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BNB Chain Launches Third TVL Incentive Program; Offering Up to $300K To Accelerate Growth

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[PRESS RELEASE – Dubai, UAE, June 19th, 2024]

BNB Chain, the community-driven blockchain ecosystem that includes the world’s largest smart contract blockchain, today announced the launch of the third installment of its (Total Value Locked) Incentive Program. This program is committed to nurturing Web3 ventures that are deployed on BNB Smart Chain (BSC) or opBNB.

Two challenges have been crafted for this series: a $100,000 BNB Lock-Up Challenge (Part A) and a $200,000 TVL Challenge (Part B). The TVL Challenge now includes all forms of assets, not just BNB.

The BNB Staking Challenge is engineered for DeFi platforms that support BNB staking, with participants to be ranked and rewarded based on their BNB lock-up and staked LSD BNB increments during the event. The reward for this challenge extends up to $50,000 with all DeFi platforms supporting BNB staking are eligible to get involved.

The TVL Incentive Program offers a $200,000 prize pool to be distributed based on the total incremental TVL of all participants and is open to DeFi projects on opBNB and BSC. Participants will share rewards calculated on their incremental TVL and BNB locked during the event period.

The third installment of the BNB Chain TVL Incentive Program not only boosts innovative projects on BNB Chain but also fosters a stimulating ecosystem to accelerate growth. Several successful recipients of our past TVL Incentive Program, like Kinza Finance, BSquared, and Thena have become cornerstone projects within the BNB ecosystem, showcasing significant growth.

Applicants must pass at least one security audit and be live on BSC or opBNB for consideration. Weighting and further criteria can be found here and applications can be made here.

The application period for Part A and Part B commences from 19 June 2024 to 26 June 2024. The competition period will run from 27 June 2024 to 27 July 2024. The winner announcement for both challenges is slated for 30 July 2024.

The rewards for both challenges will be dispensed within three weeks of the event’s conclusion. Full terms and conditions of the TVL Challenge, such as participants needing to maintain their TVL for one calendar month – with a TVL reduction of less than 15% – for the remaining 50% of their rewards to be distributed around 28 August 2024, can be found in the link.

The TVL Incentive Program, featuring a total of $300,000 in prizes, builds on BNB Chain’s existing initiatives – such as its Most Valuable Builder (MVB) program, cementing BNB Chain’s dedication to fostering the Web3 ecosystem.

For more detailed information and to submit application, users can visit here.

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Bitcoin Surges to $63,000 as US Whales and Institutions Drive Buying Spree

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Bitcoin has returned to the $63,000 level during early trading on Monday, July 15. This marks a two-week high, prompting some analysts to suggest that the downtrend has broken.

On July 15, on-chain analytics platform CryptoQuant suggested that the move has been driven by “U.S. whales” as institutional Bitcoin purchases increase again.

Coinbase Premium Gap

Analysts looked at the Coinbase premium gap to determine the trend shift.

“Looking at the Coinbase premium gap, the movement of U.S. whales, which had a selling trend, has recently become buy.”

The Coinbase premium gap is the difference between the Coinbase Pro price (USD pair) and the Binance price (USDT pair). High premium values could indicate strong buying pressure from investors in the United States.

CryptoQuant analysts added that so far, “it is only a rebound that slightly compensates for the decline.”

However, the fact that Bitcoin rebounded on the weekend means that additional funds can be expected to flow into spot Bitcoin ETFs on weekdays, they added before concluding that there is a possibility of more upward momentum. More than a billion dollars flowed into spot Bitcoin ETFs in America last week. However, retail trading remained subdued.

CryptoQuant concluded that the market was due to a period of recovery following a prolonged pullback.

“Even from a psychological perspective, it appears to be a good period for Bitcoin to rebound, as market participants have already experienced fear and frustration due to a considerable period of adjustment.”

Market analyst ‘Rekt Capital’ noted that the downtrend had been broken when the asset topped $61,500, and BTC was about to reclaim the post-halving reaccumulation range.

Fellow analyst Michaël van de Poppe commented, “Global uncertainty is rising after the assassination attempt on Trump.”

He added that this was an “ideal climate” for Bitcoin to go upwards consistently.

BTC Price Outlook

With BTC reclaiming $63,000 on July 15, the next level of resistance lies around the $65,000 price zone, which was last breached on June 20.

At the time of writing, the asset was trading at just over $63,000, following a gain of 4.7% over the past 24 hours.

Moreover, total market capitalization has increased by over $100 billion in rare weekend trading activity, largely influenced by the Donald Trump assassination attempt.

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BNB Smart Chain Losses Dropped 83% in Q2 2024: Security Report

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[PRESS RELEASE – Dubai, UAE, July 15th, 2024]

  • BNB Chain experienced a decrease of ~83.3% in total amount loss in Q2 2024 in comparison to Q2 2023
  • Moreover, in Q2, 2024 BNB Chain experienced a ~19% decrease in total losses and a ~18.6% decrease in the number of security incidents compared to Q1, 2024

Salus, the Web3 security firm tackling the most complex security challenges through fundamental scientific research, has today released its BNB Chain 2024 Security Report. The report provides an in-depth analysis of the security events that unfolded on BNB Smart Chain (BSC) during the second quarter of 2024 and reveals a significant security milestone of an 83.3% reduction in financial losses on BSC between Q2 2024 and Q2 2023. In addition, its findings show that in Q2, 2024 BNB Chain experienced a ~19% decrease in total losses and a ~18.6% decrease in the number of security incidents compared to Q1, 2024.

Alongside the in-depth analysis of the security incidents that took place on BSC in Q2 2024, the report also delves into the types of projects targeted. It highlights common attack techniques used during this period and presents data regarding the financial losses incurred, including:

  • Significant improvement in Q2, 2024: Loss amount on BSC dropped by 19% to ~$11.7m in Q2 2024 compared to Q1, 2024 and a ~83.3% decrease in total loss amount on BSC in Q2, 2024 compared to Q2, 2023. This demonstrates the success of security measures and the continuous commitment to enhancing the security of the BNB Chain ecosystem.
  • A look at the blockchain industry: In Q2, BSC represented 5.97% of the total $95,552,224 stolen across all chains.
  • Types of attacks and threats: The most frequent attack vectors were contract vulnerabilities and exit scams. In Q2, there was a noticeable decrease in both the total amount and the number of incidents compared to Q1. The total amount in Q2 was $11,731,093, down from $14,446,914 reported in Q1. The number of incidents in Q2 was 35, down from 43 in Q1.

BNB Chain continues to be a strong industry player, demonstrating its robust performance and boasting growing daily active users and transaction count. The report highlights a quarter with a notable reduction in both the total amount lost and the number of security incidents. The total financial impact shows a clear improvement, underscoring the effectiveness of the security measures that have been put in place.

These results are a testament to the resilience and proactive efforts of the BNB Chain team and community. The landscape of blockchain security is ever-evolving, and going forward, BNB Chain’s AvengerDAO will keep improving its ability to:

  • Identify scam projects early
  • Focus on projects with large liquidity
  • Monitor malicious activities and mitigate hacks as early as possible
  • Expand its reach and actively inform users of risks

Users can view the Security Report here.

About BNB Chain

BNB Chain is a community-driven blockchain ecosystem that is removing barriers to Web3 adoption. It is composed of:

  • BNB Smart Chain (BSC): A secure DeFi hub with the lowest gas fees of any EVM-compatible L1; serves as the ecosystem’s governance chain.
  • opBNB: A scalability L2 that delivers some of the lowest gas fees of any L2 and rapid processing speeds.
  • BNB Greenfield: Meets decentralized storage needs for the ecosystem and lets users establish their own data marketplaces.

Setting a high bar for security, the AvengerDAO community protects BNB Chain users while Red Alarm provides a real-time risk-scanner for Dapps. The ecosystem also offers a range of monetary and ecosystem rewards as part of its Builder Support Program.

For more, users can follow BNB Chain on X or start exploring via BNB’s Dapp library.

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Ripple v SEC Lawsuit: One Year Anniversary Since the Company’s Biggest Partial Court Win

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TL;DR

  • Ripple’s partial court victory a year ago, where certain XRP sales were not deemed securities, boosted the asset’s price. The ongoing trial continues with disputes over penalties.
  • XRP rose 23% in the past week, likely due to speculation that the lawsuit may soon conclude.

One Year Passed by

Despite the numerous developments in the past several months, the legal spat between Ripple and the US Securities and Exchange Commission (SEC) remains ongoing. It all started in December 2020 when the regulator sued the company and some of its executives, accusing them of conducting an unregistered securities offering via XRP sales. 

Ripple achieved a significant court victory almost exactly a year ago (on July 13) when Judge Torres ruled that its programmatic sales to secondary trading platforms do not constitute offers of investment contracts. The decision fueled a massive rally for XRP, whose price shot by over 70% in a matter of hours, surpassing the $0.80 mark. 

Shortly after, the magistrates dismissed the SEC’s intention to appeal the ruling, while CEO Brad Garlinghouse and Executive Chairman Chris Larsen were cleared of all charges brought by the agency. 

According to some industry participants, those triumphs (yet partial ones) gave Ripple the upper hand in the battle. That said, a resolution in favor of the company could trigger massive volatility and a potential uptick in XRP’s price (similar to what was witnessed after the previous victories).

The lawsuit entered its trial phase in April this year. Instead of an outcome, though, it keeps offering additional confrontation. A bone of contention is the size of Ripple’s potential penalty. The SEC initially sought a staggering $2 billion fine, while the company insisted on a sum no larger than $10 million. 

Ripple also pointed to Judge Amy Jackson’s decision to dismiss the SEC’s claims that secondary market sales of Binance’s BNB token constituted securities transactions. It filed a Notice of Supplemental Authority, arguing that the ruling supports its case that the alleged illegal sales of XRP do not warrant “harsh remedies.”

The SEC maintained that the lawsuit against Binance is “wholly irrelevant” to the one against Ripple. On the other hand, it softened its tone, proposing a reduced penalty of $102.6 million.

XRP Price Outlook

Ripple’s native token has been among the best performers in the crypto market in the past several days. It is up by 23% on a weekly scale, briefly surpassing the $0.55 mark for the first time since early May (per CoinGecko’s data).

One possible reason could be the increased expectation that the lawsuit is drawing to an end. Some of the people speculating that an official agreement could be announced as early as this summer include the American lawyers Fred Rispoli and Jeremy Hogan. 

Those curious to learn more about the case and its potential impact on XRP’s price, feel free to take a look at our dedicated video below:

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