There are new developments in the Binance ecosystem, the world’s largest cryptocurrency exchange by volume. Here are the details…
Binance supports MobileCoin (MOB) update
The MobileCoin (MOB) network upgrade will take place at the MobileCoin mainnet block height of 842,800. So, approximately today, it coincides with 19 CET. MOB deposits and withdrawals will also be suspended from 18:00 CET today. MOB trading will not be affected during network upgrade. Binance said it will meet all relevant technical requirements for all users who have a MOB in their Binance account.
Polygon and Avalanche support BUSD
On the other hand, according to the famous announcement, Binance’s stablecoin Binance USD (BUSD) is now available on Avalanche and Polygon. The exchange says users can now “safely” and “efficiently” explore the two aforementioned ecosystems with the help of the BUSD token. Binance launched this stablecoin in partnership with Paxos in September 2019. The BUSD token is currently the seventh largest cryptocurrency by market cap. It is currently worth $20.5 billion, according to data provided by CoinMarketCap.
As we reported on Kriptokoin.com, in early September, Binance announced that it will convert its users’ True USD (TUSD), USD Coin (USDC) and Pax Dollar (USDP) balances and deposits to BUSD. The company explained that such a change is necessary to “increase liquidity.” The decision to remove competing stablecoins will likely increase demand for the exchange’s own BUSD token. But according to Circle CEO Jeremy Allaire, this could actually increase the utility of the USDC stablecoin.
AvengerDAO launch announced
Finally, BNB Chain, a blockchain closely related to Binance, has joined hands with leading Blockchain security audit firms to launch the security infrastructure project AvengerDAO, according to the platform’s statement. The co-founders of the decentralized autonomous organization (DAO) include security audit firms such as Certik, Go Plus, SlowMist, Zokyo, BlockSec, Hashdit, Verichains and other crypto companies such as Pessimistic, CoinMarketCap, TrustWallet. There are also PancakeSwap, BSCtrace(NodeReal), BSCscan, MathWallet, DappBay, Coin98 and Opera.
The operation of the Avenger DAO will include many dApps. Decentralized security application (dApp) Hashdit has integrated with decentralized exchange (DEX) PancakeSwap to facilitate contract scanning for DAO users. The announcement said the system will provide multi-layered security through Meter, a passive API system that allows apps to request safety ratings and send back alerts to flag bad actors.
Two additional platforms, Watch, a subscription-based alert system, and Vault, a programmable fund management system, will alert subscribers in real-time when vulnerabilities occur and assist in the safe passage of funds between parties, respectively, according to the providers’ internal rules. “We want to foster greater adoption of Blockchain technology by setting an industry standard for secure practices,” said Gwendolyn Regina, investment director at BNB Chain.
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