BinanceUS Suspends US Dollar Deposits

GM Readers!📪 It's BitDegree Insider, and let's give this Friday a Web3 hug.

⭐️Today's selection:

• 🚫BinanceUS Suspends US Dollar Deposits
• 🎆Ethereum's 'Dencun' Update
• 🧩️Answer To Thursday Quiz
• 👌Selected Meme of The Day
• 📰Bite-Sized News

BinanceUS SUSPENDS US DOLLAR DEPOSITS

So, as expected, the SEC and their actions have lead to some consequences.

One of them is the fact that BinanceUS is about to suspend US dollar deposits on the platform. So, what's going on?

Binance.US is making preparations to temporarily halt US dollar deposits and withdrawals from its exchange following legal action taken by US regulators against the company and its founder.

The cryptocurrency company, an offshoot of the world's largest crypto exchange, lead by none other than CZ, Binance, announced that it would be taking proactive measures to transition into a crypto-only exchange for the time being.

While trading, staking, and deposits and withdrawals in cryptocurrencies will continue as usual, customers will be unable to deposit or withdraw US dollars from the exchange due to the intent of their payment and banking partners to pause USD fiat channels starting from June 13, 2023.

Binance.US communicated with its customers on Thursday, expressing that it was confronted with forceful and intimidating actions from the SEC (duuh, that's a mild way to say it).

Simultaneously, Binance.US sought to reassure its customers by emphasizing that their savings are supported by reserve funds held by the company.

They made sure that there would be no room for unnecessary FUD. The exchange said that they're to maintain 1:1 reserves for all customer assets:

"To be clear, we maintain 1:1 reserves for all customer assets, <…> Customer funds are always safe, secure, and available."

Naturally, an overwhelming wave of traffic to the platform is to be expected.

Therefore, any downtime in withdrawal processing may be a result of increased volumes and bank closures over the weekend.

So, if SZ is to be trusted, then there's no need to panic. Let's hope so.

TL;DR: Binance.US communicated with its customers on Thursday, expressing that it was confronted with forceful and intimidating actions from the SEC. The company announced the suspension of US dollar deposits and advised users to withdraw any funds they have stored on the exchange before June 13. Simultaneously, Binance.US emphasized that their savings are supported by reserve funds held by the company..

ETHEREUM'S 'DENCUN' UPDATE

Sooo, something new & exciting for all the Ethereumheads!

Ethereum developers have finalized the set of changes for the upcoming network upgrade known as "Dencun."

Alright. What's that?

The upcoming upgrade, set to occur later this year, introduces five Ethereum Improvement Proposals (EIPs) aimed at expanding data storage capacity and reducing fees.

Most essential aspect of this upgrade is known as EIP-4844.

Popularly referred to as proto-danksharding, this might be a real game-changer.

It will enhance blockchain scalability by creating additional room for data "blobs." 

Consequently, this expansion is expected to result in reduced gas fees for layer 2 rollups.

Well, doesn't it feel nice to, at least, read that the gas fees are not going to keep on rising… forever?

While an exact date for the hard fork has not been specified, it is anticipated to be implemented before the conclusion of 2023.

The upgrade encompasses simultaneous enhancements occurring on both the execution layer, where the protocol rules are located, and the consensus layer, responsible for validating blocks.

The execution layer upgrade, called "Cancun," will take place alongside the consensus layer upgrade, known as "Deneb." The term "Dencun" is a combination of the two upgrade names, signifying their simultaneous nature.

Well, you gotta give it to the Ethereum team, they do have a way with naming things.

BUT. There's one 'but.'

In general, we won't be expecting low fees on the main network. Which… sucks.

TL;DR: Ethereum's upcoming "Dencun," with a focus on expanding data storage and reducing fees is expected to be activated later this year. The significant feature, EIP-4844 (proto-danksharding), aims to enhance scalability and decrease gas fees for layer 2 rollups. However, it's important to note that these improvements may not lead to consistently low fees on the main network.

ANSWER TO YESTERDAY'S QUIZ

Yesterday we asked you… what word is hidden under this colorful code?

This one was something out of the usual stuff. But many of you didn't let this brain-scratcher defeat you.

Because the right answer was… ORDINALS

Here's how:

Donut stands for "O."

Rose with 3 ''' thingies stands for "R." Remember, we hinted that one " ' " means one letter omitted from the word. So, 3 " ' " means 3 letters omitted from the word 'ROSE.'

Dinosaur with 4 " ' " is "DINO." But… As you can see, the 4th letter is changed into "A." Therefore… "DINA."

And Finally. "LIPS." But only with the first, and the forth letters of the word → "LS"

And voila! ORDINALS.

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Coinbase's "Stand with Crypto" Movement Amasses Significant Community Backing. At the time of writing, over 143,000 "Stand with Crypto" NFTs were minted on OpenSea.
• Legislators in EU add MiCA to the Official Journal of the European Union (OJEU). With the latest move, the countdown until the MiCA comes into effect is on.
• Crypto Exchange Kraken Rolls Out its Non-Fungible Token Marketplace. The Kraken NFT marketplace is set to offer digital collectibles worth less than $100.