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Binance Adds 1:1 Ontology-Pegged Asset to Binance Chain


Binance Adds 1:1 Ontology-Pegged Asset to Binance Chain

Binance has launched a new crypto asset pegged 1:1 to Ontology called ONT-33D on its DEX using its new BEP2 standard. Binance plans to issue about 1.5 million ONT-pegged tokens and will continue to mint more in response to market demands.

Binance’s Focus On Increasing Wrapped Assets

Binance has recently focused on its DEX as one of the main core use cases of its Binance chain. The DEX currently boasts a trading volume of $400,730 over the past 24 hours. Binance could be taking a page out of Ethereum’s playbook, which sees DEX’s as among the blockchain’s top five use cases with Uniswap and Kyber having $10M of ETH in daily volume combined with a 4K+ combined user base. When DEXs based on Ethereum s first took off, wrapped assets such as Wrapped Bitcoin (WBTC) saw an increase in popularity as users wanted ERC20 tokens while still having market exposure to BTC. Binance, similarly, issued BTCB, the BTC-pegged token on Binance Chain in July 2019, followed by the issuance of BEP2 assets pegged to other major cryptocurrencies including ETH and LTC. Read More...