Amid the ever-changing global crypto market, the return of Binance founder Changpeng Zhao (CZ) is undoubtedly a major event. On September 29, 2024, he will be released from prison, a moment that has attracted the attention of countless investors. CZ's imprisonment is not only a personal ups and downs, but also a "stress test" for the crypto market. From being sentenced to prison for violating US anti-money laundering laws to his upcoming return to the market, his every move will profoundly affect the future trend of altcoins and the Binance ecosystem.
Although CZ cannot directly operate the market in prison, the ecosystem of BNB Chain remains strong, and projects such as DeFi, GameFi, and MEME are booming, maintaining the prosperity and innovation of the platform. This self-driving force combined with the highly speculative nature of the crypto market means that investor sentiment is accumulating and ready to explode at any time. The market generally believes that CZ's release from prison will be a catalyst for a new round of carnival for meme coins and altcoins. His return can be compared to "Bob Iger" returning to Disney or "Steve Jobs" returning to Apple - the return of key figures always injects new vitality and expectations into the market.
BNB ecosystem continues to grow strongly
During the four months that CZ was imprisoned, BNB Chain continued to develop strongly and its ecological expansion was not affected. PancakeSwap and Venus in the DeFi field operated steadily, and projects such as Lista DAO were also booming. The Meme field attracted a large number of users, and projects such as Four.meme promoted the increase in platform activity, especially BabyDoge and Cat prices hit new highs, showing the explosive potential of BNB Chain. This phenomenon seems to indicate the market's expectations for CZ's return.
As of September 26, BNB Chain’s TVL stabilized at $400-500 million. Among the top ten TVL protocols, Venus and PancakeSwap contributed more than 70% of the total value.
Recent Developments: Major Progress on BNB Chain
BNB Chain integrates with Telegram
On September 20, 2024, BNB Chain announced that it had completed integration with Telegram, simplifying access to Web3. Users can send and receive crypto assets and interact with dApps directly in chats through Telegram robots such as CodexField Wallet and UXUY Wallet. This move lowers the threshold for crypto technology and makes it easier for users to manage assets in the BNB Chain ecosystem.
Binance launches multiple TON ecosystem tokens
Recently, Binance has successively launched a number of popular Telegram projects, such as Catizen and Hamster, attracting widespread attention from the TON ecosystem. With the help of Telegram’s huge user base and the influx of new users into Binance, BNB Chain is expected to see significant user growth.
Gas-free transfers
In order to improve user experience, BNB Chain launched the "Gas Free Carnival" on September 24, allowing users to make free stablecoin transfers on BNB Chain. This innovation enables zero-fee transactions through cooperation with multiple top exchanges, significantly simplifying the user process.
Bitcoin Ecosystem Expansion
On the evening of September 24, BNB Chain launched the BTCFI (Bitcoin Finance) ecosystem, allowing users to access a variety of Bitcoin financial instruments on BNB Chain in one stop, including liquidity staking, lending markets, etc., and enjoy the advantages of decentralized finance.
Supporting Web3 builders
At the Token2049 Singapore Summit on September 25, BNB Chain announced the winners of the BNB Incubation Alliance to further support Web3 developers. The platform provides a variety of support for projects at different stages, from hackathons to incentives and grants, to ensure sustainable growth of projects.
The impending altcoin craze
History Returns: Investment opportunities as key figures return to the market
In the history of financial markets, the return of key figures often brings investment opportunities. For example, after Michael Milken was imprisoned, the junk bond market gradually warmed up, promoting the recovery of related financial institutions. After Nelson Mandela, the leader of the South African anti-apartheid movement, was released from prison, the international community lifted economic sanctions on South Africa, investor confidence surged, and the stock market and currency rebounded rapidly.
In the crypto space, CZ's return not only symbolizes the restoration of market confidence, but is also likely to be a catalyst for the re-influx of capital and sentiment. Altcoins based on BNB Chain or those already listed on Binance may quickly attract short-term speculators and drive up trading volume due to liquidity and community consensus. In the sentiment-driven crypto market, CZ's return may ignite a new round of "carnival".
$CAKE
PancakeSwap: The largest decentralized exchange (DEX) on the BNB Chain. It will remain the preferred liquidity platform for BNB chain users in 2024. Its platform token $CAKE continues to maintain its advantage in trading volume and number of users.
$XVS
Venus: A decentralized lending platform where users can borrow on BNB Chain. Its TVL has maintained strong growth, especially among DeFi users.
$HOOK
Hooked Protocol is a Web3 gamified social learning platform where users can learn, earn, and enjoy gamified experiences in the Hooked ecosystem. It also creates "interactive Lego" around user acquisition and retention to help builders automate their community interactions. For dApps developers, they can use a plug-and-play approach to create applications on top of these "engagement" modules. Hooked's mission is to drive mass adoption of Web3 by providing immersive, gamified, and social learning experiences.
$EDU
Open Campus is a decentralized education solution for educators, content creators, parents, and students that aims to address the main challenges in today's education industry. By decentralizing the creation and distribution of educational content, the project enables students to access more diverse educational content while providing educators with new opportunities to earn income and gain recognition for their contributions. Educational content can be created as NFTs, and the income generated by the content will be stored in smart contracts, and co-owners will be able to extract income based on their contributions (e.g., teachers who create content, publishers for marketing and localization).
$TWT
Trust Wallet is a popular cryptocurrency hot wallet that allows users to retain control of their funds. A core feature of Trust Wallet is its built-in DApp browser that provides a range of vetted decentralized applications. Trust Wallet offers staking and token trading directly in the application. Trust Wallet is a wallet that was acquired by Binance and has invested a lot of effort and energy in its development.
$ID
SPACE ID is building a universal domain name service network with a one-stop identity platform to discover, register, trade, and manage web3 domain names. It also includes a Web3 name SDK & API for cross-blockchain developers and provides multi-chain name services for everyone to easily build and create a web3 identity.
$CHESS
Tranchess is a yield-enhancing asset tracking protocol with various risk-return solutions. Inspired by the ability of tranche funds to cater to users' different risk preferences, Tranchess aims to provide different risk/return matrices from a single primary fund that tracks a specific underlying asset (e.g. BTC, ETH, BNB) or a basket of crypto assets.
Conclusion
In CZ’s last few tweets before he went to jail, he wished his mother a happy Mother’s Day and recalled the time five years ago when he was working hard to promote Binance. This not only showed his deep affection for his family, but also reflected his positive attitude in the face of adversity. Even though he was behind bars, he continued to convey warmth, emphasized the importance of family support, and strengthened his emotional connection with the crypto community.
Most people in the crypto community were looking forward to CZ’s return, hoping to see him active on Twitter again. Although he was banned from running Binance for life due to the settlement, he still retains significant influence as a shareholder and board member.
Ten days before CZ was released from prison, the Federal Reserve announced a 50 basis point rate cut, starting a cycle of rate cuts that is expected to inject new liquidity into the crypto market. Historical data shows that October is known as "Uptober" in the cryptocurrency world, with only two declines in the past 11 years, with a success rate of 82%.
Is this a coincidence or a divine will? Can it drive new capital inflows and warm up market sentiment? Investors should pay close attention to the market in the coming weeks.
That’s all for today’s article. We are currently in a bull market, and things are turbulent. We share passwords every day.
