Top Crypto News: 06/01

The majority of the cryptocurrencies boasted a strong performance today, wherein among the top 100 cryptocurrencies, five of them showed a jump of 20%. As of 09:50 hours IST, Bitcoin was up by 7.03% and is trading over  $36,700. Ethereum is also up by 15.33% and was trading at $2,640.96. However, Tether is down by 0.02% at $1.00

Let’s find out some interesting crypto news for today.

1 – Big Binance NFT Marketplace and High Yield Staking Offer 

Binance, as a part of its business development push, is aiming to bring “100 Creators” to their NFT platform, which will comprise celebrities, artists, and athletes. This campaign will support innovative creators and their NFT pieces, belonging to different cultures from around the world. In this era of competitive NFT marketplaces, users tend to switch from one chain or platform to the other.

Binance aims to put an end to this trend by its intellectual property licensing, where it hopes that a wide range of artists’ work will garner a wide range of users as well. In addition to this, Binance also announced an NFT drop from Misha Most, a street artist holding a world record for the largest wall mural. Artists would be making 10 NFTs while collaborating with other artists, and their pieces will be available for sale from June 24th.

Also, Binance announced its 3rd “High-Yield Staking Offer” promo. Here, the participants can stake SOL, BAKE, XTZ, ICX, and MATIC in order to earn up to 43.29% APY. The subscription period is from June 1, 2021, 12:00 PM (UTC) to June 15, 2021, at 11:59 PM (UTC). The interest payout time would be on a daily basis. The unlock period for locked staking products is of one day. Users can also choose to redeem in advance.

2 – DAFI Protocol Launches Its First Liquidity Rewards Program on Uniswap

DAFI Protocol’s first-ever liquidity program is now live on Uniswap. An initial APY of 401.83% would be rewarded to those users who add liquidity to the DAFI/ETH trading pair. This program would ensure enough liquidity on the platform.

The users who would provide liquidity will receive a 0.3% exchange fee from Uniswap and will also receive DAFI tokens from the Uniswap Liquidity Pool in exchange for their LP tokens. The program started on May 31, 2021,  at 19:00 CET and will run for a total duration of 30 days. According to the crypto news, the total amount of DAFI tokens to be allocated will be 5,000,000.

DAFI Protocol aims to change the foundations of liquidity, staking, and social reward systems for the decentralized world.

3 – Litentry Announces Its Strategic Partnership With iMe to Enhance Mass Adoption in Social Media

Litentry partnered with iMe messenger. Under this strategic partnership, Litentry will integrate data of iMe wallet users into its identity aggregation protocol. By doing so, iMe will aid users in availing DeFi services and dApps on the basis of their activity on the messenger. With the integration of Litentry’s innovative computation models with iMe, iMe user profiles will also witness a new Litentry interface. The users will benefit from this collaboration as they would be able to take a holistic view of all of their financial activities under one single dashboard. In order for the users to get preferential treatment from third-party dApps, users can display their identity computation output as well. Another advantage of this partnership involves the supportability of LIT tokens by iMe Wallet. This integration will result in iMe lessening the chances of failure and making more informed decisions.

iMe aims to give users a secure and user-friendly interface so that they can effectively manage their cryptocurrencies. On the other hand, Litentry removes the redundancy of code through a decentralized, verifiable aggregation service.

4 – Fear LP Staking Farm Is Now Live!

The Fear LP Staking Farm Program is now live on Uniswap. Participants would have to stake their FEAR-USDT Uniswap Liquidity Pool tokens to earn FEAR tokens. The total number of tokens that will be rewarded is 400,000 FEAR. The distribution of these tokens would take place over a period of roughly 60 days. The rewards under the program would be distributed in proportion to the amount of liquidity each participant provides. In other words, APY per participant would depend on how many LP tokens they would be staking in the program. In order to motivate the participants to provide long-term liquidity, a time-based reward system is put into place.

At the time of publishing this article, the current APY is 669.03%. Total FEAR staked is 337.34k and total rewards locked is 392.511k.

5 – Polygon Surpasses Binance Smart Chain and Ethereum in Terms of User Activity

Ethereum and Binance Smart Chain are witnessing a decline in user activity across their DeFi platforms, with PanCakeSwap dropping by 22%. Uniswap’s active wallets saw a drop of 2% in its V2 version and in its V3 version, it dropped by 7% over the past seven days. On the contrary, activity on Polygon has been on the rise, with the usage of ParaSwap increasing by 96%. QuickSwap, among other Polygon-based platforms, is also gaining user attention. The reason for the drop in the usage of Binance Smart Chain-based platforms is the lowering popularity of yield farming amongst the investors. Another reason could be the security breaches that took place, thus tarnishing the image of Binance Smart Chain. More and more projects, such as Autofarm, are looking for an expansion in Polygon, thus also adding to its popularity.

6 – StackOS Has Recently Partnered With Poly Network

StackOS has been recently mentioned in the crypto news as one of the partners of Poly Network. Through this strategic partnership, cross-chain transactions of a seamless nature will be possible between Binance Smart Chain and Ethereum chain for $STACK.

StackOS aims to provide a great user experience for all the users interacting with the decentralized cloud of StackOS. They aim to provide the same with the STACK token as well. StackOS is an open protocol where users can deploy dApps, full-stacked applications, and mainnet nodes.

Poly Network, on the other hand, aims to build next-gen internet infrastructure by implementing interoperability.

7 – OpenOcean Partners With Nerve Finance

In the last bit of our crypto news for today, we have OpenOcean announcing its partnership with Nerve Finance. This partnership will enable users to swap stablecoins on Binance Smart Chain via OpenOcean.Finance. The users will also enjoy low slippage.

OpenOcean provides an entrance for one-stop crypto trading on CEXes and DEXes. Nerve Finance, on the other hand, is a trustless on-ramp on Binance Smart Chain.

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