Binance, one of the giants of the cryptocurrency world, continues to attract attention with the new opportunities and important updates it offers to its users. Here are the latest developments of Binance and the advantages it offers to its users…
Binance Futures announces new contract for WIF
Binance Futures has launched two new promotions to celebrate the launch of the WIFUSD COIN-M perpetual contract. Under these promotions, eligible users will get the chance to share a total prize pool of 10,000 WIF. New futures users will be able to earn 5 WIF Futures Bonus coupons by registering for this promotion, making their first COIN-M futures trade, and reaching a futures trading volume of at least 100 USDT equivalent during the promotion period. Likewise, new users can also get 5 WIF Futures Bonus coupons by making their first WIFUSD trade and reaching a trading volume of 100 USDT equivalent
In addition, all regular and VIP 1-3 users who registered for the promotion can benefit from this promotion by reaching a WIFUSD COIN-M futures trading volume of at least 500 USDT equivalent during the promotion period. Participants will be ranked according to their total trading volume and those with the highest trading volume will be rewarded. The first place user will win 250 WIF, the second place will win 200 WIF, the third place will win 150 WIF, while the 4th-19th place winner will win 200 WIF. Next users will equally share a total of 1,200 WIFs. 3,000 WIF will be shared among other users participating in the competition.
Support for RIF updates with CTK
Binance will support Shentu (CTK) and Rootstock Infrastructure Framework (RIF) network upgrades and hard forks to maximize user experience. This network upgrade and hard fork will occur at approximately 13:00 UTC on July 23, 2024, at block height 19,525,000. Binance will temporarily suspend deposits and withdrawals of tokens on the CTK network during this period. The RIF network upgrade and hard fork will occur at approximately 13:00 UTC on July 24, 2024, at block height 6,549,300. Binance will temporarily suspend deposits and withdrawals of tokens on the RIF network during this period. Binance will meet all technical requirements for its users and reopen deposits and withdrawals once the networks stabilize.
BNB token burning took place
Finally, the BNB Foundation reached another important milestone by successfully completing its 28th quarterly BNB token burn. In this process, a total of 1,643,698.8 BNB was burned and the value of this amount at the time of burning was calculated as approximately 971 million dollars. This burning process, carried out through BNB’s Auto-Burn system, significantly reduced the circulating supply of the token. This system is adjusted according to the BNB price and the number of blocks produced each quarter, ensuring a transparent and predictable process. Additionally, a real-time burning mechanism is also implemented through the BEP95 mechanism, and approximately 234,000 BNB has been burned to date with this mechanism.
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