Today’s Topic
📌 Protocon Attends Taipei Blockchain Week 2022
📌 USDD Loses Dollar Peg — Unstable
📌 Binance Heavy Withdrawals
Protocon Attends Taipei Blockchain Week 2022
Protocon is attending Taipei Blockchain Week 2022 (TBW 2022) held in Taiwan.
TBW 2022 is hosted by Bu Zhi DAO (BZD). BZD is a collective of founders, builders, creators and investors passionate about advancing Taiwan’s Web3 ecosystem and culture. They are a non-profit DAO that is Taiwan focused, apolitical, inclusive, and open to all.They want to educate Taiwan’s blockchain community and to grow as well. THis is an event to create a forum for communication and discussion.
The event is held from December 12 — December 17th, which is held for 5 days. A total of more than 30 side events such as developer bootcamps, meetups, and after-parties will be held throughout the city. The main programs include keynote speeches, panel discussions, workshops and more!.
Our business manager Scarlett is representing Protocon at TWB 2022! She is meeting various experts in the industry and we are seeking opportunities for partnerships and business alliances! We hope to deliver good news to all of you soon :)
USDD Loses Dollar Peg — Unstable
The Tron-based algorithmic stablecoin USDD, has been de-pegged as the price has reached $0.97.
USDD is an algorithmic stablecoin Tron Dao creates or buys Tron to align its value with the US dollar — 1:1. However, since the Luna/Terra incident in May and the FTX catastrophe in November, USDD has been unstable and officially de-pegged. Since November, the 1:1 stability has been broken.
As concerns of USDD depegging grew, the founder of Tron, Justin Sun stated that they are deploying more capital. There have already been instances of securing funds such as withdrawing USDT and BUSD from Binance to defend the price of USDD.
Based on the 14th, the price of USDD still remains at $0.98, which has slightly risen from $0.97, but must be carefully watched until it becomes stable once again.
Binance Heavy Withdrawals?
The Binance Founder and CEO Changpeng Zhao have stated that he is welcoming to confirm the stability of the exchange concerning recent large-scale withdrawals.
According to cryptocurrency data analysis firm Nansen, $3.8 billion worth of crypto was withdrawn from Binance in one week. It is believed that this originated from the wary hearts of investors due to the collapse of FTX. The U.S. prosecutors have said that they were investigating Binance since 2018 on charges of unlicensed money transfer, money laundering conspiracy, and violation of criminal sanctions. Although Binance has released a report on proof of reserves, some people are still unable to be at peace as Binance is receiving negative attention and spotlight, such as pointing out that their financial point and stand are unclear.
Changpeng Zhao has pointed out that Binance’s large-scale withdrawals were mostly FUD and that business is on-going and maintained as usual. Changpeng Zhao has also held an AMA in which he took the time to explain various controversies and statements that had spread to huge and frequent withdrawals in addition to the suspension of withdrawals. There is a saying that the earth/ground hardens after it rains. There was a lot of unfortunate news this year that has swayed and affected the crypto market immensely… We hope the long Crypto winter passes away and a better market comes to crypto as soon as possible.
