Centralized woes — Tokenlon Weekly, 10 March

Tokenlon DEX
Published in
4 min readMar 10


From the Tokenlon Team

Don’t forget to try out the Tokenlon Limit Order on ETH mainnet beta. We appreciate all kinds of feedback to bring the best possible product and trading experience to the masses!

Market dips amidst Silvergate drama

Crypto traders suffered over $307 million in liquidations in the past 24 hours, according to data from Coinglass, with bitcoin traders losing $112 million and ether liquidations surpassing $73 million.

The price of ETH dipped to as low as $1368, while BTC went as low as $19532.

The largest long liquidation in at least a month suggests that crypto prices’ sudden nosedive caught investors off-guard. The recent decline came as concerns mounted about the stability of Silvergate Bank, a key banking partner for digital asset companies, which announced on Wednesday evening that it would “voluntarily liquidate” its assets and shut down operations.

Binance trades BUSD for USDC

Binance, the largest cryptocurrency exchange by trade volume, has increased its USDC holdings by $1.5 billion over the last seven days, according to data from Nansen Research. This comes after Paxos announced that it would no longer mint the stablecoin BUSD, causing the coin’s market capitalization to slide as redemptions became more prominent.

Despite this, BUSD is still the third-largest stablecoin by market capitalization until it drops below DAI’s market valuation of $5 billion. The increase in USDC holdings on Binance is notable because the exchange dropped USDC trading pairs on September 5, 2022, and auto-converted customer balances to BUSD.

30% tax on Crypto Mining electricity cost

The budget proposal by US President Joe Biden aims to reduce mining activity by imposing a 30% tax on electricity costs for cryptocurrency mining. The tax will be phased in over three years at a rate of 10% a year, covering both on and off-grid sources, with reporting requirements on the amount and type of electricity used.

The Treasury claimed that crypto mining operations have negative environmental effects, create uncertainty and risks to local utilities and communities, and increase prices for those sharing a grid with the operations. The White House is also looking to end a tax strategy for crypto transactions that would raise an estimated $24 billion.

Tokenlon Product & Community

  • Subgraph migration to decentralized Graph Explorer — in progress
  • The first set of NFT trading platform product features has been completed, and internal demos are being prepared, with plans to gradually open to the public
  • The optimizations for the first transaction fee subsidy for limit orders on the main network has been confirmed, and online environment application coming up
  • KOL recruitment confirmed, and budget requested
  • Arbitrum Limit Order users have received LON airdrops, and users who have received NFTs can check their wallets
  • The mainnet Limit Order promo activities have been planned and are expected to begin in mid-to-late March.
  • Discord March activities are ready and will be announced next week.
  • Market research done on popular mainnet tokens

Tokenlon & LON Weekly Statistics

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