Virtual currency

The "Shanghai Upgrade" is the first significant upgrade after the merger of Ethereum, which means the opening of Ethereum's pledge and withdrawal function, and also means that Ethereum will ultimately cut off its connection with encrypted "mining".The "Shanghai upgrade" is of great significance for the future development of DeFi (decentralized finance): promoting the decentralization process of the Ethereum network will also help usher in the DeFi 3

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On March 19th, Ethereum founder Vitalik Buterin posted several consecutive tweets expressing his views on the development of ETH2.0 in the next 5-10 years and beyond

According to CoinGecko's data, the current level of Bitcoin (BTC) prices around $29000 has increased by over 6.0% in the past 24 hours

The optimism after the upgrade of "shapella" briefly pushed the price of Ether (ETH) to an 11 month high of around $2150 earlier this month, but has now largely subsided.Ether is a token for Ethereum blockchain that supports smart contracts, with a final transaction price close to $1900

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In recent days, the currency circle has not stopped, and these three major exchanges - Huo Coin, Coin An, and OK - have not stopped, starting to tear apart.The matter has to start from July 12th

In the past 24 hours, the upper limit net inflow of cryptocurrency market has reached $10 billion, currently at $1.21 trillion, an increase of 0

The article was edited at 00:10 am on March 29, 2022. There was a delay in the publication of the article, and the real-time strategy was the main focusAt a time when the financial pressure caused by Silicon Valley banks is easing, the performance of First Republic Bank in the United States has significantly deteriorated, leading to a sharp drop in its stock price, further undermining the already fragile confidence in the banking industry in the market

The blockchain network security incident has once again stirred up the entire coin circle.On October 7th, Beijing time, BNBChain, one of the most active public chains in the world (public blockchain, which refers to a consensus blockchain where anyone can read, send transactions, and obtain effective confirmation) incubated by the cryptocurrency exchange, was attacked by hackers

Centralization and decentralization platforms will coexist, complement, and rely on each other for a period of time in the future.According to the information released by Coin On Company on Tuesday (March 13th), they haveA public chain has been launched with the aim of building a new decentralized exchange.The cryptocurrency exchange stated that by developing a new BinanceChain, they will transform from a "corporate" to a "community", and that BinanceChain will also be used to transfer or trade different blockchain assets.It is worth mentioning that,Coin An also announced that it will migrate BinanceCoin to its native blockchain.Currently, Coincoin is an ERC20 digital token running on the Ethereum network. However, for users holding ERC20 coins, it is currently unclear whether they will exchange tokens in some form.In addition, Coin An Coin will become an important foundation for blockchain asset trading, coexisting with other more centralized products of Coin An.In a statement, Qian An stated:BinanceCentralization and decentralization platforms will coexist, complement, and rely on each other for a period of time in the future.Binance Chain

Recently, BUSD suffered a regulatory assault from the US government's SEC. The SEC sued Paxos using BUSD as an entry point for unregistered securities. Subsequently, NYDFS, the New York State Department of Financial Services, instructed Paxos to stop casting new BUSDs, and CZ also stated that "product adjustments will be made accordingly. For example, BUSD will no longer be used as the primary currency equivalent for trading.It can be foreseen that BUSD will gradually fade out of the historical stage of stable currency, and given that BUSD is the ace stable currency of BNBChain, what changes will happen to the stable currency ecosystem of BNBChain (formerly known as Anzhineng Chain) after this flag falls?The current status of stable coin ecology in BNBChainAccording to statistics from Defellama, the total market value of the stable coin ecosystem on BNBChain has exceeded $9 billion, with BUSD accounting for 53% of the market, with a market value of approximately $4.8 billion.Subsequently, USDT has a market value of approximately 3.2 billion US dollars (35%), USDC has a market value of approximately 780 million US dollars (8.67%), and some stable currencies with a market value below 100 million US dollars, such as USDDDDaiHAY.According to Paxos, BUSD can still be redeemed until at least February 2024. Although there is a buffer period of at least one year, facing the outflow of billions of dollars of stable currency, the question before us is, how will this stir up the stable currency ecosystem of BNBChain?Is it to stimulate the development of decentralized stable currency?Or strengthen the dominant position of USDT/USDC in BNBChain?For the former, CZ has responded to the suggestion of building a decentralized stable currency similar to DAI in the future, saying that at this juncture, we would prefer others to do so to make it more decentralized. We cannot do everything.Looking back at the two contestants HAY& VAI, currently with a stable currency market value of only tens of millions, seems to have an upper limit on its own track even if we optimistically imagine that such projects can carry the banner. It has developed well like DAI on Ethereum, and its stable currency market value is only about $5 billion. When converted to BNBChain, it still cannot match the scale of centralized stable currencies like BUSD.So currently, it seems that it is most reasonable for USDT/USDC to inherit the market share of the stable currency that BUSD has exited. But what we need to know here is that in fact, USDTUSDC officially does not issue native stable coins on BNBChain. Strictly speaking, BNBChain does not have native centralized US dollar stable coins, including BUSD, which is essentially a Binance PegToken. The original assets (i.e. BUSD on Ethereum) are held by the Coin Security official, and the issued BEP20Token is anchored 1:1 on BNBChain.Binance-PegTokenBTokenDue to the fact that most users only need to focus on the application experience level, they do not have a deep understanding of the specific underlying attributes of various assets. In fact, in the early stages of the launch of BNBChain (originally named BSC), in order to attract external high-quality assets such as BTCETH and stable coins, Coin An launched the Token Canal program, which is essentially similar to Wrapped Assets. Coin An officially serves as the processing center for the custody of native assets and the issuance and redemption of packaged assets.Binance-PegTokenBTokenAccording to the official mortgage reserve certificate of Coin An for BTokens, we understand that there are currently 97 BTokens, including approximately 5.4 billion ERC20BUSD reserves, corresponding to approximately 4.8 billion BEP20BUSD and other corresponding BUSDs for each chain.Previously, NYDFS emphasized that Paxos was authorized to issue BUSD on the Ethereum blockchain, but the department has not yet authorized Binance PegBUSD on any blockchain.It seems that the real motivation of NYDFS is actually BinancePeggedBUSSD, rather than concerns about whether there is 100% reserve support. After all, this piece of coin security has publicly and transparently proven reserves, and BinancePeggedBUSSD, a packaged asset, strictly speaking, is created by the on chain behavior of coin security. Therefore, should NYDFS/SEC point its finger at coin security, and USDTUSDC also has a corresponding BinancePegged, Will TetherCircle also have the same problem passively? Or is it just an excuse, essentially just a targeting?Of course, even if it is targeted, it may still be related to the original measure of coin security supporting BUSD, which automatically converts USDC, USDP, and TUSD to BUSD by default. After all, with the support of coin security, more scenarios of BUSD may lean towards BNBChain, which may lead to a misunderstanding that BinancePeggedBUSD, a packaged asset, is the only native asset.How will the exit of BUSD stir up the stable coin ecosystem of BNBChain?Now we return to the initial question of "How will the exit of BUSD stir up the stable coin ecosystem of BNBChain", and the answer seems relatively clear. For the decentralized stable coin track, it will have a certain boost, but the potential wave generated is limited; It is likely that BinancePeggedUSDTUSDC has given way to the demand for these stable currencies, and the gradual withdrawal of BUSD may also be negative for the BNBChain ecosystem.As for whether BinancePeggedUSDTUSDC will be subject to the same regulatory restrictions on "issuance" authorization, such concerns can be temporarily put aside. Although Binan does not have a compliant custody license like BitGo, the custodian of WBTC, its asset custody reserves are open and transparent, and regulation should not be so exhaustive.