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Terra Luna Classic soars as Binance implements LUNC burn

Terra Luna Classic (LUNC), the original version of the collapsed cryptocurrency Terra Luna, is smashing upwards on Monday afternoon, with massive gains sending the coin to highs seen early last week.

The LUNC/USD pair was trading around $0.00029885 at the time of writing, with intraday highs of $0.00031905 across major exchanges that list the coin.

According to CoinGecko data, the cryptocurrency has surged by more than 40% in the past 24 hours – most of the gains coming after what is good news in the form of Binance support for the cryptocurrency’s burn mechanism.

Binance implements LUNC burn

On Monday, Binance CEO Changpeng Zhao announced that the crypto exchange, the world’s largest by trading volume, would implement a 1.2% tax rate burn as the Terra Luna Classic community looks to reduce the coin’s supply.

“Binance will implement a burn mechanism to burn all trading fees on LUNC spot and margin trading pairs by sending them to the LUNC burn address. The specific amount of LUNC to be burned, its equivalent value in USDT, and on-chain transaction ID will be updated each week in this announcement until further notice,” the exchange informed its customers.

Zhao also commented on the LUNC tax burn, noting the platform is implementing the model as LUNC holders would not have supported an earlier announced opt-in proposal. He tweeted:

As for what happens to the fees, Binance noted: “Trading fees on LUNC spot and margin trading pairs that collected in a token other than LUNC (e.g., USDT, BUSD and BNB) will be converted to LUNC with the real-time exchange rates on Binance every Monday at 00:00:00 (UTC).”

In the past 24 hours, Terra Luna Classic has registered a daily trading volume of just over $2.4 billion, with CoinGecko data showing a circulating supply of 6,901,298,301,199 LUNC.

The post Terra Luna Classic soars as Binance implements LUNC burn appeared first on CoinJournal.

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Is Cosmos ATOM bull run over?

  • ATOM has been in bullish momentum since June

  • The token has been getting boosts from the expected ATOM 2.0

  • ATOM formed a double top and is correcting but maintains an uptrend

Cosmos ATOM/USD trades 2.93% lower in the last 7 days as of press time. A bearish MACD crossover confirms a bearish market. The token has, however, recovered 4.83% in 24 hours. Should this send shivers that ATOM is now bearish?

ATOM seemed to lose a bullish surge after getting rejected at $16 twice. That resulted in the formation of a double top. Nonetheless, it should be remembered that the token has been bullish since a low of below $6 in mid-June. The cryptocurrency trades at more than double price at $14.4 from the bottom price. 

ATOM’s strengths emanate from the Cosmoverse conference, which starts on September 26 to 28. This is when fans will have a chance to get the details of the much-speculated ATOM 2.0. In the past, ATOM has been criticized due to its inflationary features. ATOM’s inflation depends on the token’s staking percentages. ATOM 2.0 is expected to address the inflation through a hard cap on the supply or burning mechanism. 

ATOM corrects to the $13 minor support

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Source – TradingView

On the technical front, ATOM is trading slightly above minor support of $14. The latest correction pushed the token below the 20-day MA. However, the token keeps the 50-day MA intact, coinciding with an ascending trendline. 

The MACD indicator shows a bearish crossover in line with ATOM correction. At the current level, the upside looks subdued by a weak momentum. However, the bulls are defending the $13 level.

Concluding thoughts

The Cosmoverse event will be highly watched as it could determine whether ATOM will remain bullish. Still, at the current level, we cannot consider ATOM’s bull run over since it remains above the ascending trendline. If bears manage to take the token below $13, the next level will be $12.

The post Is Cosmos ATOM bull run over? appeared first on CoinJournal.

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Automata Network introduces 1RPC for a privacy-protected Web3

Automata Network, a decentralised middleware service protocol in the Polkadot ecosystem, has introduced a free to use private Remote Procedure Call (RPC) relay designed to align privacy protection for Web3.

The platform’s 1RPC announced today is a free-to-use private RPC relay Automata Network says will help protect end-users from potential threats amid Web3 growth.

1RPC and Web3 privacy protection

That Remote Procedure Calls (RPCs) are critical in the blockchain space is no doubt. 

Decentralised applications (dApps) communicate with the blockchain via RPC nodes, with users then able to access and interact across the network for actions such as viewing balances or creating a transaction. But the requests getting shared via the RPC provider can leave a user’s metadata exposed.

The threats to user data are possible across any of the interactions within the space, including bidding for NFTs. Automata Network’s 1RPC could prove critical in embedding crucial privacy for users.

Mainly, 1RPC offers a shielded technical design for protections like ‘do not track’ and ‘anti-phishing’ – key benefits for users in terms of safeguarding personal data and self-sovereignty.

“The radical thing about Web3 is that you can build a better alternative to the status quo any time. It’s why we launched 1RPC as a free relay to bring more users into the privacy-conscious culture we want to foster for the industry…,” said Deli Gong, co-founder at Automata Network.

1RPC will offer one-click privacy protection, with support across numerous leading blockchain platforms. 

As per Automata Network, the technology is supported on AltLayer, Arbitrum, Avalanche, BNB Chain, Gear, Kusama, Polkadot, and Polygon among others.

The post Automata Network introduces 1RPC for a privacy-protected Web3 appeared first on CoinJournal.

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Binance reintroduces futures trading in South Africa

  • Binance had ceased offering crypto derivative products to customers in South Africa in October 2021.
  • The platform will now offer its crypto futures products via regulated platform FiveWest OTC Desk.
  • Brickhouse Trading Limited, a member of Binance group of companies, will offer the products as a jurisdic representative of FiveWest.

Binance, a leading blockchain ecosystem and top cryptocurrency exchange platform, has announced its relaunching its crypto futures products in South Africa,

The exchange, which revealed the development on Monday, eligible South African customers can start accessing futures trading on the platform as from 26 September 2022.

Eligible customers to access futures products

Binance’s reentry with margined trading products for the African nation’s market comes several months after it moved out due to regulatory and compliance issues.

In October last year, the exchange halted its derivatives-related products in the country – with the need to comply with local regulations forcing it to cease offerings for futures, options, margin and leveraged tokens.

On Monday, the exchange told its users in the country that USD-Margined and COIN-Margined perpetual as well as delivery Futures contracts were now available.

South African users can access these products on Binance again, with the platform partnering with regulated financial services FiveWest OTC Desk. 

The Changpeng Zhao-led crypto company noted that it has a juristic representative arrangement with the authorised provider – a collaboration that will work via Binance affiliate Brickhouse Trading Ltd.

According to Binance, customers will still access the same products as before.

“The type of products offered and related product specifications have not changed from Binance’s previous Futures offering in South Africa. Only the manner in which the services are provided have changed. Users may still connect into the Binance platform and access the same market-leading liquidity,” the exchange’s team wrote.

The post Binance reintroduces futures trading in South Africa appeared first on CoinJournal.