. A few days ago, CoinGeek reported how cryptocurrency exchange Coinbase went offline during another market pullback. On Monday, Binance has twice suspended all digital currency withdrawals citing a backlog as the reason.
While originally an ERC-20 token on the Ethereum blockchain, the BNB coin was swapped to the Binance Chain mainnet as BEP2 BNB on a 1:1 ratio in Apr 2019. Binance was funded with an initial coin offering (ICO) of the BNB coin, which raised $15 million from 26 Jun to 3 July 2017.
In its current state, the digital currency space is nothing more than a global, unregulated casino, and Binance is happy to continue raking in fees to facilitate this. In a regulated environment, it would have to prove its claims of a backlog as the main reason for crypto suspending withdrawals, but as things stand, it won’t have to do so and will continue to mislead newcomers and those who haven’t yet woken up to the game.
Getting on the whitelist for a project is huge because it often means you can purchase the NFT for a lower price than others have to pay in the public sale or on the secondary market, and you can also avoid gas wars.
Chasing returns by managing capital, security, and positions is one of the biggest pain points for an average DeFi participant. Brahma grants users unfettered access to advanced, risk-managed strategy vaults that interact autonomously with multiple chains, all through a single-sided user deposit. At the same time, Brahma contributors can also build on-chain trading vaults with solid smart contracts and integrations, which allow composing with multiple protocols and chains in a single flow. Brahma is a decentralized yield protocol that lowers the complexity of generating yield on numerous cross-chain DeFi primitives.
Building and scaling vault capabilities: Building fault-proof vaults with the community employing scalable simulation processes, solid rails, and sufficient capacity, in order to grant more users access to the vaults. Hiring: Growing our team of highly-driven and capable chad collaborators to help lay out a powerful foundation for the protocol (open positions here). Craft product and experiential touchpoints: Completing the full UI platform with the help of community feedback. Leveling up our onboarding and community infrastructure via KARMA, melding off-chain and on-chain efforts seamlessly, and numerous other features are on the cards. Governance tokens: Drafting and building the scope of the $BRAH token together with the community to enable a fully-decentralized governance.
Brahma vaults will initially launch as "Degen Vaults". These are experimental (early release), high-yield, peer-reviewed strategies accessible only to experienced DeFi users familiar with complex protocols and their underlying risks.
This is done without a central authority like a bank or a government, btc making Bitcoin truly peer-to-peer. The cryptocurrency that started it all, Bitcoin is the first digital currency to solve the "double spending" or counterfeiting problem.
Could a more plausible reason for the withdrawal suspension be a large number of customers attempting to realize gains on meme coins like Shiba Inu, for which Binance might not have the cash at hand? Delaying withdrawals is a favorite tactic of unregulated online casinos in the face of big wins. It’s unclear, and BNB this is a question better left to the investigators who no doubt are watching Binance and its every move. Is Binance taking a leaf out of the offshore iGaming playbook?
As of 2020, Binance users have been able to use BNB for mining rewards in new tokens that have been backed by Binance’s Launchpad, which supports and mentors blockchain startups. This reward system, along with other staking and lending utilities on the Binance CEX, have proven very popular.
Powered by DeFi-led accessibility, Brahma seeks to stack the ecosystem with value-driven, sustainable yield strategies that leverage market inefficiencies across different chains, and make these financial instruments open to anyone. Conventional finance is clouded with siloed platforms, rigid infrastructure and numerous barriers to entry.