{"id":188634,"date":"2021-02-25T13:57:55","date_gmt":"2021-02-25T10:57:55","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/finance-redefined-ethereum-exodus-continues-as-binance-helps-feb-17-24\/"},"modified":"2021-02-25T13:57:55","modified_gmt":"2021-02-25T10:57:55","slug":"finance-redefined-ethereum-exodus-continues-as-binance-helps-feb-17-24","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/finance-redefined-ethereum-exodus-continues-as-binance-helps-feb-17-24\/","title":{"rendered":"# Finance Redefined: Ethereum exodus continues as Binance \u2018helps,\u2019 Feb 17\u201324."},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3e07af02f7b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3e07af02f7b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/finance-redefined-ethereum-exodus-continues-as-binance-helps-feb-17-24\/#Second_largest_liquidation_day_in_DeFi_history\" >Second largest liquidation day in DeFi history<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/finance-redefined-ethereum-exodus-continues-as-binance-helps-feb-17-24\/#In_other_news\" >In other news<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Finance Redefined: Ethereum exodus continues as Binance \u2018helps,\u2019 Feb 17\u201324. <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvZGU3ZGM4ZDItZmExZi00MzU1LWFlN2ItMzg5ZDI0YWQ2ZTAwLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>The parabolic rise of the Binance Smart Chain has been all over the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> this week, aided by a few seemingly unfriendly moves by the exchange itself.<\/p>\n<p>It started on Friday, when Binance suddenly froze withdrawals of Ethereum-based assets for about one hour. Many interpreted it as a move against the blockchain and its ecosystem, given that the cited reason was \u201ccongestion issues\u201d \u2014 something one hardly imagines is a problem for an exchange, unless they shoulder withdrawal costs for the user.<\/p>\n<p>The day after, FTX started <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/FTX_Official\/status\/1363024146788065280?s=20\">shaming<\/a> Binance for excessive promotion of BSC on the exchange. Specifically, FTX was <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>arently \u201cspending millions\u201d in failed deposits that came over the Smart Chain but were meant for Ethereum. FTX\u2019s accusation toward Binance, one of its investors, is that the exchange put BSC as the default option for withdrawing many ERC-20 assets, which caused a lot of failed deposits to FTX.<\/p>\n<p>I can\u2019t say I\u2019ve ever noticed Binance Smart Chain being \u201cthe default option\u201d for withdrawals. BSC is the first listed when you attempt to withdraw something like USDC, though it does not actually select the blockchain for you. Still, I can see how some newbies could get swindled by this. People overestimate the degree to which terms like \u201cERC-20\u201d are known in the casual crypto community. Testing the withdrawal now, Binance forces you to go through a quiz where you confirm you know what you\u2019re doing by selecting BSC. I have no idea when this was introduced, but it\u2019s not impossible that it\u2019s a response to FTX\u2019s statements.<\/p>\n<p>Overall though, there\u2019s nothing inherently wrong with one company using its products to promote another of its products. From the official responses it seems that the Ethereum congestion incident won\u2019t happen again because they \u201cupgraded the systems.\u201d <\/p>\n<p>Cheap tricks would never be able to undermine Ethereum without there being an underlying fundamental weakness. And I think we\u2019ve all had enough with Ethereum gas fees. I tried a non-Ethereum DeFi product recently, and it felt so good to pay just a few cents for a complete interaction.<\/p>\n<p>Binance Smart Chain is already processing more transactions than Ethereum and has over 5 million unique wallets. Ethereum, with its much longer history, is currently sitting at 140 million wallets in total.<\/p>\n<p>Ironically, Ethereum fans should secretly want the bull market to end right now. The longer it goes on, the more gas fees will remain high, and the more people will want to migrate away and seed other environments.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Second_largest_liquidation_day_in_DeFi_history\"><\/span>Second largest liquidation day in DeFi history<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Speaking of the end of the bull market, a massive slide in crypto markets triggered some $24 million in liquidations on Tuesday, the second highest loss in DeFi history. It would\u2019ve been the highest if not for that infamous day in November when Compound thought Dai was worth $1.3.<\/p>\n<p>The firesale was triggered by nothing in particular, though I suspect that rising bond yields are having their effect on the riskiest of assets on Wall Street, of which Bitcoin is the quintessential representative. And then Bitcoin dragged the rest of crypto with it.<\/p>\n<p>I don\u2019t normally talk about price because I\u2019m not a financial advisor or even a successful trader. But I am feeling a lot of fundamental and sentimental indicators of a coming correction, ranging from a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/seekingalpha.com\/news\/3664166-ark-invests-cathy-woods-expects-a-stock-market-correction-there-will-be-a-valuation-reset-there-will-be-fear\">wavering<\/a> stock market to, well, the strength of Tuesday\u2019s dump. <\/p>\n<p>To top it all off, my non-crypto feeds are being invaded by crypto stuff, which is never a good sign. I certainly hope that I\u2019m misinterpreting what is actually unprecedented adoption and acceptance, but let\u2019s face it \u2014 it\u2019s all about price for now, while fundamentals are still lagging.<\/p>\n<p>With layer two platforms and new blockchains coming online, we may get something useful out of crypto and DeFi soon. But everything could happen before we get there. Be especially careful right now and, most importantly, don\u2019t get liquidated.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"In_other_news\"><\/span>In other news<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Cosmos finally launches IBC, becoming a serious contender in the DeFi world.<\/li>\n<li>The Graph expands to a number of other blockchain platforms like Polkadot, Near, Solana and Celo.<\/li>\n<li>The Rai stablecoin has launched, offering a new spin on the concept of maintaining a value-stable coin.<\/li>\n<li>SushiSwap receives the Sushi.com domain as a gift.<\/li>\n<li>No-loss lottery PoolTogether attracts $50 million in funds.<\/li>\n<li>SushiSwap explores the possibility of partnership with a Solana-based AMM.<\/li>\n<li>Aave and Balancer join forces to improve capital efficiency and yield for Balancer LPs.<\/li>\n<li>Chainlink rolls out a new, more gas-efficient mechanism for publishing oracle data.<\/li>\n<\/ul>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/finance-redefined-ethereum-exodus-continues-as-binance-helps-feb-17-24\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Finance Redefined: Ethereum exodus continues as Binance \u2018helps,\u2019 Feb 17\u201324. &#8221; The parabolic rise of the Binance Smart Chain has been all over the news this week, aided by a few seemingly unfriendly moves by the exchange itself. It started on Friday, when Binance suddenly froze withdrawals of Ethereum-based assets for about one hour&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":188635,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvZGU3ZGM4ZDItZmExZi00MzU1LWFlN2ItMzg5ZDI0YWQ2ZTAwLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75014,74868,74891,4965],"class_list":["post-188634","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance","tag-defi","tag-ethereum","tag-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/188634","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=188634"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/188634\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/188635"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=188634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=188634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=188634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}