DeFI News by Thebittimes.Com

In a Monday update , leading exchange Binance revealed that it had burned $1.8M worth of  Terra Classic token trading fees.  The move came as a response to a community proposal from September and aimed at shedding some of the token supply.  Binance Completes the First Burn CEO Changpeng Zhao informed users that the company had completed the first LUNC burn via a post on Twitter. The exchange had sent about 5.5 million LUNC tokens worth 1,863,213.47 Tether (USDT) to the burn address. Binance earlier decided to complete the burns every Monday, as this was the first the next is set for Monday, Oct 10.  Binance originally shared plans to implement a burn mechanism about a week ago. The platform stated that it intended to burn all trading fees on LUNC spot and margin trading pairs. Essentially, Binance would calculate the total fees for either service and send the funds to the LUNC burn address. Binance will implement a burn mechanism to burn all trading fees on LUNC spot and margi...

The crypto borrowing and lending platform Nexo recently provided transparency into exactly how its business makes money. Its lengthy breakdown follows the collapse of numerous high-profile crypto lending firms that were overexposed to defunct projects and businesses.  Nexo’s Business Model As Nexo explained in a Twitter thread on Monday, Nexo’s primary business strategy is to facilitate collateralized credit. Its core services include crypto collateralized loans, interest-bearing crypto accounts , and spot, futures, and options trading.  Through its Earn product (crypto interest accounts) the company accrues funds for extending loans to other clients. By charging higher interest on client loans than the yield it provides its creditors, Nexo generates a net profit.  KYC & Audit Solutions! SolidProof By requiring 2:1 collateralization for the loans it issues, Nexo ensures that it always has enough to pay off creditors – even in the event of its borrowers default...

Some fake football tokens suddenly spiked on Wednesday after billionaire CEO Elon Musk announced in a tweet that he intends to buy Manchester United FC. However, when questioned on the authenticity of his announcement, the entrepreneur tagged it as a long-running joke. Musk Resucitates Defunct Coin With a Tweet On August 17, Tesla CEO Elon Musk made a tweet where he announced that he intended to purchase the soccer team Manchester United. Hours later, the MUFC token, a previously dead faux coin unrelated to the football club, experienced a 3000% spike. The billionaire entrepreneur subsequently retracted his announcement claiming it was a “running joke”. He added he was not “buying any sports team.” Also, I’m buying Manchester United ur welcome — Elon Musk (@elonmusk) August 17, 2022 Nonetheless, Musk’s announcement drove traffic to the erstwhile struggling coin and many other Manchester United-related assets. MUFC spiked in volume by $39,000, a 3000% increase per coi...