Monat: Januar 2023

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Floki partners with Binance Pay to boost Floki Shop adoption

  • Floki revealed the strategic partnership on Twitter and via a Medium post on Tuesday.
  • Binance Pay becomes Floki’s main crypto payments provider and will aid in a campaign to boost adoption of the merchandise store Floki Shop.
  • Customers can now buy items from the merch store using funds in the Binance Pay account.

Floki Inu has struck a strategic partnership with crypto payments provider Binance Pay, the cryptocurrency platform announced. 

Binance Pay is a payments feature in the Binance ecosystem. Floki, on the other hand, is popularly referred to as “the people’s cryptocurrency”, and its native token FLOKI was inspired by top meme coins such as Shiba Inu (SHIB).

Floki partners Binance Pay

Per a Medium post the Floki team published on Tuesday,  Binance Pay is now Floki’s official digital assets payments service provider. The Binance app payments feature will provide crypto payments for Floki Shop, a newly launched Floki merchandise store from where people can buy unique items, including fashion pieces.

With this partnership, Floki will also work with Binance Pay to boost further adoption of the merch store. According to details in the announcement, the two companies will look to achieve this via a strategic and coordinated marketing campaign.

Specifically, Binance Pay will feature the Floki store campaign on the payment provider’s homepage for a month. It will also include push notifications to millions of Binance Pay’s users across the globe, Floki added in the announcement.

Binance Pay allows for borderless and secure user-to-user crypto payments, with customers able to access the service from within the Binance app.

The post Floki partners with Binance Pay to boost Floki Shop adoption appeared first on CoinJournal.

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Polygon completes hard fork to boost network performance

  • Polygon announced the scheduled hard fork had succeeded on Tuesday, 17 January, 2023.
  • The software upgrades will help address the issue of gas-fee spikes and potentially disruptive chain reorganizations.
  • Polygon is looking at other technical upgrades such as zkEVM and parallelization as the team eyes further improvements to the network.

Polygon, the Web3 infrastructure platform built on Ethereum, has successfully completed its scheduled mainnet upgrade, according to an announcement from the team behind the blockchain project.

Upgrade to help boost Polygon performance

The proof-of-stake (PoS) upgrade is a hard fork that the community approved in a recent vote, with the implementation aimed at reducing gas fees spikes on the Ethereum scaling solution. With the hard fork it means that although the network could still see spiking gas fees during peak demand sessions, this will now more likely mirror Ethereum’s current gas dynamics.

According to the Polygon team, the upgrade will smooth out any gas fee spikes and allow for seamless interaction with the chain.

The software update is also meant to address chain reorganizations, or “reorgs”, which can impact transaction finality and be disruptive to the chain.

Polygon highlighted the above proposals in a post published on 12 January.

Alongside the completed hard fork that is set to boost network performance and predictability, there are longer-term targets still aimed at making the blockchain protocol ideal for a growing community of users. These will include technical upgrades such as parallelization and Polygon zkEVM being worked on.

Major Web3 projects such as Uniswap and Aave are on the Polygon PoS chain, along with thousands of other decentralised applications (dApps). The chain has registered more than 207 million unique addresses and processed over 2.3 billion transactions.

The post Polygon completes hard fork to boost network performance appeared first on CoinJournal.

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Kevin O’Leary says another ‘meltdown to zero’ will 100% happen

  • Kevin O’Leary thinks the crypto market should be ready for another FTX-like collapse, noting this will 100% happen.
  • According to the venture capitalist and “Shark Tank” star, crypto needs to move away from a “unregulated cowboy environment” that’s full of rogue players. 
  • The billionaire investor thinks the scenarios where an exchange goes burst will keep happening over and over until regulations begin to change some of the factors enabling the failures.

Kevin O’Leary, the Chairman of O’Leary Ventures and a seasoned investor, has shared his outlook on the crypto market, suggesting in a recent interview that the industry could yet see another major meltdown.

Particularly, the ‘Shark Tank’ star believes more unregulated cryptocurrency exchanges will fail, even as the regulatory landscape improves to put rogue players in check.

O’Leary says new exchange collapses 100% will happen

O’Leary came under heavy criticism in the aftermath of the collapse of FTX, with his role as a spokesperson attracting the ire of Crypto Twitter even as the FTX Token plummeted and he claimed he lost money on the exchange.

Now he says he can never buy any of these exchange tokens, and that platforms incentivising customers to buy tokens with offers of trading fee discounts are perpetuating a scheme that will see many people lose their money.

Asked whether he thinks there’s going to be another FTX, O’Leary noted there would. He told Kitco News anchor David Lin on Tuesday that it doesn’t worry him.

“I’m not worried, but if you’re asking me, will there be another meltdown to zero absolutely 100% it’ll happen, and it’ll keep happening over and over. All of these exchanges, all of the unregulated exchanges are having massive outflows now. The smart money has got the joke, they saw what happened with FTX and are not sitting around for an explanation.”

The venture capitalist went on to highlight that any exchanges not willing to be fully and properly audited – those that still don’t fancy transparency – will see an exodus of institutional capital. On such exchanges he said, the “unregulated cowboy environment” will end. And there are going to be many more collapses as the space matures under a robust regulatory framework.

“I think we just need to treat crypto like any other regulated asset,” he noted, adding that this is likely to happen sooner as more companies, including USD Coin stablecoin issuer Circle, pursue a proper regulatory environment.

The post Kevin O’Leary says another ‘meltdown to zero’ will 100% happen appeared first on CoinJournal.

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BNB muted despite BNB Chain’s burn of $600M worth of tokens

  • BNB worth more than $600 million have been removed from circulation, Binance announced on Tuesday.
  • This was the 22nd BNB burn, with data showing over 44 million BNB tokens have been cut from the total supply.
  • Binance launched BNB in 2017 with a maximum supply of 200 million and has planned to cut the supply to 100 million.

BNB Chain today completed its 22nd burn event, with the quarterly burn for the first installment in 2022 seeing the blockchain platform remove over 2 million BNB worth more than $500 million.

As announced earlier Tuesday, BNB Chain burned a total of 2,064,494.32 BNB worth approximately $617,696,701. The programed burn occurred at around 0800 UTC on 17 January 2023, with the transaction ID also showing the burn was completed at block height 290943059. The total fee a measly 0.002 BNB.

Despite the BNB burn news, the price of Binance Coin remained muted and mirrored the slowdown across crypto after last weekend’s massive pump.

BNB is up more than 10% in the past week and nearly 25% higher in the past 30 days, having rallied to $314 per token – its highest price level since late November. However, as noted, today’s announcement hasn’t seen a major reaction from BNB holders. 

The token currently trades around $302 with slight gains of 1.3% over the past 24 hours.

BNB Chain to burn 100 million BNB

While the maximum supply of BNB was initially 200 million when the cryptocurrency launched in 2017, an exploit on the BSC Token Hub bridge on 7 October, 2022 impacted total supply and thus affected the Q4 BNB burn. This is because the incident saw the minting of an extra two million BNB, which had then increased the token’s maximum supply to 202 million.

According to data from bnbburn, the circulating supply of BNB currently stands at roughly 157 million. Approximately 44 million coins from the total supply of 202 million has so far been destroyed, almost halfway to the target of removing 100 million BNB from circulation.

The post BNB muted despite BNB Chain’s burn of $600M worth of tokens appeared first on CoinJournal.