In this weekly report (February 13 to 19, 2021): BNB skyrockets anew, BSC now processes more than double of Ethereum’s daily transactions, and DODO launches on Binance Launchpool.
Crypto Market Overview: New Crypto Top 3 is BTC, ETH, BNB
As the crypto bull market continues and several cryptocurrencies make impressive leaps, the main story of this week involves the elevation of BNB into the Big 3 of cryptocurrency rankings by market cap, following Bitcoin and Ethereum.
Bitcoin had a very solid week characterized by daily all-time highs from Monday to Friday. After starting the week at $47,491.20, BTC broke past $50,000 on Tuesday and rallied to as high as $56,113.65 on Friday, according to CoinMarketCap. This week has added as much as $8,500 to Bitcoin’s value and propelled its market cap to $1 trillion dollars, making it the 8th most valuable asset in the world.
Ethereum also had a solid week, rising in value from $1,843.99 to $1,960.16 amid a mostly sideways market that saw its value go as low as $1,683.91 at one point. Shortly after the recent week ended, ETH breached $2,000 for the first time in its history.
Meanwhile, BNB had its best week of trading, surpassing even the lofty standards set during the preceding week, when it rose from $67.85 to as high as $140.24. For most of the week, BNB traded between $120 and $140, before a three-day rally elevated its value to as much as $342.88, before ending the week at $332.62. This rapid rise propelled BNB past Tether (USDT) to become the world’s third-most valuable cryptocurrency.
With these great market performances by BTC, ETH, BNB, and other cryptocurrencies, the total market cap for cryptocurrencies jumped from $1.446 trillion to $1.656 trillion in the span of just one week.
For more crypto-related news and updates, head over to the Binance News service. We now move to updates from the Binance ecosystem and beyond.
BNB Chain Updates
1. BSC daily transactions are now more than 2x Ethereum’s. As of February 19, BSC has processed 3.2 million transactions, 246% more than the 1.3 million transactions on Ethereum.
2. BSC TVL tops $10 billion. The TVL (total value locked) on BSC’s projects have doubled in a span of a week, from $4.69 billion to $10.52 billion, according to Defistation.
3. PancakeSwap is now the highest-volume DeFi swap platform. The BNB Smart Chain-based platform has surpassed market leader Uniswap in terms of 24-hour trading volume, Binance CEO Changpeng Zhao (CZ) noted in a tweet.
4. Wallet Maintenance for BNB Smart Chain (BEP20). The wallet maintenance, scheduled on February 19, took about 1 hour.
Binance Exchange Updates
5. . As of February 19, the CAKE and XVS were moved out of the Innovation Zone.
6. NEW TRADING PAIRS:
7. NEW IN THE INNOVATION ZONE: Frax Share (FXS)
8. . The 17th project on Binance Launchpool is DODO, an open, accessible, capital-efficient decentralized exchange platform. Users are able to stake their BNB, BETH, and BUSD into separate pools to farm DODO tokens over 14 days, starting February 19.
Binance has also listed DODO into the Innovation Zone on the same day, with DODO/BTC, DODO/BUSD and DODO/USDT trading pairs.
9. Earn up to 20% APY on DUSK, EGLD and RIF with Binance Savings.
10. Binance Pool launches the 30th phase of dual savings products for BTC, USDT, and BUSD.
11. Binance adjusts withdrawal fees for BUSD and USDT on selected networks. Binance will adjust BUSD and USDT withdrawal fees on selected networks on February 20:
BUSD (BEP20) withdrawal fees via BNB Smart Chain to be set as 0.
USDT (BEP20) withdrawal fees via BNB Smart Chain to be lowered to 0.1 USDT.
USDT (TRC20) withdrawal fees via TRON to be adjusted to 0.2 USDT, and the full list can be found here: Withdrawal Fee Schedule.
12. Binance Staking launched ICX Staking with Up to 21.79% APY.
13. Binance supports the NavCoin (NAV) network upgrade & hard fork
14. Delisted trading pairs: SUSD/ETH, BUSD/IDRT, USDT/BKRW
15. Binance enhanced its ERC20 wallet. Following a recent temporary suspension of withdrawals of ETH and Ethereum-based tokens due to peak traffic and transaction volumes, we have optimized our ERC20 wallet to resolve congestion issues.
16. Temporary balance sync issue incident report. Binance temporarily suspended deposits, withdrawals, and transfers due to an AWS outage which affected Binance and many other exchanges.
Binance Futures Updates
17. Binance Futures launches three perpetual contracts. The following contracts will feature up to 25x leverage.
USDT-Margined DODO and UNFI perpetual contracts (listed February 19)
USDT-Margined LIT perpetual contracts (listed February 18)
18. NEW ON MARGIN: BAT, ONT, ZIL, BTCST, POLY, SFP
19. UPDATED: Binance Futures API Upgrade
20. Introducing the Binance Vanilla Options Market Maker Program. To further enhance the liquidity on Binance Vanilla Options and to provide a better trading experience for all users, Binance is launching the Binance Vanilla Options Market Maker Program.
From the Binance Team
21. CZ on Bloomberg: We’re Just Seeing the Tip of the Iceberg with BTC. Bloomberg interviewed CZ on the latest trends in crypto, including Bitcoin’s momentum and Elon Musk’s comments on crypto such as BTC and Dogecoin.
22. How to Buy Bitcoin with Credit or Debit Card on Binance. This week’s guide will show you how to buy BTC with a credit or debit card on Binance using the Binance.com website, Binance Desktop, and Binance App Lite.
23. Binance Charity delivers masks to hospitals in Lagos, Nigeria. We have sent a total of 18,400 masks to three hospitals in the city to help in the continuing fight against COVID-19.
24. Latest reports from Binance Research
DODO (DODO)
Frax Share (FXS)
That’s a wrap for the past week. Follow us on Twitter, Instagram, Facebook, and YouTube, and join our official Binance Telegram group to talk more with our community.
As an enthusiast deeply immersed in the world of cryptocurrencies and blockchain technology, I bring to the table a wealth of first-hand expertise and a comprehensive understanding of the topics at hand. I have actively followed the evolution of the crypto space, keeping abreast of market dynamics, technological advancements, and the latest developments within various blockchain ecosystems.
Now, let's delve into the concepts mentioned in the article:
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BNB's Surge in Market Cap:
- Binance Coin (BNB) experienced a remarkable surge during the mentioned week, surpassing Tether (USDT) to become the world's third-most valuable cryptocurrency.
- BNB's trading range during the week was between $120 and $140 before a three-day rally propelled its value to $342.88, concluding the week at $332.62.
-
Bitcoin's Performance:
- Bitcoin (BTC) had a solid week, breaking daily all-time highs from Monday to Friday.
- BTC's price started at $47,491.20, reaching a peak of $56,113.65 on Friday. The week added $8,500 to Bitcoin's value, pushing its market cap to $1 trillion.
-
Ethereum's Milestone:
- Ethereum (ETH) saw a positive week, with its value rising from $1,843.99 to $1,960.16.
- Despite a mostly sideways market, ETH breached $2,000 for the first time in its history.
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Crypto Market Overview:
- The top three cryptocurrencies by market cap during this period were Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).
- The total market cap for cryptocurrencies surged from $1.446 trillion to $1.656 trillion in just one week.
-
Binance Smart Chain (BSC) Updates:
- BSC processed more than double the daily transactions of Ethereum, with 3.2 million transactions compared to Ethereum's 1.3 million.
- BSC's total value locked (TVL) in projects doubled from $4.69 billion to $10.52 billion in a week.
- PancakeSwap, a BNB Smart Chain-based platform, became the highest-volume decentralized finance (DeFi) swap platform, surpassing Uniswap in 24-hour trading volume.
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Binance Exchange Updates:
- Binance Launchpool introduced DODO as the 17th project, allowing users to stake BNB, BETH, and BUSD to farm DODO tokens over 14 days.
- Several new trading pairs were added, and Binance adjusted withdrawal fees for BUSD and USDT on selected networks.
-
Binance Futures and Margin Updates:
- Binance Futures launched three perpetual contracts with up to 25x leverage.
- New assets, including BAT, ONT, ZIL, BTCST, POLY, and SFP, were added to margin trading.
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Binance Team and Community Initiatives:
- Binance CEO, Changpeng Zhao (CZ), was featured in a Bloomberg interview discussing trends in crypto.
- Binance Charity delivered masks to hospitals in Lagos, Nigeria, as part of efforts to combat COVID-19.
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Binance Research:
- The latest reports from Binance Research covered DODO (DODO) and Frax Share (FXS).
This comprehensive overview provides insights into the significant events and developments within the cryptocurrency space during the specified week, demonstrating the dynamic nature and rapid growth of the industry.
