Web3 🌘 Thursday Highlight: Solana Surges, Grayscale Gears Up for Spot Bitcoin ETF, Binance Phases Out BUSD, BNB Chain Targets 10,000 TPS for Opbnb
1/ 📈 Solana Soars 7% in 24 Hours.
2/ 🧐 Grayscale Prepares for Spot Bitcoin ETF with Trust Agreement Update.
3/ 📢 Binance to Discontinue BUSD Support by December.
4/ 🚀 BNB Unveils Tech Roadmap for Opbnb.
For further details, let's keep reading! 👇
Welcome to today's crypto news roundup, where we cover the latest developments in the ever-evolving world of digital currencies. In this article, we'll see Solana's impressive price surge, Grayscale's preparations for a spot Bitcoin ETF, Binance's decision to phase out BUSD, and the BNB Chain's ambitious roadmap for Opbnb. So, without further ado, let's dive into the exciting world of crypto.
1/ Solana Soars 7% in 24 Hours. 📈
Solana has experienced a surge in price, outperforming other major cryptocurrencies. The price of Solana (SOL) is currently trading at $60.16 per coin, up 7% in the past 24 hours. This rally comes after a period of consolidation following a strong run in November. Solana is up over 70% in the past 30 days, while other major cryptocurrencies like Bitcoin and Ethereum have remained relatively stable.
Mat Di Salvo
2/ Grayscale Prepares for Spot Bitcoin ETF with Trust Agreement Update. 🧐
Grayscale Investments, the manager of the Grayscale Bitcoin Trust (GBTC), is making changes to its trust agreement in preparation for a potential conversion to a spot Bitcoin ETF. The proposed amendments, which will be put to a shareholder vote, are designed to improve operational efficiencies and align GBTC's structure with that of other spot Bitcoin ETF applicants. The changes involve allowing fees to be paid daily instead of monthly and enabling assets to be commingled for smoother share creation and redemptions. Grayscale is hopeful that the SEC will approve several spot Bitcoin ETFs in the near future and is preparing GBTC to be one of the first to market.
Ian Allison
3/ Binance to Discontinue BUSD Support by December. 📢
Binance is phasing out BUSD by December 15th. This means that users will no longer be able to trade, withdraw, or convert BUSD after this date. Binance is urging users to either withdraw or convert their BUSD holdings into other digital assets before the deadline. The exchange will remove BUSD from its spot trading pairs in a phased manner, starting from December 11 and culminating on December 15. Additionally, BUSD will be removed from futures and margin trading. Withdrawals of BUSD via the Ethereum network will cease entirely on December 31. Binance is also altering its Convert and OTC services to facilitate the transition to FDUSD. Binance Earn, Binance Card, Binance Pay, and Binance Gift Card will all experience changes due to the phasing out of BUSD.
Jai Hamid
4/ BNB Unveils Tech Roadmap for Opbnb. 🚀
The BNB Chain development team is targeting 10,000 transactions per second and fees of $0.001 on the layer two (L2) solution Opbnb in a six-month roadmap. This roadmap aims to make blockchain more accessible by increasing Opbnb's efficiency. The roadmap comes after Opbnb reached a new all-time high transaction count of 5.47 million. The BNB Chain core development team is praising the Opbnb community for its success and is offering grants and mentorship to developers who contribute to Opbnb. Opbnb is also aiming to reduce transacting fees from $0.005 to $0.001 in the last quarter of 2023. In the first quarter of 2024, the objective is to increase capacity from 100M to 150M. Between Q2 and Q3 of 2024, the goal is to lower the gas limit per block increase from 100M to 200M and achieve a transaction per second milestone of 10,000.
Terence Zimwara
Conclusion:
The cryptocurrency market is experiencing a period of volatility, with some coins and tokens seeing significant price swings. Solana has outperformed other major cryptocurrencies in recent weeks, while Grayscale is preparing for a potential conversion to a spot Bitcoin ETF. Binance is phasing out BUSD, while the BNB Chain development team is targeting 10,000 transactions per second for Opbnb. These developments highlight the dynamic nature of the cryptocurrency market and the ongoing efforts to improve scalability and efficiency.
Disclaimer: The information provided in this blog post is based on external sources. Please do your own research and due diligence before making any investment or financial decisions based on the content shared here.
