The BNB chain ecosystem is constantly growing and moving forward. To help you not miss any news & movements of the ecosystem in the last 7 days, here is your BNB Chain Weekly Recap.
Key Takeaways
- Binance Exchange becomes stable after Proof of Reserves audit incident
- Whales mortgage nearly 1 million BNB, hit liquidation threshold on Venus Protocol.
- Pancake Swap goes multichain on BNB Chain, Ethereum, and Aptos.
- Unstoppable Domains is now available in Ariva Wonderland.
- BNB Chain partners with OpenSea to celebrate a 12-day NFTs festival.
Ecosystem Updates
Is the BSC ecosystem in danger from a big whale? Let’s find out through the article below.
Related: Ethereum Weekly Recap Week 50 (8/12 – 14/12)
BNB Chain Market Data
Binance Exchange Becomes Stable After Proof of Reserves Audit Incident
After a week of Binance exchange being affected by fud related to the audit, the community was less afraid and stopped withdrawing from the exchange. In the last 24h, Binance’s net withdrawal is now tapering off, looks like they have weathered the storm.
Assuming the ratio between user assets and reserves on Binance is 1:1, the above net withdrawal represents only 0.5% of all current Binance reserves. Not a serious number!
At the same time, the trading volume on Binance has also returned to rank #1. Just a few days ago, they dropped to 9th place.
Binance is currently the top 1 exchange in terms of trading volume, users and reserve assets on the crypto space. All Fuds are short-term, they have shown their ability to meet the needs of users even in the most difficult times.
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BNB Chain Highlights Events
Whales mortgage nearly 1 million BNB, hit liquidation threshold on Venus Protocol
According to “Liquidations” data from Defillama, a whale with a mortgage of 900k BNB on the Venus protocol (approximately $180 million) will be liquidated if the BNB price hits $204. This is a loan made in mid-October to borrow a large amount of stablecoins such as USDC, USDT and BUSD.
~900k BNB is a serious number, if the price drops to $202 and this BNB gets liquidated, this will affect the entire BSC ecosystem, as BNB accounts for most of the TVL in BSC. However, BNB Chain has proposed a Proposal to address this slow-explosion bomb.
In short, they will have the right to handle this loan when BNB reaches the liquidation level through amortization to reduce the liquidation rate. This proposal was approved on 11/27.
Pancake Swap goes multichain on BNB Chain, Ethereum, and Aptos
Pancake Swap is the leading AMM Dex on BNB Chain. They have expanded their product to Ethereum, and Aptos is the next chosen. Recently, Aptos blockchain has received great attention from the community, hopefully in the near future Pancake will have a large market share on this blockchain, and at the same time bring profits to Cake holders.
Unstoppable Domains is now available in Ariva Wonderland
Unstoppable is the #1 provider of Web3 domains, they announce landing to Ariva Wonderland – a tourism-oriented metaverse where people have real sovereignty over their space. Now users can login with Unstoppable in Ariva Wonderland platform.
BNB Chain partners with OpenSea to celebrate The 12-day of NFTs festival
For a Christmas campaign chock full of prizes, 12 Days of NFTs brings together some of the best projects and NFT collections on BNB Chain. Building on the thrilling news of OpenSea’s partners with the BNB Chain, they’ll be celebrating the Christmas season with an advent calendar-style activity.
Additional Notable Events
- ConsenSys partnership with PayPal for New Payment Gateway in MetaMask
- Radio Caca partnership with Life Form
- Pancake Swap Introducing Syrup Pools on Aptos Network
- Galxe Partnership with War Legends
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