[{"id":"63e166a8bfaa040001a32d3f","uuid":"441e3248-b546-42da-9f1e-615d3f82a27d","title":"How to Buy and Sell Crypto via P2P on Binance","slug":"how-to-buy-and-sell-crypto-via-binance-p2p","html":"

Many crypto exchanges, including Binance, are suspending direct USD withdrawals and deposits. This may affect you if you get paid via crypto. But restrictions don't discourage crypto-bees. And there's always a way out of every mess. Whether this affects you or you're only planning to explore the P2P option because you get paid in crypto, we'll show you how to buy and sell crypto via P2P on Binance.

While Binance warns customers to follow strict security rules when engaging on its P2P (peer-to-peer) platform, thousands of people buy and sell crypto via this means without issues.

What Is Peer-to-Peer Trading?

A peer-to-peer (P2P) service means buying from or selling cryptocurrency to another person on a crypto exchange marketplace. Thus, P2P is a direct person-to-person exchange that doesn't involve an intermediary. Someone who needs crypto (USDT, Eth, Sol, ADA, or BTC, among others) sends the fiat equivalent of the crypto value to its seller in exchange for crypto. While fiat-to-crypto and crypto-to-fiat transactions are more common, a P2P transaction may also involve crypto-to-crypto exchange.

A typical P2P platform includes advertising buyers and sellers, also called vendors or merchants. These list their exchange rates on a trading platform like Binance for potential clients to patronize them. Clients are usually one-off buyers or sellers who need to exchange fiat for crypto or otherwise. For instance, you're a client patronizing a vendor when you sell your crypto (e.g., USDT or BTC) in exchange for your local currency.

Is P2P Secure? What You Should Know Before Trading on the P2P Platform

In P2P, you're likely transacting with someone you'll probably never meet in your lifetime. So we're not disputing that scammers lurk around leveraging P2P for daily shady business.

Although Binance and many similar crypto exchanges have put strict security measures like KYC and escrow holding in place, using the P2P option requires strict adherence to the following rules.

Do your research before trading with any merchant on the P2P platform.
Always buy and sell via the in-app P2P trading platform. Don't do business with anyone outside of the P2P marketplace.
Don't release your crypto from escrow without confirming the fiat recipient in your bank account. Watch out for bounced checks and fake alerts. Even if a merchant claims they've sent the crypto equivalent of your money, ensure you receive a credit alert from your bank. Then confirm by checking your banking app to see if you have the agreed amount in your bank account.
Ensure you take a screenshot of your transactions.
Respond to the buyer or seller on time to avoid order cancelation. Binance might ban you from transacting on P2P for that day once you cancel an order up to 5 times a day.
Contact Binance Support with proof of your transactions if you feel someone has scammed you.

How to Buy or Sell Crypto via P2P on Binance

Anyone can buy and sell crypto via P2P on Binance, provided they have a verified Binance account. You might need to undergo another verification process to become a merchant, though.

First Step: Selling Crypto Instead? Transfer Crypto to Your Binance Funding Wallet

So the first step for selling crypto via P2P on Binance is to transfer the amount of crypto you like to sell to your Funding wallet---if your money is still in your Spot wallet. That's because you can only sell the crypto in your funding account. For instance, you can only trade $1000 if you have $1000 in your Funding wallet.

Transferring funds from Spot to Funding wallet is easy with the following instructions:

Once logged in to the Binance mobile app, go to Wallets at the bottom right.
Tap Spot towards the top left.
Select Transfer.
Tap the BTC dropdown to search for your crypto.
Ensure you select the transfer route appropriately; select Spot in the From field. Then set the To field to Funding.
Enter the crypto amount you want to transfer.
Click Confirm Transfer to complete the process.

Once done, you can now sell the transferred amount (or lesser) on the Binance P2P option.

Hints for Finding Reputable P2P Merchants on Binance

Reputation is essential when selecting a merchant to trade with on the exchange. Those with a high rate of completed transactions to trade numbers are the best to patronize.

For instance, if a verified merchant has completed 3k transactions with a 99% completion rate, you might want to give them a shot.

You'll see each merchant's completion rate and total transactions directly under their name.

Now, let's see how to use the P2P service on Binance.

How to Use P2P on Binance (Mobile Option)

To trade via P2P on the mobile app:

💡

General hint
Some merchants have specific trading rules. You might need to tap the message icon to establish a conversation with the buyer to confirm the transfer. You may also need to provide a screenshot of your transaction before the seller releases your crypto. So stay vigilant and reach out to them via the chat icon on their page.

Log into your Binance account and tap the P2P Trading card at the top left.
Select Buy to buy crypto using fiat or Sell to sell crypto to a merchant.
Tap the fiat abbreviation (e.g., USD) at the top right to find the fiat you want to exchange with crypto.
Type your fiat abbreviation in the search bar to find it. For example, search for GBP if your fiat currency is GBP. Click the currency when you find it.
Tap the Filter at the top right. Then select a preferred payment method or use the search bar to search for a payment method.
Tip: To filter merchants by the limit of the minimum amount they can trade, enter your expected price into the Amount field. For instance, if you want to buy $100 worth of crypto, type 100 in the amount field.
Choose a merchant from the list and tap Sell or Buy. Type in the amount you want to buy or sell in the Enter Amount field. Tap Confirm to apply changes.
If you're selling crypto, Binance holds your funds in escrow. Only tap Payment Received after confirming that the money is in your bank account. Then follow the onscreen instructions to release the crypto.
If buying crypto instead, tap Make Payment to see the merchant's payment methods. Select a payment method that works best for you. Then copy the merchant's account details.
Once you've sent fiat to the merchant's account, ensure you tap the Transferred, notify seller button to notify the seller that you've sent the money. Wait for the merchant to release the crypto equivalent of your fiat.
Binance will notify you once the order completes.

How to Use Binance P2P via the Web App on a Browser

To use P2P via the Binance web version:

1. Go to the Binance website via a browser on your computer and log into your dashboard.

2. Hover your mouse over Trade on the navigation bar.

3. Select P2P.

4. Click Buy or Sell accordingly at the top left.

5. Select the crypto you want to trade via P2P from the horizontally listed coins.

6. To filter your choices: Type an amount into the Amount field to filter the price limits based on the specified value. Click the Fiat dropdown to select your fiat currency. Use the small search box to find the fiat you want to change. Select a Payment method from the Payment field.

7. Once done with the filtering, choose a merchant from the list by clicking the Sell or Buy button to the right of their name.

8. Type in the amount of crypto you wish to buy or sell in the I want to sell or I want to buy field. You'll see a crypto or fiat equivalent of your order in the To receive field.

9. Next, click Sell or Buy.

10. If buying crypto, click Transferred, notify seller after transferring the fiat. If selling instead, click Payment received only if you've checked your bank account and confirmed that they sent your fiat. Then follow the onscreen instructions to release the crypto.

Make Money via the P2P Service

In addition to exchanging crypto-to-fiat and fiat-to-crypto quickly, P2P comes with profit benefits. Since crypto is volatile, you can buy it when the market is bearish and sell it when bullish. Keep in mind that waiting for crypto to get bearish or bullish before withdrawing or buying is like gambling. So this is only an opinion and not financial advice.

However, if you receive payments frequently via crypto, the P2P network is the fastest way to withdraw your crypto to your bank account in your local currency.

","comment_id":"63e166a8bfaa040001a32d3f","feature_image":"https://images.unsplash.com/photo-1629963917992-1d3baadfddd0?crop=entropy&cs=tinysrgb&fit=max&fm=jpg&ixid=MnwxMTc3M3wwfDF8c2VhcmNofDV8fGJpbmFuY2V8ZW58MHx8fHwxNjc1ODQ0NzY0&ixlib=rb-4.0.3&q=80&w=2000","featured":false,"visibility":"public","email_recipient_filter":"none","created_at":"2023-02-06T20:44:24.000+00:00","updated_at":"2023-02-08T10:47:12.000+00:00","published_at":"2023-02-08T08:43:33.000+00:00","custom_excerpt":"As many crypto exchanges, including Binance, suspend direct USD withdrawals and deposits, here's how to use the Binance P2P service.","codeinjection_head":null,"codeinjection_foot":null,"custom_template":null,"canonical_url":null,"url":"https://moon.ly/blog/how-to-buy-and-sell-crypto-via-binance-p2p/","excerpt":"As many crypto exchanges, including Binance, suspend direct USD withdrawals and deposits, here's how to use the Binance P2P service.","reading_time":7,"access":true,"og_image":null,"og_title":null,"og_description":null,"twitter_image":null,"twitter_title":null,"twitter_description":null,"meta_title":null,"meta_description":null,"email_subject":null,"frontmatter":null,"feature_image_alt":"Hand holding phone with crypto chart","feature_image_caption":"Photo by Kanchanara / Unsplash"},{"id":"63e2822abfaa040001a32e37","uuid":"302c60be-87ad-4d51-8021-3caf59e92802","title":"Moonly weekly progress update #35","slug":"moonly-weekly-progress-update-35","html":"

Hello amazing people,I hope everyone feels great!

Portfolio Tracker, Staking as a service, and Discord bot are one week closer to achieving our goal. We are happy that people will really gain a lot from these new features!

Weekly devs progress:

Researched how we can display discord relink message
Made DB changes and implemented functionality for this feature
Fixed some design issues on the profile and login page
Investigated role issue on the Discord bot
Fixed discord-bot deployment issues
Deployed mints scraper on RPC server
Investigated an issue about contradictory rule setup
Tested and deployed the latest changes on the Discord bot (HVB)
Checked the progress of scraping, did minor fixes

Staking (Locking):

Edit metadata functionality added
Data caching added for getting tokens
Fixed rendering issue
Added creator field in token creation
Updated Token Create/Update Form for UI
Give a Reward boost based on the current time passed for reward per day(Smart-Contract)
Give Reward for Reward Boost even when the boost period is not complete
Calculated Real-time reward on frontend
Show all time of staked on hover in seconds
Added Pagination For Staking Nft Page
Fixed a bug related to the pagination component
Fixed date formatting on NFT-card
Fixed removing trait reward when it's not available in the DB
Show special trait item on Nft-Item if matches with collection
Fixed fetch error when it aborted with page refresh

Portfolio Tracker:

Relinked transactions to tokens
Removed transactions that cannot be tied to tokens
Deployed changes on the RPC server
Investigated and fixed PT's different holding value issue
Fixed Token Tracker Postgres deadlock issue
Started implementing simple workers for scraping mints

Upcoming NFT projects to mint:

https://moon.ly/nft/wolf-capital

https://moon.ly/nft/solcasinoio

https://moon.ly/nft/mad-lads

https://moon.ly/nft/kaimana

Minted projects worth mentioning:

https://moon.ly/nft/entreprenerdz

https://moon.ly/nft/pirate-squad

https://moon.ly/nft/mindfolk

https://moon.ly/nft/subber-k3y

Check out our latest blog post: Binance to Suspend All USD Transfers this Week

https://moon.ly/blog/binance-to-suspend-usd-transfers/

","comment_id":"63e2822abfaa040001a32e37","feature_image":"https://moon.ly/blog/content/images/2023/02/Thumbs-for-the-blog--35.png","featured":false,"visibility":"public","email_recipient_filter":"none","created_at":"2023-02-07T16:54:02.000+00:00","updated_at":"2023-02-07T17:18:56.000+00:00","published_at":"2023-02-07T17:18:56.000+00:00","custom_excerpt":null,"codeinjection_head":null,"codeinjection_foot":null,"custom_template":null,"canonical_url":null,"url":"https://moon.ly/blog/moonly-weekly-progress-update-35/","excerpt":"Hello amazing people,I hope everyone feels great!\n\nPortfolio Tracker, Staking as a service, and Discord bot are one week closer to\nachieving our goal. We are happy that people will really gain a lot from these\nnew features!\n\nWeekly devs progress:\n\n * Researched how we can display discord relink message\n * Made DB changes and implemented functionality for this feature\n * Fixed some design issues on the profile and login page\n * Investigated role issue on the Discord bot\n * Fixed discord-bot deplo","reading_time":1,"access":true,"og_image":null,"og_title":null,"og_description":null,"twitter_image":null,"twitter_title":null,"twitter_description":null,"meta_title":null,"meta_description":null,"email_subject":null,"frontmatter":null,"feature_image_alt":null,"feature_image_caption":null},{"id":"63e148fcbfaa040001a32c1d","uuid":"d598ba60-dbc8-4bba-b727-12a49b921e22","title":"Binance to Suspend All USD Transfers this Week","slug":"binance-to-suspend-usd-transfers","html":"

Binance, the world's biggest crypto exchange platform, plans to suspend all USD transfers later this week, the firm announced in a tweet. Binance maintains that while other exchange means remain unaffected, it's trying its best to resolve the affected service.

From February 8th, we will temporarily suspend all USD bank transfers.

Only a small proportion of our users will be impacted by this and we are working hard to restart the service as soon as possible.

All other methods of buying and selling crypto remain unaffected.
— Binance (@binance) February 6, 2023

\n\n

Before now, affected users could send USD to Binance's bank account via SWIFT and get a BUSD equivalent of their deposit. That's going to change starting this week's Wednesday.

Although Binance had only recently restricted the USD amount that a customer could transfer—according to its Cointelegraph feed, the exchange maintains that a complete suspension of transacting crypto via USD withdrawals and deposits will take effect this Wednesday, February 8, 2023.

This latest development follows the firm's announcement via the same Cointelegraph feed that it lost its partnership with its SWIFT transfer partner. Binance was quoted as saying, \"This is the case for all of their crypto exchange clients. Please be advised that until we can find an alternative solution, you may not be able to use your bank account to buy or sell crypto with USD via SWIFT with a value of less than USD 100,000 after February 1st, 2023.\"

Explore Other Means of Buying and Selling Crypto

Binance says in its tweet that the recent USD transfer setback on its platform only affects a small proportion of its customers. While plans are underway to resolve the issue, you might want to explore other means of buying crypto via the exchange. Even if you try other exchange platforms, it may not work, as it looks like a change in regulation has affected Binance's SWIFT partner, which also serves many other crypto exchanges.

You might want to leverage Binance's P2P network to buy and sell your crypto holdings. While Binance advises you to follow strict security rules on the P2P market, the process is secure if you don't break the rules.

","comment_id":"63e148fcbfaa040001a32c1d","feature_image":"https://images.unsplash.com/photo-1651055699023-36d26d793a21?crop=entropy&cs=tinysrgb&fit=max&fm=jpg&ixid=MnwxMTc3M3wwfDF8c2VhcmNofDQ0fHxjcnlwdG8lMjBVU0R8ZW58MHx8fHwxNjc1NzE4MDA0&ixlib=rb-4.0.3&q=80&w=2000","featured":false,"visibility":"public","email_recipient_filter":"none","created_at":"2023-02-06T18:37:48.000+00:00","updated_at":"2023-02-06T21:27:29.000+00:00","published_at":"2023-02-06T21:27:07.000+00:00","custom_excerpt":"Binance says you won't be able to exchange USD directly for crypto starting February 8, 2023.","codeinjection_head":null,"codeinjection_foot":null,"custom_template":null,"canonical_url":null,"url":"https://moon.ly/blog/binance-to-suspend-usd-transfers/","excerpt":"Binance says you won't be able to exchange USD directly for crypto starting February 8, 2023.","reading_time":2,"access":true,"og_image":null,"og_title":null,"og_description":null,"twitter_image":null,"twitter_title":null,"twitter_description":null,"meta_title":null,"meta_description":null,"email_subject":null,"frontmatter":null,"feature_image_alt":"Binance logo","feature_image_caption":"Photo by Mariia Shalabaieva / Unsplash"},{"id":"63d823e7690d6b00018c4978","uuid":"19998e04-e046-4565-a0c6-ed8ff8478cfd","title":"Moonly weekly progress update #34","slug":"moonly-weekly-progress-update-34","html":"

Hello everyone, how was your weekend?
We are still in the testing phase, doing some minor adjustments and removing some bugs! Be patient friends, good days are coming!

Weekly devs progress:

Merge and deploy frontend updates
Tested and fixed the issue of displaying the previous verification rule
Fixed the logic for the holder notification message
Fix the issue of merging accounts during account linking
Debugged and fixed issues on wallet-checker
Changed DB structure and modified logic to fix the Discord role issue
Investigated the total holding value issue and fixed it
Inserting and connecting NFTs, and tokens with the Discord server
Fixed all PR-related issues
Finishing discord bot page
Fixed search bar issue
Fixed overlay issue for secondary description
Fixed search on trait type dropdown
Explored the token metadata update
Explored getting tokens where the user is the authority
Work in progress about tracking previously assigned roles

Staking (Locking):

Created a model for the Attributes
Re-Adjusted resolver for the Attributes model
Refactored Staking Creations and added a new way of selecting a trait
Created DB migration
Implemented \"Trait Remove\" from the UI
Update smart contract for supporting two values
Implemented resolver and related logic for getting reward trait for staking the NFT
Implemented trait reward in the smart-contract
Created \"Seed script\" and seeded testing data with attributes
Explored the token metadata update
Explored getting tokens where the user is the authority

Portfolio Tracker:

Improved retrying logic of wallet-checker, tested and deployed
Sync Moonly DB to the Big DB
Disassemble the old RAID on the RPC server and created the new one
Small fix for re-queueing failed tasks in wallet-checker
Merge and deploy the latest changes

Upcoming NFT projects to mint:

https://moon.ly/nft/only-wolves

https://moon.ly/nft/mindfolk-renaissance

https://moon.ly/nft/bullyz-crew

Minted projects worth mentioning:

https://moon.ly/nft/pop-nft

https://moon.ly/nft/sharx

https://moon.ly/nft/famous-fox-federation

https://moon.ly/nft/abc-470

Check out our latest blog post: What Are Stablecoins and Why Do They Exist?

https://moon.ly/blog/what-are-stablecoins-and-why-do-they-exist/

","comment_id":"63d823e7690d6b00018c4978","feature_image":"https://moon.ly/blog/content/images/2023/01/Thumbs-for-the-blog--34.png","featured":false,"visibility":"public","email_recipient_filter":"none","created_at":"2023-01-30T20:09:11.000+00:00","updated_at":"2023-01-30T20:12:08.000+00:00","published_at":"2023-01-30T20:12:08.000+00:00","custom_excerpt":null,"codeinjection_head":null,"codeinjection_foot":null,"custom_template":null,"canonical_url":null,"url":"https://moon.ly/blog/moonly-weekly-progress-update-34/","excerpt":"Hello everyone, how was your weekend?\nWe are still in the testing phase, doing some minor adjustments and removing\nsome bugs! Be patient friends, good days are coming!\n\nWeekly devs progress:\n\n * Merge and deploy frontend updates\n * Tested and fixed the issue of displaying the previous verification rule\n * Fixed the logic for the holder notification message\n * Fix the issue of merging accounts during account linking\n * Debugged and fixed issues on wallet-checker\n * Changed DB structure and modifi","reading_time":2,"access":true,"og_image":null,"og_title":null,"og_description":null,"twitter_image":null,"twitter_title":null,"twitter_description":null,"meta_title":null,"meta_description":null,"email_subject":null,"frontmatter":null,"feature_image_alt":null,"feature_image_caption":null},{"id":"63c9960e2b2c8f0001b9521f","uuid":"81e6af3b-3a2c-41a1-87b0-5062dc582f60","title":"What Are Stablecoins and Why Do They Exist?","slug":"what-are-stablecoins-and-why-do-they-exist","html":"

Cryptocurrencies, including Bitcoin, Solana, and Ethereum, would be bad investments without stablecoins. When you buy crypto using your credit card, you pay a certain amount in USD to get it in its relative current market value. You might expect this to rise with time before pulling profits. Exchanging or selling your crypto this way is only possible because of stablecoins.

What are stablecoins, and why do they exist in crypto?

What Are Stablecoins and Why Do You Need Them?

$\"Bitcoin$

Stablecoins are cryptocurrencies linked or pegged to other commodities, typically more stable financial entities like gold and fiat currencies. Although variants exist, stablecoins offer a more stable way of collateralizing the more volatile cryptos like Bitcoin, Avalanche, Ethereum, and Solana.

Generally, the stablecoin purpose is to check the volatility of non-fiat counterparts. While cryptocurrencies can be more or less valuable than fiats, stablecoins are the entities that make them meaningful and tradable.

The Relevance of Stablecoins

Future uncertainty is a headache for every crypto trader. If you've charged $1600 for a service, for instance, and someone pays you its equivalent in Ethereum, you get about 1 Eth. That's about the price of Ethereum as of writing. It might've tanked or risen in value as you read. Crypto value flips in a matter of split second. So while you might profit, you also stand a chance of counting your losses. And you might end up realizing lesser than the actual monetary value of your service. Nobody deserves that in a real-life business unless they ask for it.

Getting paid in a stablecoin allows you to get the fiat equivalent of your charge in crypto since it retains the associated fiat value. For example, you get 1600 USD if someone pays you 1600 USDT.

Fiat-backed cryptos, including Tether (USDT), USDC, BUSD, and many more, are pegged to the value of USD. It means their reserves are in real money rather than depending on real-time trading. Invariably, there's one fiat (USD) reserve for every one of these stablecoins in circulation. Trading activities don't affect fiat-collateralized stablecoins. However, this may not be true for algorithmic and crypto-collateralized stablecoins.

In addition to stabilizing the crypto economy, stablecoins make crypto regulations possible. For instance, according to Binance, BUSD is fully regulated by the New York State Department of Financial Services (NYDFS). Paxos even releases a monthly reserve report of the BUSD stablecoin to ensure transparency.

Types of Stablecoins

While stablecoins check the crypto volatility, their reliability depends on what backs them. There have been issues in the past where stablecoins get detached from their reserves, resulting in huge financial losses for investors. You might be able to avoid this if you know the types of stablecoins there are.

1. Fiat-Backed Stablecoins

A fiat-backed stablecoin is a cryptocurrency pegged fully to a leger tender regulated by a government's financial institution. They maintain a one-to-one ratio (1:1) with their associated fiat money. So as earlier mentioned, there's one fiat money in reserve for every fiat-collateralized stablecoin.

Fiat-collateralized stablecoins are the most trusted type of stablecoins in the crypto market since they're pegged against fiat money. Examples of fiat-backed stablecoins are Tether (USDT), USDC, BUSD, and USDP.

2. Algorithmic Stablecoins

Algorithmic stablecoins are non-collateralized stablecoins that depend on smart contract algorithms to check market volatility. While their purpose is to stabilize a particular blockchain's ecosystem, algorithmic stablecoins are prone to value loss since they also operate on a decentralized ledger. Another disadvantage of algorithmic stablecoins is there may be less transparency.

UST, a Terra protocol-governed stablecoin, is still the most-popular algorithmic stablecoin. However, it crashed in 2022 when Terra's native cryptocurrency tanked and flooded the market. UST couldn't hold the crashing crypto, leaving experts to question the integrity of algorithm-based stablecoins. Another example of an algorithmic stablecoin is Vai, a stablecoin built on the Venus protocol.

3. Crypto-Backed Stablecoins

Crypto-backed stablecoins peg their value to unstable cryptocurrencies like Solana, Bitcoin, and Ethereum, among many others. Such stablecoins often operate an overcollateralized reserve. This is to check the impending volatility of associated cryptocurrencies.

Instead of a 1:1 reserve system, crypto-backed stablecoins typically ensure more cryptos in reserve than the stablecoin in circulation. The reason for this is so that the reserved crypto can guide against value crashes. Hence, liquidation of the excess reserve is imminent if the crypto value drops beyond a permissible limit.

An example of a crypto-backed stablecoin is DAI, a stablecoin pegged to Eth.

4. Commodity or Asset-Backed Stablecoins

As the name sounds, commodity-collateralized stablecoins are stablecoins pegged to tangible assets, including gold, diamond, or some other valuable assets. These stablecoin types aren't usually prone to price fluctuations and are more stable than their fiat-backed counterpart.

Besides, tangible assets typically appreciate when compared to real money. Asset-backed stablecoins are more crash-proof. Invariably, investors can liquidate a reserve to resuscitate an inflated cryptocurrency. With that said, a commodity-pegged stablecoin can be hard to market during liquidation.

Examples of well-known stablecoins backed by gold include Tether Gold (XAUT), Digix Gold (DGX), and Pax Gold (PAXG). SwissRealCoin (SRC) is a real-estate-backed stablecoin.

What Are the Best Stablecoins?

As of writing, CoinMarketCap stats put the market cap of fiat-backed stablecoins ahead of the others. So they're more popular and trusted than the algorithmic and crypto-based counterparts. However, while asset-backed stablecoins are uncommon, they can be worth a fortune.

For example, according to CoinMarketCap, one PAXG goes for about 0.084 BTC ($1,900) as of writing. While PAXG remains stable and depends on Gold price, BTC keeps fluctuating, giving PAXG its foothold even if bitcoin tanks. As earlier stated, asset-collateralized stablecoins are more valuable and steadier than their fiat-based counterparts.

","comment_id":"63c9960e2b2c8f0001b9521f","feature_image":"https://moon.ly/blog/content/images/2023/01/Cryptocurrencies-with-stable-notes.png","featured":false,"visibility":"public","email_recipient_filter":"none","created_at":"2023-01-19T19:12:14.000+00:00","updated_at":"2023-01-25T00:02:05.000+00:00","published_at":"2023-01-25T00:02:05.000+00:00","custom_excerpt":"Cryptocurrencies would be bad investments without stablecoins. What are stablecoins, and why do they exist in crypto?","codeinjection_head":null,"codeinjection_foot":null,"custom_template":null,"canonical_url":null,"url":"https://moon.ly/blog/what-are-stablecoins-and-why-do-they-exist/","excerpt":"Cryptocurrencies would be bad investments without stablecoins. What are stablecoins, and why do they exist in crypto?","reading_time":4,"access":true,"og_image":null,"og_title":null,"og_description":null,"twitter_image":null,"twitter_title":null,"twitter_description":null,"meta_title":null,"meta_description":null,"email_subject":null,"frontmatter":null,"feature_image_alt":"Cryptocurrencies with stable coins","feature_image_caption":null},{"id":"63d01ed033667b00012085c5","uuid":"e9682718-4ffc-4791-b20a-709e17d78732","title":"Moonly weekly progress update #33","slug":"moonly-weekly-progress-update-33","html":"

A very busy and productive week and a lot of UI/UX and SEO changes. We tried to focus on changing things on our app that will speed it up significantly.
The user interface on some pages changed on Moonly for SEO optimization, on every page is added a sidebar with the latest blog posts on Moonly, a description of a project that you can see on mouse hover, monitoring Solana network tps added in the header, the admin dashboard is much improved in order to make the work of our virtual assistants easier and much more!

Weekly devs progress:

Added missing columns to the transaction table
Resolved \"total NFTs and holding\" issue
Fixed migration (Live DB issue)
Researched DB error issues
Fixed an issue on holder verification and deployed
Fixed transaction table CSS
Finished description section for \"Upcoming pages\"
Updated Moonly Ghost blog engine
Fixed an issue with the DB backup utility
Investigated token-tracker service

Staking (Locking):

Rewritten \"reward calculation logic\"
Update UI on Staking creation
Update reward value interval
Worked on js function for calculating claimable reward
Fixed failed to fetch tokens from the backend
Investigated \"mint & freeze\" authority (updated description and added functionality)
Added a switch button on Stake & Reward page
Added fallback UI in the staking/admin page when the user is not logged in
Tested attribute creation by importing the latest DB
Created seed script and modal to generate attributes
Created a resolver and query for getting attributes

Portfolio Tracker:

Cleaned up PT code
Worked on PT / Sync collections and tokens
Worked on PT / Dynamic updates
Worked on PT / Expanded on-demand scraping
Implemented dynamic update for PT stats and transactions
Optimized PT page with server-side rendering
Showed tokens in possession for any wallet
Implemented caching for portfolio stats
Refactored front-end code for portfolio stats

Check out our latest blog post: Genesis Files for Bankruptcy Protection: Here's What We Know

https://moon.ly/blog/genesis-trading-declares-bankruptcy-what-we-know/

Updated upcoming project pages:

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We thought we'd have some respite from the trend of crypto companies crashing. But Genesis Global is the latest to start the showdown in 2023. The Digital Currency Group (DCG)-owned brokerage, Genesis Global Holdco, filed for a chapter 11 bankruptcy in New York yesterday, January 19, 2023.

While the bankruptcy filing is ongoing, what factors led to this fallout?

The Story Leading to Genesis Crash

Genesis Global had struggled through 2022 from its exposure to Three Arrows Capital (3AC) and FTX; these companies crashed abruptly under chapter 15 and 11 bankruptcy in July 2022 and November 2022, respectively.

The FTX crash was a blow to Genesis Global, which couldn't hide its insolvency anymore. It paused all withdrawals from its platform after the FTX crash in 2022. Although it still managed to scale through last year, its fallout seemed imminent from its series of troubles.

From answers provided in an Open Letter by Barry Silbert to shareholders, DCG handed a $1.1 billion promissory note to Genesis Global after 3AC defaulted on the company last year. Although DCG's promissory note matures in 2032, according to Coindesk, the bankruptcy filing reveals that DCG owes the subsidiary company over $1.65 billion, with $575 million due in May 2023. The bankruptcy filing also shows that Genesis owes 50 of its creditors $3.5 billion. The creditors include big names like Gemini, Mirana, and Moon Alpha Finance, among many others.

Gemini Threatens DCG Post-Genesis Global's Fallout

The most significantly affected crypto creditor, Gemini, is owed $750 million, and the effect of the debt extends to Gemini's earn users. Reacting to the crash, Gemini's CEO, Cameron Winklevoss, expressed distrust towards DCG, Genesis' parent company in his January 19, 2023 tweet.

1/ Earn Update: This evening, Genesis Global Capital, LLC (Genesis) filed for bankruptcy under Chapter 11. This is a crucial step towards us being able to recover your assets.
— Cameron Winklevoss (@cameron) January 20, 2023

\n\n

Cameron further threatened to take legal action against defaulters and didn't spare Barry, DCG's CEO, from his list.

5/ We have been preparing to take direct legal action against Barry, DCG, and others who share responsibility for the fraud that has caused harm to the 340,000+ Earn users and others duped by Genesis and its accomplices.
— Cameron Winklevoss (@cameron) January 20, 2023

\n\n

This latest development, including Genesis' bankruptcy, doesn't look good on DCG. However, Barry had said in his letter that DCG doesn't have authority over Genesis' restructuring, considering that DCG still owes the company some debts and a promissory note.

In his letter, Barry was quoted in a FAQ answer, saying, \"Because of the outstanding loans and the promissory note that DCG owes to Genesis Capital, DCG executives, including those on the Genesis board, have no decision-making authority related to any restructuring of Genesis Capital.\"

Although we've witnessed worse bankruptcy cases, this trendy crash calls for concern. It further exposes the volatility and unreliability of the crypto business. Well, as expected, volatility is a typical attribute of cryptocurrencies. Financial experts believe regulating crypto operations will prevent unprecedented financial losses.

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