Phase 2 of Binance Lending: Support Added for Bitcoin, Ether, and Cardano

On Wednesday (September 4), Binance launched phase two of its crypto lending platform (Binance Lending) on Wednesday (September 4) at 06:00 UTC.

Binance announced on August 26 that it was going to launch a crypto lending platform on August 28:

Phase one went live at 06:00 UTC on August 28, and it offered 14-day fixed term lending products for Tether (USDT), Binance Coin (BNB), and Ethereum Classic (ETC).

In an article published on Tuesday (September 3) on the Binance website, the Binance team explained what phase two brings, most notably support for three additional cryptocurrencies: Bitcoin (BTC), Ether (ETH), and Cardano (ADA).

Whereas phase one only provided 14-day fixed term BNB, USDT and ETC lending products, here are the details for the lending products currently on offer:

Binance Lending Phase 2 Table.png

The subscription period is from 06:00 UTC on September 4 to 00:00 UTC on September 5, and the format is "first-come-first-served". The interest calculation period begins at 00:00 UTC on September 5. 

Featured Image and Lending Products Table Courtesy of Binance

Derivatives Trading Platform Synthetix (SNX) Is up Over 5,000% Since 2019

Michael LaVere
  • Derivatives trading platform Synthetix is the best performing DeFi product since April 2019.
  • Synthetix's native token SNX has appreciated more than 5000 percent over the last two years. 

The little-known crypto-asset Synthetix (SNX) is the best performing decentralized finance (DeFi) project of the past two years. 

According to a tweet published by popular crypto analyst Alex Saunders, SNX has been the best performing DeFi asset since April 2019. Saunders claims that Synthetix has appreciated 5000% over the past two years and was one of the top two ETH-based projects he has been following since Edcon Sydney 2019. 

SNX’s price took off in June, from $0.79 at the start of the month to its current trading price of $2.73, representing a 245% increase. 

Synthetix is a derivatives trading platform built on the ethereum blockchain that allows users to trade on stocks, crypto and other commodities. Users are required to exchange bitcoin or ethereum for SNX tokens in order to participate in trading. 

The exchange’s native token can be locked as collateral to produce “synths” such as a synthetic U.S. dollar (sUSD), which in turn can be used to place bets on rising and falling asset prices. 

Synthetix also operates a reward program, where users of the exchange can stake their SNX tokens as collateral in order to receive additional benefits.

Featured Image Credit: Photo via Pixabay.com