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Binance pauses withdrawals... twice 😳

BTC withdrawals on Binance, Sui network, and Blend

May 09, 2023

GM Baos,

Happy Asian American and Pacific Islander (AAPI) Heritage Month to everyone in the United States :P

Today we cover:

  • Binance shuts down withdrawals

  • Sui marketplace and mints

  • Blur Lending (BLEND)

Binance temporarily pauses BTC withdrawals

Imagine if our degenerate and meme coin plays actually congested a network.

With these being a recent trend, it's not surprising that an unexpected inflow of transactions could happen on the BTC network. Consider a scenario where network transactions increase by 400% within a couple of days. Call me crazy!

Due to this, Binance (arguably the largest CEX) had to halt BTC withdrawals for over an hour to allow them to find a fix and wait for the network to cool off. On the bright side, we can limit the capabilities of different networks and challenge people to create an even more efficient transaction process.

Since meme coins are currently all the rage, be very careful about what could happen next, especially considering the crypto cycle.

Stay Hot, Cute, and Bao…ey !!!

SUI x Clutchy?

SUI chain has been trending recently, so let's talk about their marketplace and the mints that have taken place over the past few days.

They've been testing the hype and potential transaction volume over the past couple of weeks with testnet launches. Recently, they had a couple of mints on the mainnet in a marketplace called "Clutchy". With everyone's eyes glued to the platform, it was a great way to test its limits and everything it had to offer.

The platform itself was decent, but it seems like the majority of the mints still had problems with wallets and minting during the actual time. Gas prices were considerably low at the time as well. These problems led to a good number of people going public and some FUD happening, especially with the most hyped mint of the four projects that were launched, "Fuddies."

Regardless of everything, they were able to mint out and currently have a total volume of over 759k SUI. Their mint price is currently below mint. Other projects also seem to have done well in terms of total volume, such as "Suishi" which has a volume of 21k SUI.

In conclusion, I would still keep an eye on them as they have value and are currently optimizing their platform. But only time can tell how everyone will absorb their development.

Blur's NFT lending protocol

A couple of weeks ago, Blur launched "Blend," which allows you to borrow ETH or other assets in exchange for collateral to purchase the NFT of your choice. Of course, this service is not free and involves interest.

Let's see how it's faring so far.

According to the Dune dashboard, a total of 39,112 ETH has been loaned from the platform. The most popular NFTs being bought and loaned during this period are Azuki, Milady, and wCryptopunks.

Currently, around 3.3k ETH is actively being loaned on the platform, with a whopping 432 unique active loans in place. This shows that the platform is actively being used, especially within the blue-chip community, and demonstrates the risk tolerance of people in this space.

Something to note is that you can earn Blur points with this service. If you're not doing anything with some of your blue-chip NFTs, now may be a good time to check this out if it falls within your risk tolerance.

Bao-Sized News

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