BINANCE: MITH Trading Airdrop, Bitcoin-Pegged Token on Binance Chain and former Vice President at NBA as a new Strategy Officer
Biweekly update 5th June — 19th June
During the last two week Binance community illustrated high social activity in the media landscape as usual. Firstly, to celebrate the release of Mithril’s VAULT mobile app, Binance and the Mithril team will be committing a total of 14,500,000 MITH ($ 786 698) to a trading airdrop on Binance Chain/DEX. Secondly, Binance is launching tokens on Binance Chain that will be pegged to leading cryptocurrencies. This will start with a Bitcoin-pegged token that will be traded on Binance and proposed for trading on Binance DEX. With the increase in the selection of tokens available on Binance DEX, there should be an increase in trading volume and liquidity. This would further increase the utility value of Binance DEX. Finally, Binance announced the addition of Gin Chao, former Vice President of Strategy and Corporate Development at the National Basketball Association (NBA), as Strategy Officer to the company where he is leading the corporate development, venture investment and legal departments. More to follow!
During his fourth live ask-me-anything session, Binance CEO @cz_binance addressed several of the community’s questions regarding @BinanceAmerica, @Binance_DEX, and when the next IEO will be announced, among many others.
- DeFi Series #1 — Decentralized Cryptoasset Lending & Borrowing. Binance has released the first research report on a new series analyzing Decentralized Finance, also known as DeFi or Open Finance.
- First Look: Libra. This report assesses the characteristics, functions, and worldwide implications of Libra, Facebook’s stable cryptocurrency backed by a basket of financial assets. This report details how Facebook intends to use the cryptocurrency across its ecosystem, which is being used by 2.4 billion people worldwide, as well as its impact on the overall blockchain environment.
To celebrate the release of Mithril’s VAULT mobile app, Binance and the Mithril team will be committing a total of 14,500,000 MITH to a trading airdrop on Binance Chain/DEX. Activity Period: 2019/06/11 0:00 AM -2019/06/21 0:00 AM (UTC)
Binance has been in operation for two years, and the amount of changes that have been done through that period are remarkable.
Hence, Binance 2.0 was born. Check out the new Binance.com website here.
Here are some of the things Binance team revamped for the website.
1. Margin trading is just one tab away
2. One-stop shop for buying crypto using cash
3. A comprehensive User Center that displays all the information you need in one place
4. Sitewide visual enhancements
5. More information up front about Binance
6. Better support for 15 languages across the website
7. Learn about what Binance can do through a more interactive About Binance page
8. Enhanced website performance
9. Get better support fast with our revamped Support Center
Fusion announced that it is integrating into the Binance Chain ecosystem to bring great value to Fusionites and Binancians alike. The first part of the engagement involves integrating Fusion’s FSN token with Binance Chain.
Fusion will migrate a portion of FSN tokens to the BEP2 standard that is compatible with Binance Chain. Because of DCRM, Fusion’s tokens can exist in different states whilst remaining completely compatible with the Fusion public chain. FSN in the BEP2 format will be able to be locked into the Fusion main network and controlled by your universal wallet.
Fusion recognizes the value that Binance has contributed to the cryptocurrency community at large, and are looking forward to becoming an active participant in their new decentralized ecosystem.
Binance will issue a number of crypto-pegged tokens on Binance Chain (BEP2 token format) in the coming days, starting with BTCB, a BEP2 token pegged to Bitcoin.
Pegged tokens such as BTCB, are 100% backed by the native coin in reserve, which is Bitcoin (BTC) in BTCB’s case. The reserve addresses are published for anyone to audit. The blockchain offers a much easier way to audit a crypto reserve than a traditional bank balance tether.
A trading pair will be created on Binance.com between the pegged token and the native coin, e.g., BTCB/BTC.
Large buy orders will be maintained on the trading pair on Binance.com, with a price spread of around 0.1%. This provides an easy way for anyone to convert from the pegged token back into the native coin on Binance.com. If this buy order is filled, a new order will be placed while an equal amount of funds will be deposited from the reserve address into Binance.com. The sum of the buy order and the funds on the published reserve address will be bigger than the total supply of the pegged token, ensuring there is always 100% backing.
- Binance added the following trading pairs: ANKR/BNB, BOLT/BNB, ONE/BNB, ONE/BTC, ONE/USDT, ONE/TUSD, ONE/PAX, ONE/USDC, TFUEL/BNB, TFUEL/BTC, TFUEL/USDT, TFUEL/TUSD, TFUEL/USDC, TFUEL/PAX, FTM/BNB, FTM/BTC, FTM/USDT, FTM/TUSD, FTM/USDC, FTM/PAX trading pairs.
Partnerships and team members
Binance announced the addition of Gin Chao as Strategy Officer to the company where he is leading the corporate development, venture investment and legal departments. Chao brings an extensive background of developing and managing strategic investment opportunities as well as overseeing cross-regional business growth opportunities in Asia and the U.S.
Chao joins Binance to oversee its global strategy, ranging from the company’s venture capital (VC) arm, Binance Labs, to its strategic fiat-to-crypto gateways, including the creation of new partnerships and banking relationships for Binance Singapore, Binance Uganda and in emerging regions such as Latin America. Chao will also create new business opportunities for Binance’s existing and forthcoming partners, as well as acquire capabilities that bridge departments company-wide.
As former Vice President of Strategy and Corporate Development at the National Basketball Association (NBA), Chao led new asset and investment opportunities, including scalable business models, and will leverage his previous experience for Binance. Chao also led new growth opportunities and oversaw merger and acquisitions (M&A) and joint ventures in the Asia-Pacific region during his time at Dell as Director of Strategy.
Additionally, Chao will facilitate opportunities that connect the token economy to traditional VC structures for Binance Labs and Binance Launchpad. Prior to Chao’s roles at the NBA and Dell, he spent 15 years in the U.S. leading acquisitions at Sovereign Investment Company, Deutsche Bank’s new media investment banking group, where he raised over $2 billion in capital for Web 1.0 companies and Price Waterhouse’s management consulting division.
BAM Trading Services announced a partnership with global leading cryptocurrency exchange Binance to launch Binance.US.
Binance.US will provide secure and reliable cryptocurrency trading to users in the United States. Operated by BAM Trading Services, Binance.US will be built on cutting-edge matching engine and wallet technologies licensed from Binance.
The team is now in the process of integrating support for Binance Chain. Once completed, all the token developers on Binance Chain will be able to list their tokens in the Pundi X Open Platform.
Binance Chain developers will be able to opt to have their BEP2 tokens listed in the Pundi X Open Platform. Launched in May, Open Platform allows developers to have their cryptocurrencies be part of the Pundi X payment ecosystem.
Social media metrics:
The charts above illustrate widespread increase in the number of indicators: Telegram, Twitter, Instagram followers and Reddit subscribers. In general, Binance experiences the gradual increase in the level of social activity.
- Twitter (Binance) — official announcement channel.
- Instagram — official channel which covers Binance team achievements, charitable work and etc. (300–800 likes per publication).
- Reddit — news about projects and blockchain, links to interviews, podcasts, upcoming events.
- Telegram — official announcements channel (20k — 40k views per publication)
The graph above shows the dynamics of changes in the number of Binance Facebook likes, Reddit subscribers and Twitter followers. The information is taken from Coingecko.com.