CRYPTO OWL’S NEWSLETTER HAS A NEW NAME!
No more stablecoins on Binance? Bellatrix - the last upgrade before the Merge.
Coo and good morning, my dear Crypto Owl Newsletter readers!
You probably remember how last week I asked you to vote for the new newsletter name. So, the voting is over; we have a name, and you really helped with it! So, we’re moving to the next step, which is huge for Crypto Owl’s Youtube channel and newsletter as well.
So… the winner is….. *drum rolls*
We’re becoming the Protocol Times!
Autumn started, so the Owl must fly further. Your crypto-bird-friend finished the university, and now it's time to find a job.
It might take a few days, but it’s coming soon, so stay tuned to say Hi to a grown-up Owl!
But for now, let’s take a look at what’s on the menu:
🥣RAMEN: Binance Is Removing USDC As A Tradable Asset
🍣SUSHI WITH SALMON AND AVOCADO: Ethereum’s Bellatrix Upgrade
🍚RICE WITH EGGS AND VEGGIES: Tuesday Facts
🍤FRIED SHRIMPS: More Crypto News around the WEB
BINANCE IS REMOVING USDC AS A TRADABLE ASSET
“...DOING WHAT?!” - that’s probably your reaction now. Well, mine was too. I mean, that’s kind of a big deal.
The biggest crypto exchange platform informed that it will auto-convert USDC, USDP, and TUSD to Binance USD (BUSD).
Why? According to the official Binance announcement on their website, it will help to “enhance liquidity and capital-efficiency for users”;
Now, let’s see how this new thing will work:
Already existing users’ balances and new deposits will be converted 1:1 ratio (e.g., 1USDC=1BUSD);
BUSD balance will reflect balances on already mentioned four stablecoins (USDC, USDP, TUSD, BUSD);
Users might start trading BUSD balance from the 29th of September, 03:00 (UTC);
If anyone would like to convert their balances of stablecoins to BUSD before this date, they can do it manually (the minimal amount is 1 USDC, USDP or TUSD) on Binance Convert from 26th September 03:00 (UTC) to 29th September 03:00 (UTC);
Users will be able to withdraw their funds in preferable stablecoin currencies - USDC, USDP, or TUSD at a 1:1 ratio with BUSD. It means that even with this new auto-converting feature, customers supposedly won’t feel any difference, so the platform still remains convenient and user-friendly.
Without this news, Binance also claims there are more changes. For example, the exchange will remove every trading pair which includes these four stablecoins; so, from September 29th, users won’t be able to trade pairs such as BTC/USDC, ADA/USDC, XRP/TUSD, and others. The full list of pairs and further information about incoming changes are here.
Suppose you’re worried about Tether, the number one stablecoin, and its destiny on Binance - according to the platform, it should stay as it is. Well, at least for now.
ETHEREUM’S BELLATRIX UPGRADE
Oooh, another - and final - step to the Merge.
Vitalik reminds us what’s important:
Bellatrix has already taken place (it started today at 11:34:47am UTC). So, tomorrow I’m going to update you on how it went!
But first - why is this update important?
The Merge is a two-step process, and Bellatrix is the first one (the second one is called Paris); so, in general, if it goes successfully, it guarantees that Paris will happen without a hitch. And that the Merge is going to finally happen;
Bellatrix is Ethereum’s Consensus layer update, which is inevitable before the Paris part (as the Execution layer, responsible for smart contracts and network rules, will be updated);
The consensus layer is for maintaining the Ethereum blockchain consensus; also, it is a backend infrastructure for verifying the effectiveness of blockchain validators;
Bellatrix will activate the Beacon Chain or the Proof-of-Stake chain (remember, it’s the whole Merge’s idea - to move from Proof-of-Work consensus to Proof-of-Stake); So, fingers crossed!
Oh, and talking about ETH… it’s blooming nicely.
TUESDAY FACTS
Binance temporarily locks withdrawals and deposits of ETH and Wrapped ETH (wETH) - CZ says it’s safer during Merge updates and until it’s complete. Better safe than sorry, as the folks say, right?
Netflix will ban ads containing everything related to crypto (as well as gambling and politics). Are they trying to boost the revenues? Good luck, pals.
Liz Truss became Britain’s new Prime Minister today. And she supports crypto! Well, at least Truss tweeted once that “we [government] should welcome cryptocurrencies in a way that doesn’t constrain their potential”. Hopefully, she hasn’t changed her mind. Liz 1:0 Boris.
MORE CRYPTO NEWS AROUND THE WEB
BUBBLE TEA
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Disclaimer: This newsletter is strictly educational. None of this information is intended to be financial advice. Always do your research and act responsibly with your profits.