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Bit.com Enables Trading of Staked Ether on Spot and Perpetual Futures Markets

Singapore-based crypto exchange Bit.com has launched Staked Ether (STETH) on spot and perpetual futures markets to meet the diversified needs of cryptocurrency users.

By listing STETH on the spot and futures markets, Bit.com seeks to enhance the token’s liquidity as a shift from the proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) framework called the merge continues to gain steam in the Ethereum network.

Per the announcement:

“STETH is an ERC-20 token pegged to Ether (ETH), the native currency of Ethereum. It is issued by Lido Finance, a DeFi protocol providing staking services on Ethereum’s proof-of-stake blockchain, Solana, Polygon, Polkadot, and Kusama smart contracting platforms.”

Therefore, STETH denotes ETH locked in the Ethereum 2.0 deposit contract, also known as the Beacon Chain, by validators. It is pegged to ETH in the ratio of 1:1.

On the other hand, STETH is a derivative asset that allows validators to unlock their liquidity and borrow more Ether from decentralized finance (DeFi) platforms because they already staked ETH cannot be withdrawn until a switch to a proof-of-stake framework happens.

Since Ethereum plays host to numerous decentralized applications (dApps), from gaming to non-fungible tokens (NFTs), STETH will play an instrumental role in enabling holders to compound yields from various DeFi protocols.

As of mid-June 2022, the total value locked (TVL) in STETH stood at $5.23 billion from 132,086 stakers, and Lido Finance expects the annual yield to be 4% with no lock-ups.

Since Justin Drake, an Ethereum researcher, recently disclosed that the merge was expected to materialize in August because testing was in the final stages, it remains to be seen whether it will happen because it has been quite elusive.

Nevertheless, Korpi, a DeFi educator, recently noted that switching to a proof-of-stake consensus mechanism would be a game-changer that would shift the selling pressure experienced in the Ethereum network to buy. After all, structural supply would change to structural buying.

Binance Expands Spot Market with New Pairs and Introduces Automated Trading Bots Services

Binance, the world’s leading cryptocurrency exchange, has announced the introduction of new trading pairs on its Spot market platform, a move set to broaden the options available to its global user base. Additionally, the exchange has rolled out services for Trading Bots, signaling a significant enhancement in the trading experience it offers.

On March 21, 2024, at 08:00 (UTC), Binance will officially open trading for six new currency pairs: AAVE/TRY, ARKM/FDUSD, CRV/TRY, FET/BRL, RAY/FDUSD, and RNDR/EUR. This expansion is indicative of Binance’s commitment to diversify its offerings and cater to the demands of its diverse clientele, which spans across different regions and preferences.

In a strategic move to empower traders, Binance is also enabling Trading Bots services, specifically for AEVO/USDT and BOME/USDT pairs using Spot Grid, Spot DCA (Dollar Cost Averaging), and Rebalancing Bot strategies, as well as Spot Algo Orders for the newly listed pairs. These automated tools are designed to help traders implement more sophisticated and potentially more profitable trading strategies without the need for continuous market monitoring.

The update comes with a noteworthy incentive: users will enjoy zero maker fees on FDUSD trading pairs for an unspecified period. This incentive is expected to attract a higher trading volume on these pairs, as traders can execute trades without incurring the usual costs associated with order placement.

The decision to add new pairs and integrate trading bot services is in line with Binance’s approach to staying at the forefront of innovation in the cryptocurrency market. As the industry evolves, Binance has consistently adapted its services to meet the changing needs and preferences of traders.

While Binance’s announcement is a positive development for traders seeking diversified trading options and sophisticated trading tools, the platform also emphasized the inherent risks associated with digital asset trading. The volatile nature of cryptocurrencies means that while the value of investments can increase, they can also decrease, sometimes rapidly.

The introduction of automated trading bots is not without its risks. Binance has cautioned users that while the bots will execute orders at specified intervals consistently, they will do so even in the event of a rapid market collapse or surge, which could impact the investment negatively. Traders are advised to fully understand the functionalities and risks of automated trading before utilization.

As part of its due diligence, Binance reminds users to only invest in products they are familiar with and to understand the associated risks fully. The exchange advises consultation with independent financial advisers for those uncertain about the implications of trading bots and new trading pairs.

In conclusion, Binance’s latest update reflects its dedication to enhancing user experience and maintaining its position as a leading exchange by providing innovative tools and a diverse range of trading options. This strategic move is likely to be welcomed by the crypto community, as it represents both the growth of the platform and the cryptocurrency ecosystem as a whole.

Binance to Delist BAKE, ID, MBOX, OP, RDNT, UNI Related Trading Pairs in Spot Market

Binance, in its effort to ensure a vibrant and liquid trading environment, regularly reviews all listed spot trading pairs. Based on their most recent evaluations, the exchange has decided to delist certain trading pairs due to factors like poor liquidity and trading volume.

The spot trading pairs that will be removed from Binance on April 12, 2024, at 03:00 UTC are:

BAKE/BNB

ID/TUSD

MBOX/BNB

OP/TUSD

RDNT/TUSD

UNI/BNB

It is important to note that the delisting of these spot trading pairs does not impact the availability of the tokens on Binance Spot. Users will still be able to trade the base and quote assets of these tokens on other available trading pairs on the platform.

Additionally, Binance will terminate its Spot Trading Bots services for the aforementioned spot trading pairs on April 12, 2024, at 03:00 UTC. Users who utilize this service are advised to update or cancel their Spot Trading Bots prior to the cessation to avoid any potential losses.

Binance has provided guidelines and frequently asked questions regarding delisting, which users can refer to for more information. The exchange also advises users to check the original English version of the announcement for the latest and most accurate information, as there may be discrepancies in translated versions.

As with any investment in digital assets, Binance reminds users that prices can be volatile, and the value of investments may go up or down. Users are responsible for their investment decisions and should not invest more than they can afford to lose. It is recommended that users seek independent financial advice and consider their individual circumstances before trading.

Binance reserves the right to amend or cancel the delisting announcement at any time and for any reasons without prior notice.