Binance CEO Changpeng ‘CZ’ Zhao announced on Sunday that the Binance team has burned more than 16 million BNB (ERC-20) tokens. After that, the altcoin price started to rise. Meanwhile, the update from developer Andre Cronje has bounced Phantom’s key token, FTM. Also, after the updates in Floki DAO, FLOKI attacked.
Altcoin price soars as Binance burns 16M BNB
Binance CEO ‘CZ’ said in a tweet on January 29 that the Binance team will transfer/burn massive amounts of BNB tokens in the next few hours. After on-chain noticed these transactions, it asked critics to avoid spreading FUD. Burning is linked to the conversion of the ERC20 version of the BNB to the native (BEP2) version. Since the launch of native BNB Blockchains, Binance has been converting BNB (ERC20) tokens held by some holders. Recently, Binance announced that it has deposited approximately 16 million BNB (ERC20) tokens into a Binance wallet.
Etherscan on-chain data confirms a burn from the ‘Binance 8’ wallet on January 29. Also, BNB Chain explorer reveals that 16,186,608 BNB tokens have been burned with a transaction fee of only 0.000075 BNB. Crypto Twitter reacts to CZ’s tweet and appreciates the transparency of crypto exchange Binance. The burning of these ERC20 BNB tokens is not included in the quarterly burn or does not affect the overall circulation of BNB. On January 17, Binance burned 2,064,494.32 BNB tokens in the 22nd quarter BNB token burn. Binance uses the Auto Burn system to reduce the total circulating supply to 100,000,000 BNB.
After the burning of 16,186,608 BNB tokens by the Binance team, the BNB price reached $318. BNB price is up about 4% in the last 24 hours and is currently trading at $318.5. The 24-hour bottom and top are at $304 and $318, respectively.
Phantom (FTM) price soars as FUSD gets major update
cryptocoin.comAs you follow on , Fantom co-founder and blockchain architect Andre Cronje announced key innovations regarding fUSD, the ecosystem’s native over-collateralized stablecoin. According to the developer’s post, these innovations are needed to make systems more predictable and budget-friendly for builders, partners, and users. Cronje said that ensuring consistency in planning broadens the horizon of opportunity for the ecosystem and is essential for the transition to fUSD v2.
The update from Cronje was met with a 7% increase by FTM, Fantom’s key token. Just last week, the token price rose 26.1% to reach $0.48, its highest level since May 2022. It has been announced that a liquidation mechanism will be implemented in fUSD v1 with any position where the debt in stablecoin is equal to or greater than the collateral in the liquidated FTM. If the collateral is in sFTM, which is a derivative from the staked FTM, the deposit is unlocked and all rewards are claimed. If this occurs on a Phantom network validator and the number of tokens in staking falls below the allowed level, it will be removed from production.
Another innovation was a tool to replace the decentralized stablecoin DAI with fUSD. Users will now be able to clear the remaining debt by making swaps so that they can exit positions. It is important to remember that fUSD is currently valued at $0.746 per stablecoin by the market, while DAI is traded at $1.
Dogecoin knock-off suddenly jumps 50%
According to data provided by CoinMarketCap, the price of Floki Inu (FLOKI) has increased by more than 50% in the last 24 hours. The market cap of the token has exceeded $200 million. This comes after the Floki DAO voted to burn 4.97 trillion FLOKI tokens on the Floki bridge and approved the reduction of the Floki transaction tax to 0.3%.
Currently, it is estimated that 4.97 trillion tokens (roughly $102 million) will be burned. This, of course, was perceived as a bullish trend by meme coin enthusiasts. Floki Inu is an ERC-20 and BEP-20 compatible token. So it works on both Ethereum and Binance Smart Chain. This allows easy 1:1 FLOKI swaps on the ETH-BSC bridge via atomic swap.
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