Catching the Crypto Wave: Who Rides High?
As of June 26, two cryptocurrency exchanges have claimed the limelight, outpacing established giants with their innovative “transaction fee mining” model. Singapore’s CoinBene has soared to the top, boasting an impressive daily trading volume of over $2.1 billion. Hot on its heels is Hong Kong’s Bit-Z, also making headlines with around $1.5 billion in daily trades. Meanwhile, Binance, once the reigning champion, has slipped to fourth place with a modest volume of $629 million. Talk about a shakeup in the crypto kingdom!
Breaking Down the New Models
CoinBene introduced their exciting transaction fee mining model on June 23. Here’s how it works: users get back 100% of the trading fees they rack up, returned in Coni, the platform’s native token. The formula involves a complex calculus of holding volume versus total hourly volume, but in layman’s terms, the more you hold, the more you earn. Talk about a loyalty program!
According to their enthusiastic Twitter announcement, “the trading fee will 100% exchange to ETH at closing price hourly and will be returned at 15:00 next day.” That’s like saying you not only get your snacks back after a movie night, but you also get a little bonus popcorn. Yum!
Bit-Z: Mining with a Twist
Not to be outdone, Bit-Z rolled out their transaction fee mining model just a day later on June 25. According to their website, users participating in the level three verification process can receive refunds for transaction fees in the form of their native ERC20 token, BZ. It’s like getting cash back, but cooler and way more crypto-friendly!
Furthermore, Bit-Z has set a cap on their model, returning only 600 million BZ before the rewards decrease by 3 percent for every 10 million BZ dished out. Talk about a limited-time offer that keeps on giving!
Tweeting Their Triumph
Both exchanges took to Twitter to celebrate their achievements. CoinBene proudly announced their status as champions in the world of exchanges: “Now we are the champion in the world!!!” Navigation towards the top ten exchanges in the world was set by CoinBene back in January 2018, and their persistence is paying off. Meanwhile, Bit-Z cheered for their enthusiastic traders: “Trading Mining volume is to break 60 million!” The real-time excitement is palpable!
Final Thoughts: A New Dawn for Traders
This wave of transaction fee mining models could signal a broader trend in the cryptocurrency landscape, creating fresh opportunities for traders and exchanges alike. While banks may charge fees that make you weep, these exchanges are flipping the script, giving back to their users.
So, put on your trading hats everyone! The crypto world is turning, and it’s high time to jump in on the ride. Who knows, tomorrow’s top exchange could be your favorite lunch spot if they play their cards right!
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