Day: May 12, 2022

PancakeSwap governance proposal set to cap CAKE supply at 750M

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PancakeSwap, the decentralized finance (DeFi) application built on Binance Smart Chain, synonymous with its automated market maker (AMM) service and its quirky branding style, has released a governance proposal for the second iteration of its tokenomics roadmap. The centerpiece of the lite paper’s new version suggested an imposed supply cap on the project’s native token, PancakeSwap (CAKE). Currently operating with a circulating supply of 293.4 million, according to quantitative data verified by CoinMarketCap, the paper advised a maximum figure of 750 million. A governance voting window was opened to the…

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Binance Futures delists coin-margined LUNA perpetual contracts

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Amid collapsing Terra network’s cryptocurrencies Luna (LUNA) and TerraUSD (UST), crypto exchange Binance continues deactivating related trading services. Binance’s derivatives arm Binance Futures has delisted coin-margined LUNA perpetual contracts, the firm officially announced on May 12. “Users are advised to close any open positions prior to the delisting time to avoid automatic settlement,” the statement by the platform reads. Binance Futures has also started conducting automatic settlements on the contracts, reducing the leverage tiers and updating margin tiers for coin-margined LUNA perpetual contracts. As such, the 8x leverage tier is…

Coinbase CEO says funds are safe amid bankruptcy protection fears

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Following the Coinbase report where the company declared its losses, a disclosure that suggests that users are not protected in the case of bankruptcy has been gaining traction on social media. However, Coinbase CEO Brian Armstrong explained that funds are safe “as they’ve always been.”  In the company’s first-quarter report for 2022, Coinbase reported its first loss amounting to $430 million. Apart from this, the firm also reported the number of users transacting in the exchange has also dropped from 11.4 million to 9.2 million. After the loss was posted,…

Breaking down Coinbase's earnings

▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io Mizuho analyst Dan Dolev on Coinbase earnings. With CNBC’s Melissa Lee and the Fast Money traders, Guy Adami, Tim Seymour, Karen Finerman and Dan Nathan. For access to live and exclusive video from CNBC subscribe to CNBC PRO: Shares of Coinbase dropped more than 13% after the company reported quarterly revenue of $1.31 billion, which missed analysts’ expectations. Monthly active transaction users were lower from the previous quarter, at 7.4 million, but up from the prior year. Transaction-based revenue was also lower…

BTCS Inc Taps Axie Infinity intto its Blockchain Infrastructure Operations

Digital currency ecosystem company BTCS, a pioneer in the blockchain and digital currency ecosystem, announced the addition of blockchain-based game Axie Infinity to its blockchain infrastructure operations. According to its statement, the player ownership can allow the community to reward players to earn “actual monetary value” when they reach a higher level in the game, which is different to traditional video games, fulfilling the goal of “play to earn”.  The company said BTCS has completed the technical job of running Axie Infinity validator nodes, while including it in the Staking-as-a-Service…

USDT-dollar peg wobbles as markets continue to struggle: Tether CTO weighs-in

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Cryptocurrencies markets continue to suffer major losses following the depegging of Terra (LUNA) ecosystem’s stablecoin UST – causing discrepancies between stablecoin pegs and the value of Bitcoin (BTC). Stablecoin Tether (USDT) showed signs of stress as USDT/USD traded under $0.99 on major exchanges. Tether and Bitfinex CTO Paulo Ordoino took to Twitter to assure USDT holders that over 300 million UDST tokens had been redeemed at their $1 peg over the past 24 hours. GMReminder that tether is honouring USDt redemptions at 1$ via https://t.co/fB12xESSvB .>300M redeemed in last 24h…