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The Changpeng Zhao led Binance has been on the uptrend, with the company launching several products and locking in on several new partnerships. Taking the requests from several users in the cryptocurrency space, Binance has decided to take another step forward by adding Monero [XMR] trading pairs to its fold. On March 14, the cryptocurrency exchange announced:
“#Binance Adds $XMR / $BNB and $XMR / $USDT Trading Pairs Binance will open trading for XMR/BNB and XMR/USDT trading pairs at 2019/03/15 4:00 AM (UTC).”
The announcement also created a small price hike for Monero, which gave a boost to the fans of the privacy-oriented cryptocurrency. The Binance listing came on the back of Monero’s latest hard fork which had made a huge splash in the world of cryptocurrencies.
The hard fork was aimed to bring some changes to the dynamic block size algorithm in order to fix a spam-bloating attack, a big bang attack, and to make sure scaling in for the short run and long run occurs properly. Monero’s blog post stated:
“Note that there technically will be two hard forks (i.e. one on approximately the 9th of March and one on the approximately the 10th of March). This provides a grace period on the network where transactions in the transaction pool that still use the v1 transaction format are allowed to be included in a block by miners.”
Post the hard fork, Monero also witnessed a massive drop in hash rate, which mainly affected ASIC miners. A report by Paper Blockchain stated that the figure was more than 80%. A Redditor, Bittabet commented:
“My real concern is just that instead of FPGA designers and ASIC farms controlling mining you just have hackers with botnets controlling the entirety of the network every time the algo changes. I’m not convinced that this is safer or more secure.”