Binance Funding in Top 6 Defi Tokens-Complete Details
Binance is currently funding 6 defi projects.
Whatever is trending in the crypto market, you constantly hear the name of the Binance Exchange.
Whether in the time of initial exchange offerings or now as Defi coins are booming, Binance is always there supporting and investing in crypto trends.
Everyone is discussing Defi these days, no one can predict how much time this hype will last.
But as long as defi hype is there Binance will be funding these projects.
Binance not only invests because of Defi hype, but the practical reason for funding is to advance the crypto community.
Help those Defi projects that are genuine, holding teams that own unique concepts to do something innovative in defi.
Binance encourages stable defi projects by there funding, to bring innovation and improve the defi space.
Decentralized finance (DeFi) is becoming the next big thing because of the solutions it is presenting to the blockchain world.
Because of such dignity and admiration for these defi projects, Binance is currently funding the top 6 defi tokens that are supposed to be well-known defi tokens.
Binance has been funding in Decentralized finance for more than two years.
In the early days of defi, Binance has recognized this opportunity that the decentralized finance boom will soon come.
So Binance started funding nice defi projects.
The top 6 defi tokens funded by Binance are:
Tellor implements a substitute to siloed blockchain networks that do a query of off-chain data and their base is on centralized data.
Tellor is developed by a graduate from Binance Labs.
Tellor freshly wrote an in-depth study on oracles decentralization.
Terra is a top-level, defi based payment system that has its stable coin for powering its transactions.
Binance first investment in Terra was in April 2019.
Terra has partnered with Cosmos and Polkadot to begin Anchor protocol.
The Anchor is a new income protocol that strives to decrease volatility in lending on Decentralized Finance by leveraging staking derivatives.
Binance is helping the most renowned Defi projects.
In this regard, Binance has freshly completed a funding round of 2.8 million dollars for a defi exchange 1inch.
1inch is a dex aggregator, as an aggregator 1inch roots liquidity from multiple dex exchanges.
1inch utilizes smart contract technology to divide a particular trade across multiple decentralized exchanges, empowering users to receive the best rates possible on exchanges.
To split order across different exchanges 1inch has got support from top defi exchanges likeUniswap, Bancor, Balancer, Curve, Kyber Network, Airswap, Oasis, and others.
As the funding of 1inch was led by Binance many notable investors and investment funds have participated in this funding.
The renowned participants of funding were:
Binance CEO Changpeng Zhao views about 1inch exchange:
“DEX aggregation is a critical building block that co-enabled the most recent DeFi boom. It allows executing large order sizes at low slippage rates. 1inch has become the de facto interface for trade execution in DeFi. It is of great pleasure to support the 1inch team in their relentless quest to drive user adoption in DeFi.”
1inch was launched by Sergej Kunz and Anton Bukov in May 2019.
Both founders announced a 1inch launch in the Ethereum global hackathon in New York.
Till today 1inch’s daily active wallets have towered to 17,700 wallets.
In recent days 1inch registered over $1 billion in trading volume, which shows how much trading was done on this decentralized finance exchange.
Binance Strategy Officer Gin Chao said:
“Our team had first met Sergej and Anton at ETHParis in February 2019 where the two pitched a BNB utility project to us. On a subsequent hackathon, the team launched 1inch and, after first traction, decided to commercialize it.”
Strike protocol is designed by Binance labs graduate in May 2020.
This Ethereum-based derivatives protocol can handle decentralized perpetual swaps for any asset.
Strike protocol has features of leverage up to 20x, minimum oracle usage, and others.
Dune analytics is a defi analytics platform.
Dune analytics features are that it recognizes human-readable smart contract data to visualize, explore, and share.
Injective Protocol is one the pioneers of defi that started in 2018 and gain the attention of Binance for funding.
The injective protocol is a decentralized layer-2 dex.
It solves front running, collisions queries, and facilitates liquidity sharing.
What are your thoughts on Binance findings in defi tokens. please comment.
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- ANALYSIS OF THE CURRENT LEGAL STANDING OF CRYPTO-CURRENCY IN INDIA
- Leading Cryptocurrency Exchange PayBito to Add More Altcoins to the Platform
- Plair (PLA) Price Reaches $0.0001 on Exchanges
- 1Inch Exchange co-founder Anton Bukov Admits of Copying Uniswap Protocol’s Source Code – TCR
- LUXCoin (LUX) Price Hits $0.15 on Major Exchanges
ANALYSIS OF THE CURRENT LEGAL STANDING OF CRYPTO-CURRENCY IN INDIA
The utility of crypto-currency had always been a juncture of dispute due to its mysterious and unsettled legal position. But, the recent judgment of Supreme Court has opened up new avenues for crypto-currencies in India and thus, in recent times, crypto-currencies have been reaping a lot of attention and are gradually becoming the talk of the town. There are several people throughout the nation who are buying and selling crypto-currencies or straightforwardly investing in them. At such a time a question may arise, that what this hype is all about. So this article will help you to discern the concept of Crypto-currency and block chain; the historic judgment of the SC; the impact of the SC’s ruling; and the current and prospected legal position of virtual currencies in India.
Key Words: Crypto-currencies, Block chain, Bit coin, Altcoins, Cryptograph
In an unpretentious sense, crypto-currency means a virtual or digital currency. It’s a digital medium of exchange that can be used to purchase and sell goods and services through a decentralized online version of cash. It uses the system of cryptography (encryption) to control, secure, and verify the transactions. According to the Financial Action Task Force (FATF), crypto-currency is a virtual currency having digital representation on a value that can be virtually traded and can function as a mode of exchange. One of the defining features of crypto-currency is that its value is not fixed. It can be purchased at a lower cost and be sold back at a higher value, which makes it a veracious asset for investment. However, the government is not favoring crypto-currency due to several concerns, such as its use on the dark web, it being a channel for black money, terrorism funding, etc. It is due to the anonymity, security, and affordability of crypto-currency, that criminals are increasingly using these virtual currencies. In spite of these odds, crypto-currencies have acquired esteem throughout the nation and are slowly gathering attention.
Block chain, an open and publicly distributed ledger, is a concept on which crypto-currencies function. It’s a public ledger on which all the crypto-currency transactions are recorded. Comparing it to the normal ledger book, each page in a ledger is a block consisting of multiple transactions, new blocks keep adding to the ledger. And a collection of these blocks is called a blockchain. Like a normal ledger, blocks are stored and arranged in chronological order. It is a publicly open decentralized ledger, which is accessible to all and immune from government intervention. It must be noted that block chain has a number of functions and one such function is the recording of the crypto-currencies transactions.
History of Crypto-currency
Theoretically, crypto-currencies have been with us for over a decade now, but in actuality, attempts have been made to decentralize it for a long period of time, even before the first digital alternative existed. There were many people, like Nick Szabo who were trying to create a cryptographically encrypted and decentralized currency since the late 90s. Still, that never really took place.
The biggest aspect that led to a boost in the use of crypto-currency was the Banking Crises of 2008, after which there was a need for cheap and safe methods of payment. And by late 2010 there were thousands of Crypto-currencies created called altcoins. And now many people in the world view crypto-currency as the most popular and legitimate payment method. Further, the ongoing COVID-19 crisis has proven to be the biggest opportunity for the crypto-currency market. There are some investors in India who have found bitcoin an attractive means to hedge the risk and make profits. Moreover, market experts say that they have remained untouched by the slowdown due to COVID-19.
Central Bank’s Circulars Regarding Crypto-currencies
The Reserve bank of India has never been in favor of crypto-currencies. It has consistently been issuing notices or circulars against the dealing and selling of virtual currencies in the country. The central bank had cautioned the users and the traders of crypto-currencies repeatedly through its circulars since 2013. It had previously issued three notices (Dated 24 Dec 2013; 1 Feb 2017; and 5 Dec 2017) regarding virtual currency in relation to the potential operational, financial, legal, and security-related risks to the people dealing and investing in crypto-currencies.
On 6th April 2018, the Reserve Bank of India released a circular which barred RBI regulated financial institutions from trading in crypto-currencies and from providing any services to a person or entity dealing in virtual currencies. However, this circular did not bar the holding or exchanging of crypto-currency. Yet, it had a very effective ban on trade and investment in virtual currency.
This notice was issued by the central bank in furtherance of the powers conferred to it by Section 35A and Section 56 of Banking Regulation Act, 1949, Section 45JA, 45L of the Reserve Bank of India Act, 1934.
Analyzing the Historic Judgment of Supreme Court
The impugned notice of the RBI was challenged before the Supreme Court by two writ petitions. The first petition was filed by a group of eleven crypto-currency exchanges (in the case of Rajdeep Singh & Ors v. Union of India). And the second petition was filed by an organization named IAMAI which providing OTT content (Internet and Mobile Association of India). This judgment, which extended to 180 pages, was authored by Justice V. Ramasubramanian.
The Court observed that RBI through these notices does not impose a complete ban on all the trade in virtual currencies, but only administered the banks that they are regulated by RBI to not furnish services to any insincere legal entity in dealing with VCs. Thus it can be deduced from the above that RBI is not prohibiting the use of virtual currencies stored with them in their digital wallets. Though these circulars had an immobilizing effect on the trade of virtual currencies, it could not be inferred as a complete ban. SC further mentioned that RBI being a regulatory agency has the power to issue such notices. These Circulars cannot be held wrong for embracing different approaches. RBI was motivated by the need of public welfare, and thus its power over these legal entities is well within its jurisdiction.
However, having answered the first two issues in an affirmative manner, SC dejected the third issue. By applying the Doctrine of Proportionality and observed that prohibiting storing of VCs will dearly affect them as they will not be able to survive long without access to the banking channels. And thus affecting the fundamental rights of the petitioners guaranteed under Article 19(1)(g). These restrictions need to pass the test of reasonableness to be valid. And therefore the court welcomed the concept of crypto-currency and the system of block-chain and hence the impugned notification of RBI was quashed.
And thus, as it stands today, buying, selling or simply trading in crypto-currency is legal in India.However it is pertinent to note here that, these virtual currencies are still not completely free from RBI’s control. This judgment just gives a temporary relief to the crypto-currency traders as the government is not in favor of these virtual currencies and therefore the VCs have a very dark future in India. The prospective legal position of VCs is discussed in the later section of this blog.
Analyzing the Impact of This Judgment on the Crypto-currency Exchanges
This historic judgment of the SC has given a short term relief to the crypto-currency exchanges in India. After this judgment, buying, selling, and trading in crypto-currencies is not illegal in India. However, it must be noted that this judgment will not bar RBI from issuing such notifications in the near future. The court had clearly stated that RBI has all the power to prohibit the use of any activity which has a negative impact on the financial system of the nation. And thus, the bank and other financial institutions will be cautioned against dealing with virtual currencies due to the unfavorable attitude of RBI and the government towards crypto-currency.
Prospected Legal Position of Crypto-currency
The recent judgment of SC has definitely given some relief to the crypto-currency traders. But it must be noted that this is only a temporary relief, because the government is not favoring these virtual currencies which are immune from its interventions. Let’s understand how the government is slowly moving towards a complete ban on these virtual currencies.
There are basically two bills relating to virtual currencies, proposed by the government (not passed) namely Regulation of Official Digital Currency Bill, 2019, and Crypto Token Bill, 2018.
On analyzing both of these proposed bills, one can easily conclude that the intention of the legislature is ambiguous in the matter of crypto-currency. But yet, these bills clarify the intention of the government of banning all the activities which are immune from its control. And thus, in view of the author, crypto-currencies have a dark future in India.
As per the reports of the Economics Time (that seeks to set up a legal framework for banning crypto-currency in India), the government of India is planning to put a long-lasting ban on crypto-currency. The Finance Ministry on 12th June, 2020 has introduced a cabinet note for inter-ministerial consultation. If this note is accepted then a new bill may be introduced in the parliament that may put a complete ban on trading of crypto-currencies in India.
Author: Rohit Jain,
ALL INDIA LEGAL FORUM
Leading Cryptocurrency Exchange PayBito to Add More Altcoins to the Platform
Global cryptocurrency exchange PayBito is expanding its portfolio of crypto assets by planning to add more prominent altcoins to the platform to offer diversification of trading options for the users.
PALO ALTO, Calif., Aug. 22, 2020 /PRNewswire-PRWeb/ — Leading cryptocurrency exchange PayBito has revealed its plans to add more prominent crypto assets and altcoins to its coin portfolio by the end of 2020. The platform is globally recognized for its extensive coin listing, which comprises major cryptocurrencies from around the world. It’s been a while since the crypto exchange has been on expansion mode. It was fast to launch the trading platform in India, which got its ban on crypto trading lifted a few months ago. PayBito is the only among cryptocurrency exchanges in India to offer such a diverse portfolio of crypto assets.
“PayBito keeps novelty as a constant within the platform through the inclusion of new assets or advanced features to offer the best trading experience to the users. Expansion of the coin listing is our strategic move to diversify the trading options, especially in emerging markets like India and enable the users to profit more from the trading activities”, commented Raj Chowdhury, Managing Director of PayBito.
At the beginning of the year, PayBito added several prominent crypto assets to the platform, to diversify the trading options for its global users. This time the exchange also wants to focus on the emerging assets that have shown promising growth in the industry. Overall the expansion of the crypto portfolio will offer varied trading prospects to PayBito’s global user base.
PayBito is a leading cryptocurrency asset trading platform operating globally. The platform is designed and managed by a team with rich experience in Banking security systems, Cryptocurrency trading, and Blockchain technology. It is available in the web version as well as in iOS and Android stores. PayBito services include white label cryptocurrency exchange, white-label payment gateway, exchange affiliate, and coin listing. PayBito offers some of the best rates and top-notch security in the crypto world.
Author: News Bureau
Plair (PLA) Price Reaches $0.0001 on Exchanges
Plair (CURRENCY:PLA) traded up 4.9% against the U.S. dollar during the one day period ending at 0:00 AM E.T. on August 22nd. One Plair token can now be bought for approximately $0.0001 or 0.00000001 BTC on major cryptocurrency exchanges including RightBTC and BitMart. Plair has a market capitalization of $3.37 million and $26,452.00 worth of Plair was traded on exchanges in the last day. In the last seven days, Plair has traded down 7.3% against the U.S. dollar.
Here’s how other cryptocurrencies have performed in the last day:
Plair (CRYPTO:PLA) is a token. It was first traded on November 21st, 2018. Plair’s total supply is 100,000,000,000 tokens and its circulating supply is 25,610,108,545 tokens. The official message board for Plair is medium.com/plairlife. Plair’s official Twitter account is @teamplayup. The Reddit community for Plair is /r/Plair. The official website for Plair is plair.life.
Buying and Selling Plair
Plair can be traded on these cryptocurrency exchanges: BitMart and RightBTC. It is usually not presently possible to buy alternative cryptocurrencies such as Plair directly using U.S. dollars. Investors seeking to trade Plair should first buy Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as GDAX, Changelly or Coinbase. Investors can then use their newly-acquired Bitcoin or Ethereum to buy Plair using one of the aforementioned exchanges.
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Author: Grace Carli
1Inch Exchange co-founder Anton Bukov Admits of Copying Uniswap Protocol’s Source Code – TCR
It all began with a tweet from 1Inch Exchange which raised the question as to why would the decentralised finance community prefers to have 80% of a “completely valueless” token instead of 20% of a real utility token with unique tokenomics (TBA)? Additionally, it pointed out that some recent DeFi tokens are just ponzies with potential governance over nothing.
Why would the #DeFi community prefer to have 80% of a “completely valueless” token instead of 20% of a real utility token with unique tokenomics (TBA)? Few understand, that some recent DeFi tokens are just ponzies with potential governance over nothing 🤦♂️ pic.twitter.com/ofscOvHYAX
Comments started coming in soon after, with crypto users curious to know what the company’s plans for a utility token would be. Bukov responded by hinting that it would be ‘huge’, ‘one of the few real tokenomics in the market’.
We are not ready yet to disclosure it fully but it is gonna be huge. I’d say one of a few real tokenomics on the market.
Uniswap is a protocol that allows buyers and sellers to swap ERC20 tokens without the involvement of an exchange or order book. This is carried out via an algorithmic equation that automatically ascertains the swap rate on the basis of balances of both tokens and the actual demand for this swapping pair. Mooniswap, on the other hand, is a new automated market maker (AMM) launched by 1 Inch Exchange that aims to help liquidity providers by doubling up as arbitrageurs and capture approximately 50-200% more profits for LPs relative to Uniswap.
LoI I got a message from them literally 12 days ago saying they don’t intend to compete with us
I have no issues w/ competition but lying and gaslighting is pretty annoying https://t.co/9rkvlA0xOY
Hayden Adams, Ethereum developer and inventor of Uniswap Protocol, tweeted that he got a message from 1 Inch Exchange a few days back saying they don’t intend to compete with him. While Adams said he had no issues with the competition, he found all the lying and gaslighting annoying. This is with reference to 1Inch Exchange’s previous tweet urging users to migrate from Uniswap V2 to Mooniswap.
We’re not competing bro we just copied your protocol, copied your name, copied your brand, forked your trading interface, forked your analytics site, create a migration contract and launched a token to incentivize usage
Hayden Adams did not stop there but went on to accuse 1Inch Exchange of stealing his protocol and other elements, which, according to many, was apparently true. Anton of course, denied it all, stating that protocol, name, and brand style were never copied, but were rather based on Alan Lu formulas from 2017 as well as Uniswap and Balancer. He also highlighted that all the elements had an open-source license, and challenged Adams to ‘wait for the comparison next month’.
Protocol/name/brand were never copied, just based on Alan Lu formulas from 2017 as well as Uniswap and Balancer. Also improved ROI by fixing arb traders earning – wait for the comparison after first month. All other things had an opensource licence, we are thankfull for that.
The twitter war led to allegations and counter-allegations, as crypto users too, went ahead shooting various questions they had in their mind regarding the controversy. Responding to those doubts, Anton clarified that when the logo of Mooniswap was inspired from that of 1inchexchange, Uniswap Protocol was never on his mind.
Source code of web site was copied and modified a bit, because @UniswapProtocol team did a great job at developing and opensourcing it. This what @UniswapProtocol team wanted, to help other developers to bootstrap AMM development.
The 1Inch Exchange co-founder admitted that the source code of the website was copied and modified a bit, because the Uniswap Protocol team did a great job at developing and open-sourcing it. Apparently, it was because the Uniswap Protocol team wanted to help other developers to ‘bootstrap AMM development’.
Author: By Piyasi Mitra
LUXCoin (LUX) Price Hits $0.15 on Major Exchanges
LUXCoin (CURRENCY:LUX) traded up 132.8% against the U.S. dollar during the 1 day period ending at 19:00 PM Eastern on August 23rd. One LUXCoin coin can currently be bought for about $0.15 or 0.00001251 BTC on popular cryptocurrency exchanges including CryptoBridge and Cryptopia. LUXCoin has a market capitalization of $1.40 million and $2,852.00 worth of LUXCoin was traded on exchanges in the last 24 hours. During the last seven days, LUXCoin has traded up 124.5% against the U.S. dollar.
Here’s how similar cryptocurrencies have performed during the last 24 hours:
Buying and Selling LUXCoin
LUXCoin can be bought or sold on these cryptocurrency exchanges: Cryptopia and CryptoBridge. It is usually not currently possible to buy alternative cryptocurrencies such as LUXCoin directly using US dollars. Investors seeking to trade LUXCoin should first buy Ethereum or Bitcoin using an exchange that deals in US dollars such as Gemini, Changelly or GDAX. Investors can then use their newly-acquired Ethereum or Bitcoin to buy LUXCoin using one of the aforementioned exchanges.
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Author: ABMN Staff