Tag: Project Updates

  • USD1 Airdrop Campaign Update

    USD1 Airdrop Campaign Update

    Binance to Launch World Liberty Financial (WLFI) Airdrop Campaign

    Binance will update its airdrop campaign rules starting July 3, 2026, at 00:00 (UTC), to reward eligible users who hold World Liberty Financial USD (USD1) on its platform. Participants stand to share rewards from a prize pool of 178 million World Liberty Financial (WLFI) tokens.

    Bonus Multiplier for Futures and Margin Users

    Users holding USD1 in Binance Futures or Margin accounts from July 3, 2026, at 00:00 (UTC), can qualify for a 1.2x bonus multiplier on their rewards. This bonus is contingent upon maintaining a minimum daily open interest of 300 USD1 on USD1 Futures pairs.

    Binance will conduct hourly snapshots of each user’s open interest daily. The lowest recorded amount will determine if the daily open interest meets the minimum requirement for the 1.2x bonus multiplier.

    It is important to note that if a user’s daily open interest on USD1 Futures pairs falls below 300 USD1 on certain days, they will still receive 1x rewards for those days, provided they hold more than 0.01 USD1 in their Margin or Futures Accounts. The 1.2x bonus rewards will not apply on such days.

    Reward Calculation Examples

    User A maintained a daily open interest of 1,500 USD1 on USD1 Futures pairs for the first six days of the campaign, with 100 USD1 on the seventh day. Throughout the seven days, User A held 10,000 USD1 in Spot and 20,000 USD1 as collateral in Margin. With an effective base APR of 20% and a boosted APR of 24%, User A’s estimated rewards at the end of seven days are calculated as follows:

    [(10,000 20% 7) / 365] + [(20,000 24% 6) / 365] + [(20,000 20% 1) / 365] = 128.21 USD worth of WLFI

    User B maintained a daily open interest of 1,500 USD1 on the USD1 Futures pair throughout the first week. The user borrowed 5,000 USD1 from a VIP loan or Margin account. Of this borrowed amount, 4,000 USD1 was used as collateral in Margin, with the remaining 1,000 USD1 held in their Spot Account. With an effective base APR of 20% and a boosted APR of 24%, User B’s estimated rewards at the end of week 1 are calculated as:

    Qualifying Balance = 0
    [(0 20% 7) / 365] + [(0 24% 7) / 365] = 0 USD worth of WLFI

    User C maintained a daily open interest of 100 USD1 throughout the first week. The user had 1,000 USD1 in their Margin Account, which was used as collateral to borrow 4,000 USDT through Margin. This USDT was then converted to USD1, resulting in User C holding 5,000 USD1 in their Margin account. As User C’s daily open interest was below 300 USD1, they did not qualify for the 1.2x bonus rewards. With an effective base APR of 20% and a boosted APR of 24%, User C’s estimated rewards at the end of week 1 are calculated as:

    Qualifying Balance = MAX [5,000 – 4,000, 0] + {5,000 – MAX[5,000 – 4,000, 0] } = 1,000 + (5,000 – 1,000) * (1 – 70%) = 2,200
    [(2,200 20% 7) / 365] = 8.43 USD worth of WLFI

    Snapshot Methodology and Eligibility

    Hourly snapshots of user open interest will be taken at any point during each hour. The lowest USD1 open interest captured during these snapshots on any given day will be considered the user’s Daily Open Interest. If this amount falls below 300 USD1, the user will not receive the 1.2x bonus rewards for that day.

    Users with active account restrictions may not be eligible for rewards. The value of WLFI tokens for airdrop distribution will be determined by Binance’s official market closing price one day prior to the distribution.

    Hourly snapshots of user balances and total pool balances will also be taken to determine hourly balances in specified account categories. The lowest USD1 balance captured during these snapshots on each day will constitute the user’s Qualifying Balance for reward calculations.

    Broker accounts are ineligible for this campaign. Binance reserves the right to update campaign rules periodically to comply with legal, regulatory, or other factors.

    Participation Requirements and Exclusions

    To participate, users must complete account verification (KYC) and reside in an eligible jurisdiction. Users in the following countries or regions are currently excluded from the USD1 campaign, regardless of whether they hold USD1:

    Åland Islands (Finland), Austria, Belgium, Bulgaria, Canada, Crimea (Ukraine – disputed territory), Croatia, Cyprus, Czech Republic, Denmark, Democratic People’s Republic of Korea, Donetsk People’s Republic, Estonia, Faroe Islands, Finland, France, French Guiana, Germany, Gibraltar, Greece, Guadeloupe, Guernsey, Hungary, Ireland, Isle of Man, Islamic Republic of Iran, Italy, Japan, Latvia, Lithuania, Luhansk People’s Republic, Luxembourg, Malta, Martinique, Mayotte, Netherlands, Poland, Portugal, Republic of Cuba, Réunion, Romania, Russian Federation, Saint Martin (French part), Slovakia, Slovenia, Spain, Sweden, United Kingdom, United States of America and its territories.

    Binance notes that this list of excluded countries is not exhaustive and may be updated due to evolving local rules and regulations.

    For clarity, references to “USD1” in this announcement do not necessarily refer to the United States Dollar fiat currency unless explicitly stated.

    Binance reserves the right to disqualify users for dishonest behavior, including wash trading, illegal bulk account registrations, self-dealing, or market manipulation. Participants who tamper with Binance program code or interfere with its operation will also be disqualified.

    Binance may suspend any user’s Margin borrowing at any time without prior notice if abnormal or suspicious activity is detected.

    Binance reserves the right to amend or cancel this announcement at any time and for any reason without prior notice.

  • Bybit to Support Celestia Network Upgrade

    Bybit to Support Celestia Network Upgrade

    Bybit to Support Celestia Network Upgrade

    Cryptocurrency exchange Bybit has announced its support for the upcoming Celestia (TIA) network upgrade, version 9.0.4. The upgrade is scheduled to occur on July 1, 2026, at approximately 6:40 PM UTC, or at block height 11,771,698.

    To facilitate a seamless transition, Bybit will temporarily suspend deposits and withdrawals for Celestia (TIA) starting at 6:00 PM UTC on July 1, 2026.

    Trading activities on the platform will remain unaffected during this period.

    Bybit has stated that there will be no additional announcements regarding the resumption of deposit and withdrawal services. Users wishing to be notified when these services are back online are advised to visit the Deposit or Withdrawal page and activate the “Set Alert” function.

    Further details about the network upgrade can be found in the official release notes.

  • OKX Lists ACTUSD and AAVEUSD Expiry Perps

    OKX Lists ACTUSD and AAVEUSD Expiry Perps

    New Derivatives Products Launched for ACTUSD and AAVEUSD

    A new suite of derivatives products, dubbed “Expiry Perps” or “X-Perp,” has been launched for ACTUSD and AAVEUSD trading pairs. The updates encompass the platform’s web and app interfaces, as well as its API.

    Trading Pair Availability

    Trading for ACTUSD UM (X-Perp) is scheduled to commence on June 30, 2026, at 08:15 UTC.

    Subsequently, AAVE USD UM (X-Perp) trading will become available on June 30, 2026, at 08:30 UTC.

    The X-Perp product is engineered to provide users with a more adaptable and streamlined approach to derivatives trading. Traders are strongly encouraged to thoroughly understand the inherent risks associated with leveraged trading and to manage their positions with appropriate diligence.

  • OKX Lists CAPUSD Expiry X-Perp

    OKX Lists CAPUSD Expiry X-Perp

    CAPUSD Equity USD Expiry Perp (X-Perp) Officially Launched

    Crypto exchange CAPUSD has officially launched its new CAPUSD Equity USD Expiry Perp (X-Perp) product, enhancing its derivatives trading offerings. The update encompasses improvements to its web and app interfaces, as well as its API.

    Trading Pairs and Launch Details

    Trading for the CAP USD UM (X-Perp) pair is scheduled to commence at 08:45 UTC on June 30, 2026.

    The X-Perp product is engineered to provide users with a more flexible and efficient derivatives trading experience. CAPUSD advises all users to thoroughly understand the inherent risks associated with leveraged trading and to manage their positions with appropriate diligence.

  • Bybit Supports Chilliz Network Upgrade

    Bybit Supports Chilliz Network Upgrade

    Bybit to Support Chiliz Network Upgrade

    Cryptocurrency exchange Bybit announced it will support the upcoming Chiliz (CHZ) v2.8.1 network upgrade. The upgrade is scheduled to occur on June 30, 2026, at 09:00 AM UTC.

    To facilitate a seamless transition, Bybit will temporarily suspend CHZ deposits and withdrawals starting at 08:30 AM UTC on the same day, June 30, 2026. Trading activities, however, will remain unaffected throughout the upgrade process.

    Bybit has stated that there will be no separate announcements regarding the resumption of deposit and withdrawal services. Users wishing to be notified when these services are back online are advised to visit the Deposit or Withdrawal page and activate the “Set Alert” function.

    Further details regarding the Chiliz network upgrade can be found in the official release notes.

  • Binance Adjusts CRWDUSDT Perpetual Contract Size

    Binance Adjusts CRWDUSDT Perpetual Contract Size

    Binance Futures Adjusts CRWDUSDT Perpetual Contract Size Following Stock Split

    Binance Futures will implement an adjustment to the Contract Size of its USDⓈ-Margined CRWDUSDT Perpetual Contract, effective July 2, 2026, at 00:00 (UTC). This change is necessitated by a stock split of the underlying asset issuer’s outstanding Class A common shares, executed in the form of a stock dividend. The adjustment process is anticipated to conclude by July 2, 2026, at 13:30 (UTC), during what will be designated as the “Adjustment Period.” A subsequent “cancel-only” phase may follow, lasting up to five minutes after the adjustment is finalized.

    Stock Split Details

    The underlying company is undertaking a four-for-one stock split of its outstanding Class A common shares, structured as a stock dividend. Trading is expected to commence on a split-adjusted basis on July 2, 2026. These details are based on the official announcement made by the issuer.

    Adjustment Scale Factor and Impact

    The adjustment will utilize a scale factor of 4. To illustrate the impact, consider a user holding a long open position in the CRWDUSDT Perpetual Contract with a contract size of 20 CRWD and an average entry price of 600 USDT. Assuming the Mark Price at the commencement of the adjustment on July 2, 2026, at 00:00 (UTC) is 800 USDT:

    Before Adjustment:

    • Mark Price (USDT): 800
    • Contract Size (CRWD): 20
    • Average Entry Price (USDT): 600

    Unrealised PNL: (800 – 600) 20 = 4,000 USDT
    Notional Position (USDT): 600 20 = 12,000 USDT

    • Margin Balance: 12,000 + 4,000 = 16,000 USDT

    After Adjustment:

    • Mark Price (USDT): 800 / 4 = 200

    Contract Size (CRWD): 20 4 = 80

    • Average Entry Price (USDT): 600
    • Unrealised PNL: 0 (This will be settled and credited)

    Notional Position (USDT): 80 200 = 16,000 USDT

    • Margin Balance: 16,000 USDT

    Note: Minor rounding differences may occur in price and contract size post-adjustment. The price will be adjusted according to the tick size, while the contract size will be adjusted to the minimum trade amount.

    Strategy Bot Termination and Position Handling

    At 23:50 (UTC) on July 1, 2026, all strategy bots (including Grid, DCA, and Snowball) created on the CRWDUSDT Perpetual Contract will be terminated. All associated positions will be automatically closed, irrespective of the “Close all positions on stop” setting. These positions will not be reinstated after the adjustment is complete.

    During the Adjustment Period, users with open positions on the CRWDUSDT Perpetual Contract will have their positions closed first. Unrealised PNL will be settled and credited to users’ Cross Margin Futures Accounts, regardless of their position mode settings. For users in isolated mode, realised PNL and all margin balances from their Isolated Margin Futures Accounts will be transferred back to their Cross Margin Futures Accounts. Following the adjustment, new positions can be established. The margin balance transferred back to the Isolated Margin Futures Account will be based on the initial margin requirement corresponding to the leverage level selected by the user prior to the adjustment.

    Cancel-Only Phase and Chart Adjustments

    During the cancel-only phase, users will only be permitted to submit, modify, or cancel Post-Only orders. The duration of this phase will be determined by Binance based on prevailing market liquidity and could extend up to five minutes.

    The continuous candlestick chart for the CRWDUSDT Perpetual Contract prior to the adjustment will be preserved and will continue with the newly adjusted price after the process is complete. For time intervals of 12 hours (12-H) and below, the price chart preceding July 2, 2026, 00:00 (UTC) will be corrected within the first week post-adjustment. For intervals of 1 day (1-D) and above, the price chart correction will occur before the 7th day of the following calendar month.

    The adjustment process may conclude earlier than scheduled. API users can monitor the latest trading status of the perpetual contract via GET /fapi/v1/exchangeInfo, while UI users can refer to the designated page for updates.

    Trading Status Timeline

    • Before 2026-07-02 00:00 (UTC): Before Contract Size Adjustment – Trading (Continuous Trading Session State)
    • From 2026-07-02 00:00 (UTC) to 2026-07-02 13:30 (UTC): Contract Size Adjustment Process Starts – TRADING_HALT (Halt Session State)
    • From 2026-07-02 13:30 (UTC) to 2026-07-02 13:35 (UTC): Cancel-Only Phase After Adjustment – TRADINGCANCELONLY (Cancel Only Session State)
    • After 2026-07-02 13:35 (UTC): Trading Function Resumes – TRADING (Continuous Trading Session State)

    This information is released in accordance with Rule 96 of the Exchange Rules, Rules 167 and 168 of the Clearing Rules, Procedures 35.10 and 36 of the Clearing Procedures, and paragraph 19 of the Contract Specifications.

    Perpetual Futures on Traditional Assets are not associated with, sponsored, endorsed, or affiliated by the issuer of the relevant underlying shares or the exchange on which they are listed.

  • Bybit Lists Nibiru (NIBI) v2.15.0 Upgrade

    Bybit Lists Nibiru (NIBI) v2.15.0 Upgrade

    Bybit to Support Nibiru Network Upgrade, Halting Deposits and Withdrawals

    Cryptocurrency exchange Bybit has announced its support for the upcoming Nibiru (NIBI) v2.15.0 network upgrade. The upgrade is scheduled to occur on June 30, 2026, at approximately 02:00 AM UTC, or upon reaching block height 42,739,079.

    In preparation for the transition, Bybit will temporarily suspend deposits and withdrawals for Nibiru (NIBI) starting at 01:00 AM UTC on June 30, 2026. The exchange has assured users that trading activities will remain unaffected during this period.

    Bybit has stated that no further announcements will be made regarding the resumption of deposit and withdrawal services. Users wishing to be notified when these services are back online are advised to visit the Deposit or Withdrawal page and select the “Set Alert” option.

    Further details about the Nibiru network upgrade can be found in the official release notes.

  • Pi Network Pioneers: Essential Pi2Day Guide

    Pi Network Pioneers: Essential Pi2Day Guide

    Pi2Day Arrives with Ecosystem Expansion, Token Price Dips

    June 28, celebrated by the Pi Network community as Pi2Day, a nod to the mathematical constant π, has historically been a period of heightened anticipation for potential token listings or significant feature rollouts. This year’s event, however, saw the native token’s value decline further following the team’s latest announcements.

    Leading up to Pi2Day, speculation ran high within both the community and among observers. Hopes ranged from the introduction of major new functionalities to rumors of listings on prominent exchanges, echoing the excitement that surrounded Pi Day on March 14, which saw discussions about a potential Kraken listing.

    The actual announcement detailed the launch of three new initiatives: SoloHost, Pi Sign-in, and PiVerify. These developments are designed to broaden the Pi Network’s reach beyond its core applications, extending into artificial intelligence, digital identity, and third-party services. The aim is to position Pi as a versatile platform supporting AI applications, decentralized computing, and digital identity, moving beyond its foundational blockchain capabilities.

    These three launches effectively extend Pi’s utility by allowing developers, businesses, and third-party applications to tap into the network’s computing infrastructure, user base, and Know Your Customer (KYC) capabilities.

    SoloHost appears to be the flagship release, designed to support AI applications running locally on user devices. This includes the new Homes AI assistant, which processes and stores data entirely on the user’s machine, eschewing cloud infrastructure. The Pi Network team stated this approach enhances user privacy and reduces reliance on centralized servers.

    The second major feature, Pi Sign-in, will enable users to authenticate into supported third-party websites and applications using their Pi credentials. This offers external developers access to Pi’s verified user base while streamlining the login process for existing Pi Pioneers.

    Rounding out the new offerings is PiVerify, a new identity verification service that opens Pi’s existing KYC infrastructure to external businesses. The team highlighted that Pi’s hybrid AI-and-human verification system has already processed over 18 million users across more than 200 countries and regions. PiVerify will integrate with this system, empowering fintech companies, exchanges, Web3 applications, and other businesses to utilize Pi’s identity infrastructure for customer onboarding, anti-money laundering (AML) screening, duplicate account detection, and compliance processes.

    Despite the introduction of these new features aimed at enhancing the overall user experience, the protocol’s native token has experienced a “buy the rumor, sell the news” reaction. PI has seen a decline of over 4% in the past 24 hours, a move that contrasts with a broader market rebound from weekend lows.

    PI briefly dipped below $0.12 but has managed to stay just above its all-time low of $0.1189. While currently trading above $0.12, the token remains down 10.5% for the week. Furthermore, it is still approximately 96% below its all-time high of $2.99, which was recorded in February 2025.

  • Loopring Shuts DEX, Citing Engineering Focus

    Loopring Shuts DEX, Citing Engineering Focus

    Loopring DEX to Cease Trading Services Amid Technical and Business Challenges

    Loopring, a pioneer in launching zero-knowledge rollups on Ethereum, has announced the immediate cessation of all trading services on its decentralized exchange. The platform’s relayer has already been taken offline.

    The decision, made with considerable regret after years of effort to maintain operations, stems from a confluence of factors, according to the team.

    A primary driver for the closure was the platform’s inherent technical limitations. Loopring’s initial zkRollup design lacked a virtual machine, which constrained its composability and restricted its potential for broader real-world applications, including payment solutions. These limitations hampered ecosystem growth and made it difficult for Loopring to remain competitive against emerging technologies.

    The team also acknowledged a disparity in their strengths, admitting to possessing stronger engineering acumen than business development expertise. They described themselves as “engineers at heart, not business operators.” Further compounding the challenges, the delisting of its native token, LRC, from major exchanges in 2026 added significant pressure to the project.

    “We poured countless late nights into building the very first zkRollup on the market. That achievement still fills us with pride,” the team stated. “But today, we must face reality and announce, with deep regret, that Loopring DEX will cease all trading services effective immediately.”

    Loopring explained that newer zkEVM solutions, which offer compatibility with Ethereum smart contracts and greater interoperability, have outpaced its specialized architecture. The team views its technology as now outdated and concluded that shutting down the service was preferable “rather than running a hollow service.”

    User Funds Secured, Distribution Process Underway

    The company assured users that their funds remain secure and outlined a distribution process for asset repatriation. Rather than requiring users to navigate the original self-custody withdrawal mechanism involving Merkle proofs, Loopring will manage the entire process and absorb all associated transaction fees. While acknowledging this approach is more centralized, the team characterized it as the most straightforward option for users.

    Loopring also plans to publish a comprehensive list of final account balances in the coming days. This will encompass spot holdings and liquidity pool positions, which will be converted into their underlying tokens. A two-week review period will be provided for users to verify their balances before distributions commence.

    In a separate incident in June 2024, attackers reportedly stole approximately $5 million from users of the Loopring wallet who relied exclusively on the platform’s Official Guardian service for account recovery. The breach was attributed to a vulnerability in the service’s two-factor authentication system, which enabled attackers to impersonate wallet owners and gain unauthorized access to their accounts.

  • BitGo Cuts Staff Amid AI, Stablecoin, and Settlement Focus

    BitGo Cuts Staff Amid AI, Stablecoin, and Settlement Focus

    BitGo Cuts Workforce to Focus on Stablecoins, AI, and Settlement Services

    Digital asset infrastructure firm BitGo is implementing workforce reductions of nearly 15% as it pivots its strategic focus towards stablecoins, trading, security, settlement services, and AI-powered infrastructure.

    The decision, according to BitGo co-founder and CEO Mike Belshe, stems from significant shifts within both the financial services and cryptocurrency sectors. These changes necessitate a more concentrated and “deliberate” operational approach for the company.

    In an official tweet, Belshe explained that the job cuts are designed to enable BitGo to better allocate its personnel and resources to areas deemed critical for future expansion and client demands. He characterized the move as a difficult one, expressing gratitude for the contributions of departing employees who were instrumental in building the company.

    Belshe stated that all employees impacted by the layoffs were directly notified by their managers and human resources departments prior to the public announcement. Addressing the remaining staff, he encouraged them to support one another and maintain open communication during the reorganization process.

    The executive also clarified that these layoffs are a singular event and that the company does not anticipate further workforce reductions.

    “To those of you who are leaving: thank you. You helped shape BitGo into what it is today, and the company will always be better because you were here. I wish you nothing but success ahead,” Belshe wrote. “To the team that remains: I know this is still hard. Be good to each other and overcommunicate as we reorganize. We have a clear, strong path forward, and this is a one-time action.”

    BitGo’s layoffs occur amidst a broader trend of job cuts within the cryptocurrency industry this year. Many companies have cited challenging market conditions and the increasing adoption of artificial intelligence, which has boosted efficiency and reduced the need for larger teams, as reasons for these reductions. Coinbase, for instance, laid off approximately 14% of its workforce in May. CEO Brian Armstrong pointed to both market dynamics and cost management, alongside AI tools enhancing team efficiency, as factors contributing to a leaner organization.

    Earlier this year, Gemini reduced its workforce by about 30% in March, the same week Crypto.com announced a 12% cut.