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The Alliance Crypto Conference is Nearing — Will You Be There?

On September 21, Timișoara—Europe’s 2023 Cultural Capital—will host “The Alliance.”

This conference, organized by crypto.ro, aims to be a milestone in blockchain and crypto technology.

Event Vision

“The Alliance,” organized by crypto.ro, is a conference focused on innovation, collaboration, and education. The event aims to accelerate the adoption and development of blockchain technology, both on a local and international scale.

It seeks to bring together industry heavyweights, such as Binance—the world’s largest trading platform—as well as key players from Romania like MultiversX, the country’s most significant blockchain project.

Sponsors and Partners

We are proud to announce our key sponsors and partners for this event, who include Binance, MultiversX, WebIt Labs, and Hodlezz.

Their support has been instrumental in bringing this conference to life.

Renowned Speakers

The event stands out for the presence of top speakers, among which are:

  • Alex Numeris, Founder and CEO at crypto.ro
  • Kyrylo Khomiako, General Manager at Binance CEE & CIS
  • Stefan Szakal, Head of Core Applications at MultiversX
  • Marius Drenea, CEO at Hodlezz and Co-founder at WebitLabs
  • Alex Arghirescu, CMO at IXFI

and many other influential names.

Why You Should Attend

The event is estimated to be marked by over 500 international participants, offering networking opportunities, personal and professional development, and access to exclusive opportunities.

Crypto.ro collaborates with major partners, including Binance and MultiversX, to offer memorable experiences and surprises.

This event will not be limited to just discussions and presentations, but will provide participants with an unforgettable experience.

Among the benefits offered are:

  • Bar
  • Buffet
  • Free Merchandise
  • Party
  • VIP lounge
  • Private Dinner

For more information and registration, visit https://events.crypto.ro.

About Crypto.ro

Crypto.ro stands as Romania’s premier media center at the crossroads of cryptocurrencies and blockchain technology. More than just a news outlet, Crypto.ro functions as a comprehensive educational hub.

It offers a wide-ranging library of resources designed to arm both newcomers to the crypto world and experienced investors with the insights needed for informed investment and participation.

The platform’s complimentary crypto academy features structured learning tracks, engaging webinars, and real-time market analytics to further contribute to the adoption of crypto assets.

Further broadening its influence, Crypto.ro Global serves as a multilingual division that makes this wealth of trusted information available to a diverse, international community.

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Binance To Refund Users $1 Million In USDT Following CyberConnect Incident

Binance, one of the leading cryptocurrency exchanges, has recently decided to refund users $1 million USDT (Tether) following an incident related to the CyberConnect (CYBER) token. 

The refund aims to compensate users affected by a price discrepancy on listed CYBER tokens due to liquidity constraints on the Korean cryptocurrency exchange Upbit.

Binance Addresses CyberConnect Woes

As described by Binance, the incident unfolded when a liquidity crunch on CYBER cross-chain bridges hindered transactions on Upbit. This led to a price disparity between Upbit and other exchanges, attracting arbitrageurs who borrowed CYBER from Binance to profit from the price difference. 

Consequently, Binance users who had staked CYBER in its Flexible Earn Program could not redeem their assets since the staked tokens had been borrowed, reaching the loan limit.

In response to the situation, Binance acknowledged users’ feedback and sincerely apologized for the inconvenience caused. The exchange affirmed its commitment to prioritizing users’ interests and maintaining high transparency within the community.

Binance provided a detailed account of the events leading to the incident. It explained that the liquidity crunch on CYBER (ERC20) tokens resulted in a surge of loan requests for CYBER, triggering Binance’s risk management protocol. 

The exchange had to halt new loan requests and increase loan interest rates significantly. However, due to the substantial volume of redemption requests, Binance faced challenges in fulfilling them immediately despite maintaining a maximum borrowing limit as a buffer for redemptions.

Stricter Reviews And Potential Delistings

Moving forward, Binance outlined measures to enhance user experience and mitigate similar risks. These measures include dynamically adjusting loan interest rates and strengthening risk management protocols. 

According to their September 7 announcement, Binance also committed to conducting stricter reviews of tokens with smaller market caps and potentially delisting tokens with lower liquidity from certain programs. To compensate affected users, Binance announced a distribution plan for the $1 million USDT refund. 

It stated that 887 impacted users who failed to redeem their CYBER Simple Earn Flexible Products positions within a specific timeframe would receive a share of USDT tokens from the refund pool and additional CYBER tokens. 

The distribution would be proportionate to the daily average positions of the eligible users. All other users who held CYBER Simple Earn Flexible Products positions during the mentioned period would receive an equal share of CYBER Locked Trial Fund vouchers sponsored by the CyberConnect Foundation.

As the cryptocurrency industry continues to evolve, incidents like these serve as reminders of the importance of robust risk management measures and continuous improvements to safeguard user interests and maintain trust in the ecosystem.

Binance

Binance Coin (BNB) is currently trading at $215, in line with the prevailing market trend of stagnation. It has experienced a slight decrease of 0.2% over the past 24 hours and a 1.3% decline over the seven days. These figures indicate a relatively stable performance for BNB amidst the market conditions.

Featured image from iStock, chart from TradingView.com

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PERP Spikes 90%, Perpetual Protocol Foundation Sends Tokens To Binance: Is This Good

PERP, the native token of Perpetual Protocol, is one of the top-performing assets, looking at price action in the past 48 hours. As of September 6, the token is changing hands at $0.78, adding roughly 90% from August 2023 highs. 

Amid this stellar performance, reports reveal that the Perpetual Protocol Foundation has transferred 903,000 PERP worth approximately $691,000 to Binance, the world’s largest cryptocurrency exchange by trading volumes and client count.

PERP transfers to Binance: Etherscan

PERP Ripping Higher After Dumping In Q2 2023

According to Lookonchain, a blockchain analytic platform, the wallet associated with the foundation has been regularly moving tokens to Binance in the past few months, starting from March. At that time, PERP was trading at a relatively higher price, at around $1, looking at trackers like CoinMarketCap. Since then, however, the token has been on a downtrend. 

To illustrate, after peaking at about $1.22 in early March, PERP tanked by over 65% to $0.38 in June. A marginal increase from July before prices contracted to around $0.40 in August, bouncing to spot rates in the past few trading sessions.

Perpetual Protocol price on September 6| Source: PERPUSDT on Binance, TradingView

Looking at the PERP/USDT candlestick arrangement in the daily chart, buyers have the upper hand after a clear double bottom was printed following gains in early September. Whether the uptrend will continue and PERP has effectively bottomed after a rough few months is yet to be seen. What’s clear is that buyers appear to be in control, and PERP is trading at April 2023 levels, peeling back losses of the past four months.

Perpetual Protocol TVL Remains Depressed, Will The Foundation Sell?

Perpetual Protocol is a popular decentralized finance (DeFi) protocol allowing users to trade crypto perpetual futures with leverage trustlessly. Perpetuals are complex derivatives products with no expiry dates.

Perpetual Protocol also supports concentrated liquidity, a feature first introduced in Uniswap v3. Moreover, it allows leverage of up to 10X.

Through this exchange, DeFi users have an alternative to Binance or Coinbase, both centralized options. By September 6, the exchange’s total value locked (TVL) was steady at around $12 million, down from $18 million in late July 2023. Of note, PERP is rallying without any sharp increment in TVL, as DefiLlama data shows. 

Perpetual Protocol TVL: DeFiLlama

Typically, outflow from a non-custodial wallet to a centralized exchange is interpreted as bearish in crypto circles. So far, trackers reveal that the Perpetual Protocol Foundation has 7 million PERP in Binance worth over $4.62 million. It is also not clear whether they plan to sell.

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FDUSD Market Cap Jumps By 20% Following Binance Directive

The First Digital USD (FDUSD) stablecoin has recorded a significant rise in its market cap following an announcement by the Binance exchange in August. FDUSD, a dollar-pegged stablecoin, was recently launched on June 1, 2023, debuting on the Ethereum network and the BNB Smart Chain. The token was officially listed for specific trading pairs on the crypto exchange in July.

Binance’s Directive Drives Adoption Of FDUSD 

On August 31, Binance confirmed reports of intention to halt support for Binance USD (BUSD) stablecoin following the regulatory embargo on the token’s issuance.

Back in March, The New York Department of Financial Services (NYDFS) had ordered Paxos Trust, the issuing company of BUSD, to cease minting the stablecoin. Since then, BUSD’s market supply has taken a nosedive, crashing by over 80% in the last eight months. 

According to an official post, the exchange will begin the gradual termination of all BUSD products on its platform, urging its 150 million customers to swap their BUSD tokens for other assets before February 2024. 

In particular, the crypto exchange encouraged users to convert their BUSD to FDUSD, touting incentives such as zero trading fees and a 1:1 direct swap ratio. 

According to data from CoinMarketCap, FDUSD’s market cap value has grown by 21.49% from August 31, rising from $324.75 million to its current value of $394.68 million.

This indicates that Binance’s promotion of FDUSD as a BUSD alternative is paying dividends, resulting in a rapid rise in the former’s adoption over the last few days. 

For context, the market cap metric represents the total value of a cryptocurrency based on its market price and the number of circulating tokens. Since FDUSD is a stablecoin with a fixed value of $1, CoinMarketCap’s data means that over 70 million FDUSD tokens entered circulation over the past week. 

In addition, according to the DeFi analytics platform, DeFiLlama, FDUSD now ranks as the ninth largest stablecoin in the crypto market ahead of other popular assets such as Gemini USD (GUSD). 

Binance

Binance Announces New FDUSD Trading Pairs

In other news, Binance unveiled three new FDUSD trading pairs on September 6, maintaining its stablecoin support. 

These trading pairs are DOGE/FDUSD, SOL/FDUSD, and XRP/FDUSD, which will become available for trading on September 7 at exactly 08:00 UTC.

This move comes a week after Binance announced the “gradual” discontinuation of its support for the BUSD token while directing users to convert their BUSD token to other assets. The exchange has begun discontinuing by delisting eight BUSD isolated and cross-margin pairs.

Following these announcements, the BUSD market fall continues, with the token’s market share now valued at an all-time low of $2.73 billion. More data from DeFiLlama shows that the BUSD market cap is down by 4.16% and 12.23% in the last one and seven days, respectively. 

Nevertheless, BUSD remains an important item in the market, ranking as the fifth largest stablecoin in the crypto space.