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Wrapped BNB(WBNB)

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$296.578
(8.88%)
0.01262670 BTC
Market Cap (Rank#52)
$1,278,511,225
54,432 BTC
Vol 24h
$3,080
0.131134 BTC
Circulating Supply
4,310,876.33
Max Supply
?
138 days agocryptodaily
Loans as the Engine of Development and Their Inner Workings
Few things in the world are hated as much as loans are. But without loansharks, mortgages, and credit, the economy is devoid of development prospects. Living within your means is great advice when it comes to individual spending. But on the scale of the global economy, lending is a vital phenomenon. Loans, much like lubricants, allow the gears of our economy to spin faster. To understand why lending is so necessary for modern society, let's take a look at how loans work. Looking at Loans in Layman’s Terms In a very watered-down way, loans are borrowed money, for the use of which, the one who took them pays the one from whom they were taken. For example, you could borrow $1,000 from a neighbor, and then return $1,050, with 0.05% interest. However, it’s much easier to take money from a bank, which acts as a kind of intermediary between those who have excess money and those who are in need of it. The bank accepts money for safekeeping from the former and lends it to the latter. According to this scheme, the risk that the borrower will not be able to repay the loan fall on the shoulders of the bank. For taking on this risk, the bank profits on the interest of payments. The level of the loan’s interest rate may vary from bank to bank and will depend on the term of the loan, the reliability of the borrower, the purposes for which he or she takes the loan, and so on. Thus, the rate on consumer loans (for example, for the purchase of household goods or services) is traditionally higher than the rate for a mortgage issued for the purchase of a house. The benchmark for the interest rate is the so-called key rate, which is determined by the central bank of the country – the main regulator of monetary policy in a particular state. Central banks are responsible for issuing money –roughly speaking, they decide how much money needs to be printed to keep the state’s economy running smoothly. Only then can this money enter the financial system. The funds that commercial banks receive from the Central Bank are not given to them for free. As borrowers, they are also obliged to pay. This is the base rate — the minimum interest at which commercial banks borrow from the central bank. The Tasks of Lending Lending is a convenient tool for both ordinary consumers and businesses. The simplicity and convenience of consumer loans and mortgages don’t require explanations; you can buy a desired or required product right now and use it, gradually paying back its cost to the bank plus interest. Without loans, most entrepreneurs wouldn’t be able to get their feet off the ground, because initial capital is needed to start any endeavor. For instance, when purchasing equipment, renting production sites, ordering components, and hiring workers. Indeed, it was thanks to loans that companies such as Uber, Airbnb, Amazon, and others were able to appear in the world, whose business models were aimed at rapid expansion in the early years, without the generation of profits. With the help of loans, central banks exercise control over the country's economy – either by restraining inflation or through the prevention of deflation. For example, when there’s a high inflation rate, that is, there is an imbalance between the money in circulation and the number of goods, central banks raise the base rates, making loans less affordable. This slows down consumer activity, and the rate of inflation is decreasing. Regulators act in a similar way during deflationary periods; when consumer activity is low, sales volumes decrease, and businesses receive less revenue. To stimulate consumer activity, the Central Bank reduces the base rate, making loans more affordable, feeding aggregate demand in the process. Inflation and the Unavailability of Loans At the moment, the world has entered a period of increased inflation. Consumer prices in the world's largest economy, the United States, are growing at a rapid pace – more than 7% year on year. This was preceded by a period of active injection of money into the economy throughout the pandemic. Then, in 2020-2021, a program of economic incentives was launched in the United States; the regulator turned on the ‘printing press’, so to speak, to print more money and feed it into circulation, preventing a sharp drop in consumer activity. Such steps, which are often taken in stressful situations, inevitably lead to an increase in inflation. In 2022, the US Federal Reserve plans at least three increases in the base rate, which means that loans will become more expensive for borrowers. Of course, this will slow down the growth of consumer prices. But there is a downside to such a solution – loans will become more inaccessible and more expensive, which will slow down the creation of new businesses. A similar situation can be observed in other countries, such as Great Britain, Germany, and China. Aggravating the situation is the fact that the world economy has not yet recovered from the effects of the Covid-19 pandemic. Crypto Lending as a Solution One of the tools designed to maintain the availability of loans and at the same time ensure a high level of income on deposits is crypto lending. This is a new method that has appeared in recent years thanks to an increased prevalence in cryptocurrencies. Crypto lending can be schematically represented in the following way – owners of crypto assets, for example, bitcoin, place their coins on smart contracts and receive income for depositing them, while other users take coins on credit, paying the loan back with added interest. What sets this apart from bank deposits is the absence of intermediaries, such as banks, financial organizations, and regulators, such as the Central Bank. Let's take a closer look at the differences between crypto loans and traditional bank loans in order to understand why this direction has been developing rapidly in the last two years: Crypto loans Bank lending Availability For everyone, regardless of their region of residence. The loan amount is calculated by an algorithm based on the value of the cryptocurrency deposited to the smart contract. The loan is issued at the bank’s discretion after studying an applicant’s credit history. The reasons for refusal are not disclosed. Speed Immediately after the deposit is made. Waiting times depend only on the technical characteristics of the blockchain and the platform. Consideration of a loan application takes from several hours to several days, depending on the amount, its intended purpose, and the type of collateral in place. Dependence on the state of the national economy The loan’s rate does not depend on national regulators, the central bank, and their sudden decisions to reduce/increase the base rate or restrict access to credit. The loan’s interest rate increases as a result of an increase in the country’s base rate. The Central Bank and national regulators have the right to restrict consumer access to credit facilities. Term Indefinite. Plus, the loan can be closed and opened at any time. There is always a clearly set time frame. An additional fee is charged for the premature closure of a loan. All operations are carried out through the interface of a special platform, which, unlike banks, is not a participant in the lending process, but simply provides a technical opportunity to perform operations. Control over assets, even after they are placed on a smart contract, remains in the hands of their owner. Crypto Lending – Step-by-Step Instructions Let's take a look at how crypto lending works. As an example, we chose BaksDAO; it has a simple and user-friendly interface with a functionality that fully meets all the needs of both beginners and professionals. To get a loan secured by cryptocurrency, the user must: Register an account on the BaksDAO platform; Connect a crypto wallet, for example, MetaMask; Deposit cryptocurrency with the BaksDAO interest accrual function. The system supports VTB, ETH, BNB, WBNB, BAKS, and USDT. The platform locks the user's cryptocurrency on a smart contract; Get a loan at 11% via the BaksDAO in BAKS stablecoins, the exchange rate of which is pegged to the US dollar in a ratio of 1:1; In addition to the 11%, the borrower pays a one-time commission fee of 1.5% of the loan amount. These funds are used to pay for the deployment of smart contracts in the blockchain network and the work of the platform’s technical support team. The amount of the loan depends on the collateral coin: the more stable the cryptocurrency, the higher the loan amount may be. For example, if a user provides $1,000 in bitcoins or Ethereum as collateral, then he will be able to receive $650 in BAKS stablecoins, or 65% of the amount of the collateral. Loans are issued in perpetuity, and unlike bank loans, they can be repaid at any time – in a day, in a month, or in 10 years, all without penalties for premature closure. As soon as the borrower returns the loan in full, his coins are immediately unlocked in the smart contract. If the coins placed in the smart contract as collateral become cheaper, and the loan-to-collateral ratio exceeds the acceptable level, then the borrower receives a notification – either to increase the collateral or to reduce the loan amount. The Future of Crypto Lending Why hasn't crypto lending become a mass phenomenon yet? There are several reasons for this. The main ones still relate to the widespread unfamiliarity of a variety of consumers with cryptocurrencies and the lack of convenient, truly user-friendly applications for crypto loans on the market. Users justifiably fear for the safety of their funds deposited as collateral. After all, no bank guarantees apply to such instruments. This is, indeed, a two-sided token; it doesn’t just place the control in the hands of the consumer but also relocates the responsibility accordingly. Therefore, for a long time, crypto lending was only available to a small ground of investors, already familiar with cryptocurrencies. But in the last year, developers have managed to make a breakthrough in this area and create tools available even to inexperienced crypto investors. Such platforms, which provide access to crypto-lending services, have not only become more convenient and easier to use but have also significantly strengthened their security systems. Thus, the BaksDAO platform, using the example of which we examined the lending mechanism, has passed an independent technical audit, which has confirmed its reliability with a high level of cybersecurity in place. Loans are necessary to maintain the pace of economic growth, and crypto lending, made possible by the launch of platforms such as BaksDAO, can help maintain the availability of loans even in conditions of high inflation and increased interest rates. Disclaimer: This is a sponsored press release, and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice
360 days agocryptodaily
3 Ways to Benefit from Polkadot Right Now
Polkadot (DOT) marched straight into the cryptocurrency market cap top ten after launching last year, emerging as one of few projects sufficiently equipped to shoulder the responsibility of being the world’s leading multichain protocol. The dream of Polkadot – an interoperable, decentralized network of multiple blockchains – was the same one shared by Vitalik Buterin in 2013, when the concept for Ethereum (ETH) was first conceived. Led by Ethereum co-creator Dr Gavin Wood, Polkadot has seen the culmination of part of that dream by establishing a Proof-of-Stake consensus mechanism, and a three-level protocol that allows for blockchain cross-communication. Auctions for the first batch of parachains – independent chains with their own tokens on the Polkadot network – were recently completed, with the second batch set to follow in early September. How to Benefit from Polkadot Now? Despite this progress, the Polkadot ecosystem is still in its nascent stages, with its larger ambitions yet to be brought to scale. While interested observers wait for the realization of this aim, here are three ways they can benefit from using the Polkadot network already. Stake DOT – Get Paid The most straightforward way to benefit from Polkadot here and now is to stake DOT coins in return for a daily share of the block rewards. This is achieved through Polkadot’s Nominated Proof-of-Stake (NPoS) consensus, where “nominators” (coin holders) can stake their coins with “validators” (those who maintain the network by running a node). In Proof-of-Stake, staked coins secure the network in the same way that computational power secures the network in a Proof-of-Work system like Bitcoin (BTC). Unlike Bitcoin mining, however, Proof-of-Stake does not demand a country’s-worth of electricity to function, nor any specialized equipment. Users can stake directly with network validators, circumventing the need for middle-men like mining pools. As per the latest data, Polkadot nominators can expect to earn around between 13% and 15% staking directly with validators. Cryptocurrency exchanges such as Binance and Kraken also offer their own third-party versions of Polkadot staking, with returns varying depending on the product used. One thing to note: staking on Polkadot isn’t recommended as part of a “set and forget” strategy, according to the project’s own documentation. Just as validators must earn their pay by running a node, nominators must also contribute to the network by actively vetting and selecting suitable validators. Users make such decisions based on the reputation and commission of active validators, and risk losing their staked funds if a node goes down. Utilize the Karura (KAR) DEX Running on Polkadot’s bespoke test network Kusama, the Karura DEX is more than just a decentralized exchange. Positioning itself as a De-Fi hub on Polkadot, Karura entails a collateralized stablecoin system and a borrowing and lending feature, in addition to automated market-making. Users can also provide liquidity to the DEX in return for a share of trading fees. The tokens currently available on the DEX include Karura’s native KAR token, Kusama’s KSM, Bitcoin, and Ethereum, in addition to other tokens already running on Kusama. Notably, Karura allows users to retain the liquidity of their investments by issuing Liquid KSM (LKSM) in return for staked Kusama tokens. Thus, the end user can earn rewards on their KSM while continuing to use LKSM to trade, take out loans, or provide additional liquidity. Dot.Finance – Optimize Your Yield Dot.Finance is a De-Fi aggregator for the Polkadot network that automates some of the finer processes of yield farming for the benefit of the average user. Excluding a relatively small handful of technical users, most people who have wrestled with decentralized finance apps will testify to their complexity. Yield farming can often demand the same time and attention as a full-time job, as potential yields rise and fall, and users must work to balance their options at all times. The Dot.Finance app simplifies yield farming by aggregating the highest possible APY for Liquidity Providers, and using smart contracts to automatically compound returns at the most profitable moments. The PINK governance token is used on Dot.Finance to confer voting rights to holders, as well as to distribute profits to liquidity providers. The token can be staked in return for Wrapped BNB (WBNB), acts as a profit multiplier on top of existing APR as long as its price remains above the PINK:BNB mint ratio. Just over a year since Polkadot’s emergence in the cryptosphere, the project has attracted numerous useful and interesting projects to its own expanding ecosystem. A work in progress by its own admission, there are still ways to make Polkadot work for the average investor while they await the fulfillment of its ongoing parachain auctions, and the final iteration of the network as a whole. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Wrapped BNB

The live price of Wrapped BNB (WBNB) today is 296.578 USD, and with the current circulating supply of Wrapped BNB at 4,310,876.33 WBNB, its market capitalization stands at 1,278,511,225 USD. In the last 24 hours WBNB price has moved 12.5822 USD or 0.04% while 2,645 USD worth of WBNB has been traded on various exchanges. The current valuation of WBNB puts it at #52 in cryptocurrency rankings based on market capitalization.

Learn more about the Wrapped BNB blockchain network and how it works or follow the price of its native cryptocurrency WBNB and the broader market with our unique COIN360 cryptocurrency heatmap.

Wrapped BNB Price296.578 USD
Market Rank#52
Market Cap1,278,511,225 USD
24h Volume3,080 USD
Circulating Supply4,310,876.33 WBNB
Max SupplyNo Data
Yesterday's Market Cap1,286,107,800 USD
Yesterday's Open / Close285.874 USD / 298.456 USD
Yesterday's High / Low334.675 USD / 272.114 USD
Yesterday's Change
0.04% ( 12.5822 USD )
Yesterday's Volume2,645.15 USD
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