stablecoins. The regulatory arrangements are expected to be implemented in 2023/24. CZ highlighted that stablecoins regulation “will bring much needed certainty to issuers, users and service providers, as well as accelerating adoption.”
  • 72% of institutional traders have no plans to trade crypto. A J.P. Morgan survey revealed hesitation among institutional traders around digital assets. Only 14% of respondents mentioned they are currently trading or will trade crypto within 1 year, and the remaining 14% said they do not currently trade crypto but have plans to do so in the next 5 years.
🔎 Latest Binance Research Publications
Check out our latest publications:
Explore our Binance Research website for more project and macro research reports.
For more frequent market updates and insights, follow us on Twitter @BinanceResearch.

Have a minute? Please share with us any feedback you may have via this form.
That’s a wrap!
Binance Research
Read more
About Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes.
General Disclosure: This material is prepared by Binance Research and is not intended to be relied upon as a forecast or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities, cryptocurrencies or to adopt any investment strategy. The use of terminology and the views expressed are intended to promote understanding and the responsible development of the sector and should not be interpreted as definitive legal views or those of Binance. The opinions expressed are as of the date shown above and are the opinions of the writer, they may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by Binance Research to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Binance. This material may contain ’forward looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. This material is intended for information purposes only and does not constitute investment advice or an offer or solicitation to purchase or sell in any securities, cryptocurrencies or any investment strategy nor shall any securities or cryptocurrency be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction. Investment involves risks.
View full text