Binance CEO CZ recently responded to allegations on Twitter that the exchange is managing Uniswap with client funds. VeChain (VET) and ShibaSwap (BONE) were other headlines the exchange highlighted.
“Binance does not vote with user’s tokens”
Recently, it sparked controversy when Uniswap founder Hayden Adams said that Binance is the second biggest power in the protocol. According to Adams, Binance uses 13 million UNI tokens worth $83.5 million to manage the protocol. This fact has raised concerns about decentralization among the community. It is also claimed that Binance uses the funds of its users.
Binance CEO CZ recently responded on Twitter to the event that his exchange delegated over 13 million UNIs. CZ says that UNI is transferred between internal Binance wallets, causing automatic rollover. He responded to the allegations by sharing a screenshot from Twitter today:
UNI was transferred between internal Binance wallets resulting in automatic authorization of UNI. It’s part of their protocol, not “we intended”. Binance does not vote with the user’s tokens. Uniswap got the situation wrong. Tokenels arrive on popular platforms.
UNI transferred between internal Binance wallets, causing the UNI to be automatically delegated. This is part of their protocol, not "we intended". Binance don't vote with user’s tokens. Uniswap misunderstood the situation. Tokens come to popular platforms. #Binance https://t.co/KYPqFx5GrW
— CZ 🔶 Binance (@cz_binance) October 20, 2022
Yesterday, Binance authorized over 13 million UNIs, which is 1.3% of the UNI transferred at the time. Answering CZ’s comments above, Hayden Adams stated that there is a difference between voting and delegation. Adams adds that there is no way to prove it:
I said that delegates do not vote… A UNI is only automatically delegated when sent to an address that has already delegated. It’s true that we have no way of knowing if this was intentional or unintentional, which is why I asked!…
So the transfers just increased the amount delegated – there was already a binance address that had delegated a smaller amount.
Bc of this I think useful to hear how you think about cex governance participation.
Enabling gov for your users could be powerful for example.
— hayden.eth 🦄 (@haydenzadams) October 20, 2022
VeChain (VET) staking begins
Binance.US, the US arm of Binance, announced today that it has opened staking transactions for VeChain (VET). According to the announcement, users who stake VET will receive 1% APY, which will be paid in VeThor (VTHO).
Attention @vechainofficial community!$VET staking is officially live on #BinanceUS!
Stake now on the largest major #staking platform in the U.S. – Earn $VTHO weekly. Unstake at anytime.
Get Started: https://t.co/xbvR4CY9qv pic.twitter.com/838mDPmWLJ
— Binance.US 🇺🇸 (@BinanceUS) October 19, 2022
Binance.US also noted that staking rewards for VET will be paid out weekly. Also, investors will be able to join stake pools without any time limit.
Binance responds to the community’s BONE listing eras
The Shiba Inu community is pushing for one of the ecosystem tokens, the BONE token, to be listed on Binance. Currently, it is possible to see posts about it everywhere on Twitter.
👀 @binance, when $BONE Listing? https://t.co/EcyojJrtIa
— $SHIB KNIGHT (@army_shiba) October 20, 2022
This trend is based on a petition that started about four months ago on change.org. However, the campaign received only 211 signatures. Meanwhile, the petition in question was launched shortly after Binance added the price tracking feature for BONE, which allows its users to track the Bone ShibaSwap price on the platform.
The Shiba Inu community is confident in the enormous potential of Bone ShibaSwap following the release of Shibarium. That’s why it urges major exchanges to list BONE before Shibarium launches. cryptocoin.com As you follow, the community has managed to get into Robinhood’s list with this method before. Meanwhile, while not yet listed on Binance, BONE is currently traded on several major crypto exchanges, including LBANK, MEXC Global, CoinEx, and BitMart.
