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TrueUSD Depegging Linked to Binance Launchpool Activities

On January 18, 2024, TrueUSD (TUSD) blames Binance Launchpool mining activities for the depegging on X. It says,

Regular attestations are ongoing as part of our standard operations, and any claims suggesting otherwise are incorrect. We have observed recent community mining activities associated with Binance Launchpool, which have led to short-term arbitrage opportunities.

The recent depegging of TrueUSD (TUSD) has garnered significant attention in the cryptocurrency community. This event was closely associated with the activities on Binance Launchpool and resulted in TUSD’s value dropping below its $1 peg, reaching as low as $0.97.

On January 15, 2024, a substantial sell-off of TUSD was observed on the cryptocurrency exchange Binance, leading to a notable depegging from the US dollar. Over a 24-hour period, traders sold more than $339.2 million worth of TUSD, compared to $296.8 million in buy orders, resulting in a net outflow of $42.3 million from the exchange.

The situation was exacerbated when TrueUSD experienced issues with real-time attestations of its reserves around January 10, raising concerns about the stablecoin possibly being undercollateralized. These technical difficulties, identified in the API, prevented the provision of accurate U.S. dollar values to its collateral assets. Additionally, on Poloniex, a cryptocurrency exchange, TUSD had been trading at about 8% below its peg for several weeks, while maintaining a relatively steady price around $0.99 on Binance.

Addressing the depegging, the TrueUSD team linked the incident to activities associated with Binance Launchpool. They observed recent community mining activities that led to short-term arbitrage opportunities. Despite concerns, TrueUSD reassured users about the normality of such market dynamics and liquidity adjustments. They emphasized the smooth operation of their redemption channels and the ongoing functionality of TUSD minting and redemption services.

This incident of depegging raises broader questions about the stability and transparency of stablecoins in the crypto market. In June 2023, TrueUSD had temporarily halted its automated attestations due to balance discrepancies. The stablecoin issuer later announced an upgrade in their fiat reserve audit and attestation system in partnership with accounting firm MooreHK. TrueUSD stated that their total assets held in reserve accounts amounted to $1.93 billion.

The recent decline in TUSD’s value coincided with the introduction of a rival stablecoin, FDUSD, into Binance’s staking program. Market analysts speculate that a significant number of investors sold TUSD for FDUSD to participate in Binance’s rewards programs, potentially contributing to TUSD’s de-pegging.

TrueUSD’s depegging highlights the fragility of stablecoins in volatile market conditions and the need for robust mechanisms to maintain pegs to underlying assets. It also underscores the importance of transparency and trust in the management of stablecoin reserves, which are crucial for maintaining investor confidence and the overall stability of the crypto market.

Binance to Launche Pixels (PIXEL) on Launchpool

Binance, a leading global cryptocurrency exchange, has officially announced the introduction of Pixels (PIXEL), the 46th project to grace its Launchpool platform. PIXEL, a pioneering social web3 game developed on the Ronin Network, marks a significant milestone in the evolution of blockchain-based gaming and community building.

Unveiling PIXEL: The Future of Social Gaming on Blockchain

Pixels (PIXEL) emerges as a novel concept in the realm of web3 gaming, blending immersive social interactions with the decentralized ethos of blockchain technology. Built on the robust Ronin Network, PIXEL aims to redefine user engagement by fostering a vibrant, interactive community where players can truly own and control their digital assets and gaming experiences.

How to Participate: Staking, Farming, and Rewards

Binance users are poised to experience the innovative farming mechanism offered by PIXEL. Starting from February 9, 2024, participants will have the opportunity to stake their BNB and FDUSD into designated pools to farm PIXEL tokens over a span of ten days. This initiative not only enhances the utility of BNB and FDUSD within the Binance ecosystem but also democratizes access to PIXEL tokens ahead of their official trading debut.

Tokenomics and Launchpool Details:

Max Token Supply: 5,000,000,000 PIXEL

Launchpool Token Rewards: 350,000,000 PIXEL (7% of max token supply)

Initial Circulating Supply: 771,041,667 PIXEL (15.42% of max token supply)

Smart Contract Platform: Ethereum and Ronin

Staking Requirements: KYC compliance

The allocation of PIXEL rewards is strategically designed to incentivize participation in both BNB and FDUSD pools, with an 80:20 split favoring BNB stakers. This approach ensures a broad-based distribution of tokens, catering to diverse user preferences and staking capacities.

Listing and Trading: A New Market Entrant

Binance is set to list PIXEL on February 19, 2024, enabling trading across multiple pairs, including PIXEL/BTC, PIXEL/USDT, PIXEL/BNB, PIXEL/FDUSD, and PIXEL/TRY. This listing underscores Binance’s commitment to expanding its trading ecosystem with innovative and promising projects like PIXEL.

Beyond Gaming: PIXEL’s Vision for Web3 Social Ecosystems

PIXEL’s integration into the Binance Launchpool is more than just a gaming project launch; it’s a testament to the evolving landscape of web3 technologies and their potential to create meaningful, user-centric online communities. With its unique focus on social interaction within the gaming sphere, PIXEL sets a new benchmark for future blockchain projects.

Portal Debuts on Binance Launchpool for BNB and FDUSD Farming

Portal (PORTAL), a cross-chain gaming platform, is launching on Binance Launchpool starting February 22nd. Users will be able to farm PORTAL tokens by staking BNB and FDUSD over a 7-day period.

Binance announced Portal as the 47th project on its Launchpool platform. Launchpool allows users to earn new token rewards by staking BNB, BUSD, and other cryptocurrencies.

7-Day Farming

The Portal farming event will run from February 22nd at 0:00 UTC to February 28th at 23:59 UTC. A total of 50 million PORTAL tokens will be distributed as rewards, split between the BNB and FDUSD pools.

The BNB pool will receive 40 million PORTAL (80% of rewards) while the FDUSD pool gets 10 million tokens (20% of rewards).

To participate, users must complete KYC verification and meet eligibility criteria based on their country of residence. Hourly reward caps will apply and be updated in real-time on each pool’s page.

PORTAL Listing

After farming concludes, PORTAL will list on Binance and open trading against BTC, USDT, BNB, FDUSD, and TRY pairs on February 29th. The PORTAL ticker will receive Binance’s “Seed” tag.

Portal boasts a maximum supply of 1 billion PORTAL tokens, of which 167 million will initially be in circulation. The blockchain gaming startup has raised funds from investors such as Polygon Studios, Cultur3 Capital, and Dweb3.

Bridging Gaming to Web3

“Portal is a cross-chain gaming platform with a mission to onboard more players to Web 3.0,” stated Binance in its announcement.

The project aims to be the bridge allowing traditional mobile and PC gamers to access Web3 games while keeping a familiar user experience. Its platform will offer game discovery, profiles, tournaments, and an NFT marketplace.

Portal also provides full-stack game development support including analytics, player insights, marketing tools, and blockchain integrations. The ecosystem uses a dual-token model with its PORTAL governance and utility token plus in-game tokens.

Binance Launches AEVO on Launchpool

Binance, the world’s leading cryptocurrency exchange, has officially announced the introduction of AEVO (AEVO) on its Binance Launchpool platform. This marks the 48th project to be featured on the Launchpool, signaling Binance’s ongoing commitment to expanding its decentralized finance (DeFi) ecosystem and providing its users with new opportunities in the growing crypto space.

AEVO is a decentralized derivatives exchange platform that utilizes blockchain technology to offer a secure and efficient trading environment. With a maximum token supply of 1 billion AEVO, the Launchpool aims to distribute 45 million AEVO tokens (4.5% of the max supply) as rewards to users who stake their BNB and FDUSD.

The staking event is scheduled to commence on March 8, 2024, at 00:00 UTC and will run for five days, ending on March 12, 2024, at 23:59 UTC. Participants will have the opportunity to farm AEVO tokens by contributing to separate BNB and FDUSD pools, with respective reward allocations of 36 million AEVO (80%) and 9 million AEVO (20%).

Binance plans to list AEVO on its exchange platform on March 13, 2024, at 10:00 UTC, with multiple trading pairs, including AEVO/BTC, AEVO/USDT, AEVO/BNB, AEVO/FDUSD, and AEVO/TRY. The listing will enable broader access and liquidity to the AEVO token, following its initial farming period on the Launchpool.

In preparation for the Launchpool event, Binance users are required to complete Know Your Customer (KYC) verification and ensure that their country of residence is eligible for participation. Notably, residents of certain jurisdictions, including the USA, Canada, Japan, and several others, are restricted from participating in the AEVO farming due to local regulations.

AEVO’s introduction on the Binance Launchpool is a significant milestone for the platform and the DeFi sector. It reflects the growing interest and development in decentralized financial products and services that offer alternatives to traditional financial systems. AEVO’s focus on derivatives trading positions it as a promising player in the DeFi space, aiming to enhance the trading experience with blockchain’s inherent transparency and security.

Binance encourages interested parties to read the AEVO research report, which provides an in-depth analysis of the project and its potential impact on the DeFi landscape.

As with any investment in digital assets, Binance reminds users that the cryptocurrency market is subject to high risk and volatility. It is crucial for investors to conduct their research, consider their financial situation, and consult with financial advisors before participating in token farming or trading activities.

The AEVO Launchpool event is part of Binance’s broader initiative to support innovative blockchain projects and foster the growth of the DeFi ecosystem. Binance continues to play a pivotal role in the cryptocurrency industry, providing a platform for new projects to gain exposure and for users to engage with the latest developments in blockchain technology.

Binance Launches Ethena (ENA) on Launchpool for Farming ENA Tokens

Binance, one of the leading cryptocurrency exchanges, has recently announced the introduction of Ethena (ENA) on their Launchpool platform. ENA is a synthetic dollar protocol designed to offer users a stable and decentralized digital currency solution.

With the launch of ENA on Binance Launchpool, users now have the opportunity to farm ENA tokens by staking their BNB (Binance Coin) and FDUSD (a stablecoin pegged to the US dollar). This farming process will take place over a three-day period, starting from March 30, 2024, at 00:00 UTC.

Once the farming period concludes, ENA will be officially listed on the Binance exchange on April 2, 2024, at 08:00 UTC. Trading pairs available for ENA will include ENA/BTC, ENA/USDT, ENA/BNB, ENA/FDUSD, and ENA/TRY.

Here are some important details about the ENA Launchpool:

Token Name: Ethena (ENA)

Max Token Supply: 15,000,000,000 ENA

Launchpool Token Rewards: 300,000,000 ENA (2% of max token supply)

Initial Circulating Supply: 1,425,000,000 ENA (9.5% of max token supply)

Smart Contract Details: Ethereum

Staking Terms: KYC required

To participate in the ENA Launchpool, users will need to stake their BNB and FDUSD tokens. There will be an hourly hard cap per user, allowing a maximum stake of 333,333.33 ENA in the BNB pool and 83,333.33 ENA in the FDUSD pool. The BNB pool will offer 240,000,000 ENA in rewards (80%), while the FDUSD pool will provide 60,000,000 ENA in rewards (20%).

During the farming period, daily rewards will be distributed as follows:

Total Daily Rewards (ENA): 100,000,000 ENA

BNB Pool Daily Rewards (ENA): 80,000,000 ENA

FDUSD Pool Daily Rewards (ENA): 20,000,000 ENA

Binance emphasizes that any claims to offer ENA for sale before the official listing date are false advertising. Users are advised to conduct their own research and exercise caution to ensure the security of their funds.

It’s important to note that participation in the ENA Launchpool may be subject to eligibility requirements based on the user’s country or region of residence. Some countries, such as Australia, Canada, Cuba, Iran, Japan, and the United States, among others, may be excluded from participating in the ENA farming process.

Binance continues to provide innovative opportunities for its users within the cryptocurrency space. Interested individuals are encouraged to stay informed and join the Ethena Launchpool to take advantage of the farming opportunity and earn ENA tokens by staking BNB and FDUSD.

For more information about Ethena (ENA), users can access the research report available shortly after the announcement. Additionally, the Ethena website and whitepaper provide further details about the project’s goals and technology.

The Binance team expresses their gratitude for the support received and remains dedicated to offering a wide range of options to cryptocurrency enthusiasts.