Prominent cryptocurrency exchange Binance has introduced its ninth phase of Proof of Reduction (POR 8-1), leading to adjustments in user asset deposits and noteworthy decreases in key cryptocurrencies.
Reports indicate that users have noted reductions in their asset holdings compared to the previous phase (7-1). Specifically, Bitcoin (BTC) deposits have seen a decrease of 0.6%, equivalent to a reduction of 3,835 BTC. Similarly, Ethereum (ETH) holdings have encountered a decline of 2.3%, resulting in a decrease of 95,000 ETH.
Binance Coin (BNB), a widely recognized cryptocurrency, has seen a dip in user holdings by 1.4%, translating to a reduction of 423,000 BNB. Furthermore, the stablecoin Tether (USDT) has observed a decline of 1.2%, resulting in a decrease of 197 million USDT.
These changes are part of Binance’s ongoing efforts to optimize asset management strategies and maintain a balanced distribution of cryptocurrencies. The implementation of POR 8-1 demonstrates Binance’s dedication to offering users a secure and dependable platform for cryptocurrency trading and investment.
YGG Surges After Binance Launches Perpetual Contract
DAO Yield Guild Games (YGG), a blockchain-based game guild, has witnessed a remarkable surge of over 90% in value within the last 24 hours, closely following Binance’s launch of the YGG U-based perpetual contract.
YGG’s token price experienced a swift increase, peaking at $0.550 USDT before stabilizing at $0.41 USDT, and is currently trading at $0.4974 USDT. The introduction of the YGG U-based perpetual contract on Binance garnered substantial interest from both traders and investors.
This led to an impressive trading volume of YGG futures, totaling an astounding $3.95 billion. Such robust trading activity propelled YGG to a notable position, trailing only Bitcoin (BTC) and Ethereum (ETH) in terms of trading volume on the platform.
Yield Guild Games has gained recognition for its utilization of blockchain-based games and non-fungible tokens (NFTs) to generate revenue. The Axie Infinity scholarship program, aimed at empowering players in the Philippines to earn a sustainable income through in-game earnings, has contributed to its success.
With the recent partnership with Binance and the introduction of the YGG U-based perpetual contract, Yield Guild Games solidifies its position in the cryptocurrency market, attracting both seasoned traders and newcomers. This surge highlights the increasing interest in play-to-earn opportunities and blockchain-based gaming, positioning YGG as a leader in this innovative sector.
