Weekly Analysis of Binance Ecosystem (June 17- June 24)
Binance is a cryptocurrency exchange with the highest daily cryptocurrency trading volume in the world. There might be a bear market but Binance is steadfast in its efforts to build despite the downturn.
The Binance ecosystem has seen several updates in the last seven days, including the launching of locked staking, promotion of new Binance savings, partnership with Christiano Ronaldo, and more.
Here are some of them:
On 20 June, Binance announced to its users the launch of a new series of Locked Staking activities. According to the announcement blog, the new series would allow users to stake their ADA, AVAX, DOT, QTUM, and SOL coins for an opportunity to earn up to 36.79% APY. According to the leading blockchain ecosystem, the Locked Staking program will be run on a first-come, first-served basis, and rewards will be calculated from 00:00 UTC, the day after users deposit their cryptocurrencies in a stake pool, until the end of the staking period.
Binance announced an exclusive promotion for new Binance Savings users on June 21, wherein users who, before the promotion, were not subscribed to any Savings product could enjoy 2x APY with BTC or ETH on Flexible Savings during the promotion period.
The US counterpart, Binance.US, through its CEO Brian Shroder announced on June 22 that the exchange now offers free trading for BTC/USD, BTC/USDT, BTC/USDC, and BTC/BUSD.
Furthermore, on June 23, Binance, in an announcement blog, informed community members of the launch of “Binance Institutional.” According to the announcement, Binance Institutional is a “new flagship platform for VIP and institutional users.”
In addition to the already existing service offerings from Binance, Binance Institutional would offer “customized solutions for all types of institutional users, including corporates, asset managers, brokers, hedge funds, family offices, liquidity providers, proprietary trading firms, miners, high-net-worth individuals (HNWIs) and more.”
Partnership With Christiano Ronaldo
Also, on 23 June, Binance announced an exclusive partnership with footballer Cristiano Ronaldo. Through the partnership, the prominent exchange will launch a global promotion that will introduce Ronaldo's fans to Web3 with a compelling entry point into Non-Fungible Tokens(NFTs). Furthermore, Binance and Cristiano Ronaldo will develop a series of NFT collections for exclusive sale on the Binance NFT platform over the course of the agreement.
As the rest of the crypto market recovered over the last 7 days, the $BNB price lodged some gains. A week ago, the price of one BNB coin was $210, but at press time, it had increased by 10% to $231.53. In the last 24 hours, the price rallied by 4%.
Within this window period, the market capitalization also saw a 10% growth from $34.29 billion to $37.81 billion.
According to Santiment, the index for the number of unique addresses involved in BNB transactions daily saw a decline between June 17 and June 20. There was, however, an increase in active addresses from June 21 to June 22, when the coin recorded a peak of 7511 unique addresses. Since then, this has declined by 72%.
On a social front, the BNB coin performed exceedingly well in the last 7 days. The Social Dominance grew by a whopping 593.989%. Likewise, the Social Volume increased by 15,114%.
What is Binance:
Binance is the world's largest cryptocurrency exchange, founded in Shanghai, China, by Changpeng Zhao (CZ). Binance supports over 740 trading pairs on its platform.
With a low transaction fee (0.1%) as well as fast transaction processing, Binance has become the exchange with the largest trading volume in the cryptocurrency market. Binance exchange's technology can process 1.4 million orders per second, making it a top exchange in terms of the trading volume.
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