Binance records mild outflow as another top executive leaves

cyptouser11 months agoDecentralized Exchanges331

1691854714814.jpeg

Binance confirmed to CryptoSlate in a Sept. 4 email that its head of product, Mayur Kamat, had left his role at the exchange.

A Binance spokesperson said:

“We can confirm that Mayur has stepped down from his role as product lead.”

Kamat joined Binance in January 2022 and had previously worked at Google and Agoda before becoming the head of product for the exchange.

Top excos exodus

The exit of several top executives has further increased speculations about Binance’s future.

Over five top-level executives have left the exchange this year, including its chief strategy officer, Patrick Hillmann, senior vice president for compliance, Steven Christie, general counsel Han Ng, and director of investigations, Matthew Price.

Last week, the exchange confirmed to CryptoSlate that the head of its Asia-Pacific region, Leon Foong, also resigned from his position at the firm.

Concerns over these executives’ departures may not be unwarranted, especially in light of the recent regulatory scrutiny faced by the exchange. The Securities and Exchange Commission (SEC) has sought court permission to file certain documents in its legal action against Binance confidentially.

This development has triggered speculation that the U.S. Department of Justice could be gearing up for a potential criminal lawsuit involving Binance and its CEO, Changpeng Zhao.

Binance record outflows

The ongoing speculations are taking a toll on Binance’s reputation despite CEO Zhao’s persistent calls to disregard FUD (Fear, Uncertainty, Doubt). In the past 24 hours, Binance has also experienced slight outflows of around $345 million, as per data from Defillama.

Since the total value of assets on its platformed peak of over $71 billion in April, the exchange’s assets have dwindled to $57.72 billion as of September. However, this decline can also be linked to the current bear market situation that has seen the crypto market shed more than 3% of its value during the period.

Amid Binance’s challenges, BNB has managed a modest 0.8% gain in the last 24 hours, currently trading at $216.04.


The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

Kinetix eyes GMX’s path, aims to revolutionize Kava Chain with perpetual swaps

GMX launched in early September 2021 as a decentralized perpetual exchange offering swaps and leverage trading and it made a big splash in the DeFi community.

If you haven’t heard about GMX, let’s get you up to speed: GMX’s launch on Arbitrum was seen as a major DeFi milestone. Aside from proving Arbitrum as an effective Ethereum L2 scaling solution, GMX stood out for two big reasons:

  1. The first DEX and perpetual market to launch on the Arbitrum ecosystem.

  2. A shared liquidity pool system minimizes price impact on trades of all sizes without affecting the market price.

Within a month of launch, GMX grew its TVL to over $30 million, averaging ~$1.4 million in daily trades. GMX has evolved into a liquidity mining program, an NFT marketplace, and a yield farming platform. Its ongoing growth puts it at TVL of over $450 million and boasts a 24-hour trading volume of $1 million at the time of writing.

GMX’s growth and adoption also accrued value to the GMX token. The GMX token market price on Sept 13th of 2021 was $14.74. One month later, it was $22.33. A year later, it is $46.27, and at the time of writing, it sits at $36.66 — a more than 200% price appreciation since launch.

Looking back, it’s safe to say that GMX’s launch on Arbitrum was a great success. Demand for a decentralized perpetual market on Arbitrum was and still is – high.

But why did a perpetual market and shared liquidity pool system impact Arbitrum’s growth? And what does this have to do with Kinetix and Kava Chain?

Perpetual Propulsion

The evolution of DEXs and derivatives markets (like perpetual swaps) in crypto presents builders with novel tools to push DeFi forward and provide users with incentives for early adoption.

Kinetix Finance, a state-of-the-art v3 perpetual DEX, brings the same potential to Kava Chain that GMX brought to Arbitrum. The flywheel effect works like this: the launch of the first DEX and perpetual market protocol on an ecosystem creates positive market sentiment, which accelerates liquidity growth and user activity on the protocol and, by extension, its ecosystem.

GMX offered Arbitrum users the flexibility of perpetual swaps without an expiry, so it drew a larger pool of seasoned and novice traders into the ecosystem, contributing to more liquidity and activity.

This led to a surge in the TVL, reflecting a heightened capital allocation within the Arbitrum ecosystem. The non-expiring nature of GMX’s perpetual contracts stimulated higher trading volumes among these new users, who could adjust their positions without being bound by contract end dates.

This heightened activity enhanced the overall liquidity of Arbitrum and incentivized more people to onboard and participate in the Arbitrum ecosystem.

So why is Kinetix Finance ripe to experience the very same flywheel effect?

The Kinetix v3 DEX & Perpetual Market

The Kinetix team is building from their past successful experience with Quickswap, the largest DEX on Polygon for over 3 years, which at its peak had ~1.5 billion in TVL and ~1 billion in 24h trading volume.

For their next venture, they’ve decided to build on Kava Chain, a layer-1 blockchain that combines the speed and interoperability of Cosmos with the developer power of 

Kinetix eyes GMX’s path, aims to revolutionize Kava Chain with perpetual swaps

GMX launched in early September 2021 as a decentralized perpetual exchange offering swaps and levera...

FTX bankruptcy hearing set for Thursday outlines key agenda

FTX bankruptcy hearing set for Thursday outlines key agenda

FTX Trading Ltd has filed an agenda for the next bankruptcy hearing on Aug. 23 before Judg...

Former FTX co-CEO Ryan Salame pleads guilty, forfeits $1.55B

Former FTX co-CEO Ryan Salame is expected to plead guilty to the criminal charges against...

Bitcoin perpetual futures funding rate soars in August: Here’s what this means

Bitcoin Perpetual Futures Funding Rate Soars in August: Here's What This Means.In recent weeks,...