Recently, a new proposal has been put forth by the BNB Chain that could potentially impact the price and stability of the cryptocurrency. This proposal, if passed, would give BNB Chain the power to seize the collateral of BNB Bridge exploiters, with the aim of reducing market liquidation of BNB and repaying debts. This move could have significant implications for the value of the coin and its overall market performance.
Understanding the BNB Chain’s New Proposal
The BNB Chain’s new proposal was made public on the Venus forum. According to the official post, the proposal seeks to give the BNB Chain the authority to seize the collateral of the BNB Bridge exploiters. This would enable the repayment of debts without resorting to market liquidation of BNB. The proposal also outlines a plan to reduce the exploiter’s debts and potentially address the Venus Protocol’s shortfall, using the exploiter’s funds.
As of December 11, the exploiter’s balance reportedly held 630,240.00 BNB as supply, along with 58,440,000 Tether [USDT] and 37,440,000 USD Coin [USDC] as borrow. By aiming to reduce liquidation, the proposal could have a positive impact on BNB’s price, as less liquidation typically leads to less volatility.
BNB’s Market Performance
At the time of writing, BNB was down by over 2% in the last 24 hours. As per CoinMarketCap, BNB was trading at $241.66, with a market cap of over $36.6 billion, making it the fourth-largest cryptocurrency. However, it is important to note that while the coin’s price dropped, its Funding Rate also declined. This indicates that Futures investors were not buying BNB at its lower price, signaling a potential trend reversal in the near future.
BNB Chain’s Network Activity
Aside from the proposal, BNB Chain has been quite active on the network front. A recent tweet revealed its weekly report, stating that BNB’s weekly transactions reached 36.89 million, with an average daily transaction of 6.14 million. The blockchain’s weekly average users stood at 3.24 million, while its daily average users were 959,000. The report also disclosed some newly launched dApps on the blockchain, including Hacash and Openfort, which operate in the infrastructure space, and Gabby World, a SocialFi dApp.
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