Wednesday, September 27, 2023
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Binance’s CZ and Ethereum’s Vitalik agree on new idea as BNB remains stagnant

  • Binance CEO Shares Solution Presented By Vitalik Buterin To Help Avoid Exchanges Using Customer Funds
  • BNB Continues to Dominate in Static Positions According to On-Chain Information

CEO of binance, CZ agreed with Vitalik Buterin that centralized exchanges (CEXes) should produce public proof of user safety. Of course, CZ was initially pushing the Proof-of-Reserves idea in response to this problem. disaster This hit FTX users and several exchanges adopted this model.

but, of Ethereum [ETH] Co-founder suggested that CZ could be used to improve the model Confirming That the exchange team can implement the idea.

read BNB price prediction 2023-2024

Get ready to prove your solvency

Vitalik, in his post It was published Via HackMD, he pointed out that it is more important for exchanges to prove solvency than to stick to reserve data alone. According to the ETH founder, the cryptocurrency sector would be better off having its own methods rather than relying on a fiat-backed system.

Defending his position, he mentioned ability zk-SNARK Cryptography is useful in design because it can provide robustness and privacy to the ecosystem. Vitalik also noted that the system could turn centralized exchanges into non-custodial platforms. He said,

“In the future, we may also see cryptographically ‘constrained’ CEXs, where user funds are held in some sort of smart contract in effect. You may also see semi-custodial exchanges that trust fiat rather than cryptocurrencies. ”

Stalemate in the Kingdom of Binance Coin

Notwithstanding the development binance coin [BNB] Stationary is preferred. At the time of this writing, the exchange coin was trading at $270, according to Santiment data. The price represents a drop of 0.40% over the last 24 hours.

However, BNB development activity did not react immediately to the update. hanging out Same place from November 14th. At 0.05, the development activity value indicated that the Binance chain has not seen any major upgrades recently.

Source: Santimento

Additionally, 24-hour active addresses appeared to be consistent with the above metrics. According to Santiment, on-chain state BNB had 3874 active addresses. At the time of this writing, that number was very close to his November 18th record.

Although it was a decline, the status meant that unique deposits on the BNB chain were down slightly. With daily circulation similarly positioned at 106,000, addresses on the chain also relied on fewer transactions. .

BNB Active Address and Distribution

Source: Santimento

BNB has not been spectacularly positioned when it comes to the situation in the derivatives was because of binance funding rate It had decreased to -0.004% when pressed. This meant that futures and options traders did not rekindle interest in the coin. Therefore, it also results in low volume on the market.

Despite BNB’s stagnant position, Vitalik reiterated that the long-term goal is for CEX to function in a non-binding manner. CZ agreed accordingly.

BNB Binance Funding Rate

Source: Santimento

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