• Binance, the world’s largest crypto exchange, suspended spot trading for two hours due to a software bug related to the trailing stop loss feature.
• The exchange CEO Changpeng “CZ” Zhao described the outage as “unlucky.”
• Crypto exchanges are prone to experiencing downtime.
Binance Experiences Two-Hour Outage Due to Software Bug
Cryptocurrency exchange Binance suspended trading on its spot markets for two hours Friday because of a computer bug related to the trailing stop loss feature. The world’s largest crypto exchange announced that it suspended spot markets at 11:38 UTC and Binance CEO Changpeng “CZ” Zhao revealed that “engine one” was back online and that it was waiting for the other engines to catch up. CZ described the event as “unlucky” before stating that the outage followed “standard operating procedure.”
What is a Trailing Stop?
A trailing stop is a type of market order that gradually reduces a position once the price of an asset hits a number of pre-defined price triggers. This allows traders to protect profits while still taking advantage of potential price movements in an asset they hold long or short positions in.
Exchange Suspends Spot Trading Amid Issue
Binance CEO Changpeng Zhao said in a follow-up tweet that the issue is expected to be resolved in the coming hours and that the trading pause was a safety measure. The suspension affected all spot markets on Binance, including Bitcoin (BTC), Ethereum (ETH), XRP, Litecoin (LTC) and many others.
Crypto Exchanges Prone To Downtime
Crypto exchanges are prone to experiencing downtime due to technical issues such as this one experienced by Binance, as well as other factors such as security concerns or maintenance activities which can require temporary suspensions of services while they are being addressed by technicians or engineers behind-the-scenes. It is therefore important for traders and investors using these platforms to be aware of these risks when entering into any trades involving cryptocurrency assets on these platforms or through any other mediums such as over-the-counter (OTC) brokers or third party custodial services like Coinbase Custody or Gemini Custody.
Overall, despite this incident resulting in two hours of downtime for Binance users, it appears from CZ’s comments that standard operating procedures were followed and no customer funds were affected during this period. Ultimately though, this serves as an important reminder for traders utilizing any platform – whether centralized exchanges like Binance or decentralized applications running on Ethereum – about how necessary it is to stay informed about these types of incidents so you can make more informed decisions when trading digital assets online
• The day after the Federal Deposit Insurance Corp. took control of Silicon Valley Bank, there were only 12,000 active NFT traders, according to DappRadar.
• NFT trading volume has fallen 51%, with sales declining about 16%, since the beginning of March.
• Projects from NFT issuer Yuga Labs, including Bored Ape Yacht Club and CryptoPunks, saw their floor prices dip slightly on Saturday but quickly recovered.
Web3SVB Collapse Tanked NFT Trading Volumes
The day after the Federal Deposit Insurance Corp. took control of Silicon Valley Bank, there were only 12,000 active non-fungible token (NFT) traders, according to DappRadar – a number not seen since November 2021. Single NFT trades totaled 33,112 on that day–the lowest daily tally so far this year–with overall trading volume falling 51% and sales declining 16% since the beginning of March.
Yuga Labs Collections Remain Stable
Projects from NFT issuer Yuga Labs saw their floor prices dip slightly on Saturday but quickly recovered. One Twitter user compared CryptoPunks to USDC claiming it was more stable than the stablecoin which lost its peg to the U.S dollar after Silicon Valley Bank’s collapse.
Animoca Brands Back Nuqtah Platform
Animoca Brands co-founder and Executive Chairman Yat Siu reacted to this report and discussed his outlook for the NFT market and broader state of Web3 moving forward. Additionally Animoca Brands recently backed Nuqtah – Saudi Arabia’s first ever marketplace platform for digital collectibles – in an undisclosed seed investment round by Animoca Brands’ venture arm The Sandbox Fund
Reaction From CEO Of Yuga Labs
Yuga Labs also recently welcomed a new CEO in Daniel Alegre who gave his first public appearance since assuming the position last week; discussing his vision for Yuga Lab’s future as well as how he plans to foster innovation within blockchain technology while staying competitive within their industry..
Outlook On The Market
Yat Siu remains optimistic on the potential growth of Web3 despite current market conditions: “We have seen tremendous growth in gaming over recent years driven by convergence between mobile gaming existing players… As we look ahead into 2021 I believe we will see similar developments with blockchain gamers driving further adoption across multiple industries.”
• Starbucks Odyssey, the coffee company’s Web3 loyalty program, released its first limited edition non-fungible tokens (NFT), called “Stamps.”
• The 2,000-item “Siren Collection” was priced at $100 and allowed members to buy up to two stamps each.
• Despite technical issues, the collection sold out in 18 minutes with secondary sales quickly soaring.
Starbucks Odyssey Launches NFT ‘Stamp’ Collection
Starbucks Odyssey, the rewards program currently in beta, released its first limited edition non-fungible token (NFT) drop called “The Siren Collection.” Members of Starbucks Odyssey were able to purchase up to two “Stamps” from an edition of 2,000 featuring the brand’s iconic siren for $100 each.
Technical Issues In Launch
Despite the interest in purchasing Stamps from The Siren Collection however, launch was not without issues. Members of the Starbucks Odyssey Discord group reported problems accessing the site and error messages due to high traffic on the website.
Sellout & Secondary Sales Soar
Despite these issues however, The Siren Collection sold out in 18 minutes and secondary selling prices quickly soared past the initial $100 price tag. As of this update, Stamps have already been resold for more than $550 each.
Rewards Program Benefits
The reward program allows members to complete activities such as quizzes and in-store purchases for a chance to earn Stamps which can be collected or resold on Nifty Gateway. It is unclear what other types of NFTs will be included as part of future rewards programs from Starbucks Odyssey.
Despite technical difficulties at launch time, The Siren Collection from Starbucks Odyssey has already proven to be a popular choice among loyal customers looking for ways to show their appreciation for their favorite coffee shop by collecting digital memorabilia that can also be exchanged through a marketplace platform like Nifty Gateway.
• Swing, a cross-chain liquidity protocol, released a new product to reduce the time needed to deploy and update decentralized applications across multiple blockchains.
• The new product, Swing Platform, will be provided to developers during ETHDenver conference for Ethereum developers.
• The product can be used to propagate fast updates of cross-chain applications in “critical scenarios” when it is necessary to disable tokens or bridges due to security flaws.
Cross-Chain Protocol Swing Introduces ‘No-Code’ Product
Swing, a cross-chain liquidity protocol, has released a new “no-code” product that aims to reduce the time needed for deploying and updating decentralized applications across multiple blockchains. Developed specifically for Ethereum developers attending ETHDenver conference, the new product called Swing Platform eliminates the need for changing code in order to update configurations and deploy updates.
What Does Swing Platform Do?
The main purpose of this product is to help propagate fast updates of cross-chain applications in scenarios where it is necessary to disable certain tokens or bridges due to security flaws. In this way, developers are able to respond quickly even if something happens outside of ordinary working hours and nontechnical team members can take action.
Risks of Cross Chain Bridges
Cross chain bridges often used for moving digital assets back and forth between different networks are frequently targeted by hackers which leads up high costs in terms of stolen assets according Chainalysis – blockchain security firm estimated costs at $2 billion during first eight months of 2022 only. That makes it even more important for development teams have proper mechanisms for responding quickly and effectively when such incidents occur.
Benefits Of Using Swing Platform
By using no-code platform like Swing Platform developers can benefit from easier deployment and updating process as well as improved security measures with faster response times when it comes critical scenarios where certain tokens or bridge needs disabling due potential security breach. Furthermore, smaller development teams that don’t have resources or tech skills required for coding can also take advantage of these benefits offered by no-code platforms like Swing Plaform.
Swing Plaform represents an important step towards making decentralized application development easier while increasing their overall security level by providing faster responses in case cross-chain bridge hackings or other types of incidents occur making them less appealing targets for malicious actors looking score quick profits through stealing digital assets from unsuspecting users.