Important announcements came from Binance, the largest cryptocurrency exchange in terms of daily trading volume. One of these announcements includes the famous meme coin Shiba Inu (SHIB). In addition, the network update is supported for Terra, which has been on the agenda with the collapse in the past months. Here are the details…
Binance supports Terra (LUNA) network update
Binance, the largest crypto exchange by trading volume, supports the update for Terra, which has been crashing in the past months and trying to recover. The Terra (LUNA) network upgrade will occur at block height 890,000, that is approximately at 03:00 on 30 July 2022. LUNA’s deposits and withdrawals will be suspended from approximately 30 July 2022 at 01:00 CEST.
The Terra (LUNA) network upgrade will occur at block height of 890,000. The estimated time is for users’ reference only. Binance will take care of all relevant technical requirements for all users holding LUNA in their Binance account.
TUSD network integration complete
On the other hand, Binance announced that it has completed the TrueUSD (TUSD) TRC20 network integration. Then, it opened intermediate deposits and withdrawals. So deposits and withdrawals for TUSD are now open on the TRC20 network. TrueUSD (TUSD) is a legally protected and transparently verified ERC-20 token that claims to be fully collateralized. It is pegged to the US dollar and maintains a 1:1 ratio. It is also the first crypto-asset built on the TrustToken platform.
Binance Liquid Swap adds SHIB/BUSD pool
Binance recently announced that it has opened four new liquidity pools. These pools stand out with the Binance USD (BUSD) parity. Binance USD, as we have also reported as Kriptokoin.com, is Binance’s USD-pegged stablecoin. All of the added pairs are as follows:
- Dogecoin (DOGE) / Binance USD (BUSD)
- Chainlink (LINK) / Binance USD (BUSD)
- Litecoin (LTC) / Binance USD (BUSD)
- Shiba Inu (SHIB) / Binance USD (BUSD)
Swaps are particularly useful for stablecoins, as prices are more stable and fees are lower for large transactions. Binance Liquid Swap is based on a liquidity pool: there are two tokens in each pool, and the relative amount of these two tokens determines the price. Exchanges can take place as long as there are tokens in the pool. While it sounds complicated, it’s actually quite simple because everything is done by Binance: users only need to provide liquidity or exchange their tokens in token pools. In addition, while providing liquidity, Binance pays interest and commission share for transactions that occur in the pool. Binance Liquid Swap is an easy to use product as a gateway to start understanding how decentralized finance (DeFi) works.
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