Binance will be delisting a number of altcoins later this month. The decision is likely to concern a number of users since one of the coins is very popular.

Binance announced today that it will be delisting a number of cryptocurrencies later this month. The exchange didn’t provide the exact reasoning but gave pretty good pointers as to why that may be.

According to the announcement from today, Binance will be delisting four different cryptocurrencies on February 20th. These are:

Aragon (ANT)
Multichain (MULTI)
Vai (VAI)
Monero (XMR)
The prices took a beating following the announcement. Monero, for example, is down a considerable 17% as its valuation fell off a cliff once the exchange made the revelation.
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HOME » CRYPTO BITS » BINANCE WILL DELIST THE FOLLOWING CRYPTOCURRENCIES ON FEBRUARY 20TH (MAJOR ALTCOIN AFFECTED)
Binance Will Delist the Following Cryptocurrencies on February 20th (Major Altcoin Affected)
Author: George Georgiev

Last Updated Feb 6, 2024 @ 10:04
Binance will be delisting a number of altcoins later this month. The decision is likely to concern a number of users since one of the coins is very popular.

Binance announced today that it will be delisting a number of cryptocurrencies later this month. The exchange didn’t provide the exact reasoning but gave pretty good pointers as to why that may be.

According to the announcement from today, Binance will be delisting four different cryptocurrencies on February 20th. These are:

Aragon (ANT)
Multichain (MULTI)
Vai (VAI)
Monero (XMR)
The prices took a beating following the announcement. Monero, for example, is down a considerable 17% as its valuation fell off a cliff once the exchange made the revelation.

xmr_price_chart_0602241
Source: CoinGecko
XMR is one of the oldest and most popular altcoins in the industry, and the decision to delist it might come as a surprise to some. However, it’s worth noting that its main use case is pointed at anonymity, which is something that major platforms have been starting to stray away from as governments around the world start to develop rigorous KYC and AML policies aimed at crypto trading.

Recall that Binance was recently involved in a massive lawsuit against the United States Securities and Exchange Commission. The exchange agreed to pay a massive settlement upward of $4 billion and has since started to alter its policies and approach. Its new CEO even said that they plan to turn Binance into a company that’s aligned with traditional financial regulations.
That said, the reason for the delisting of Monero and the rest of the coins wasn’t explicitly outlined. The announcement gives a few possible factors that the exchange considers but doesn’t point to anything specifically.

On a completely unrelated but still interesting note, we just released our newest video. If you want to find out the secret for the SEC to approve an Ethereum ETF, take a look:
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

Crypto to Solana? Step by Step Guide to the Top Solana Bridges

There are many reasons why Solana is one of the most popular blockchain ecosystems in the industry.

With thousands of dApps, a high-performance architecture, and innovative mechanisms such as proof of history, it’s no wonder why millions of users use the blockchain for all kinds of DeFi activities.

It’s not just about Solana’s native users — as the network grows, more users from other blockchains migrate their coins to Solana. Luckily for them, many cross-chain bridges exist to transfer their crypto from different blockchains to Solana.

The question, then, is, what bridge should you use? And most importantly, what is the correct way of doing it? This guide will serve as a blueprint for you as we answer these and other crucial questions.

However, let’s first understand what a blockchain bridge is.

What is a Cross-Chain Bridge?
The term might be self-explanatory, but a cross-chain bridge allows you to transfer the native assets from Blockchain A to Blockchain B to perform multiple activities. Imagine you want to transfer ETH or any ERC-20 tokens to the Solana blockchain or vice versa.
So, a cross-chain bridge is a middleman that transfers your ETH to the Solana blockchain or your SOL to Avalanche. There are usually two ways in which cross-chain bridges work. One is through a process called wrapping.

Bridging With Wrapped Crypto
A bridge creates a wrapped version of your coin at a 1:1 value. For example, we can use BTC on Ethereum by using a bridge that locks your BTC and creates a wrapped version called wBTC that can be used on the Ethereum network. The most popular bridge protocol for Bitcoin is called Wrapped Bitcoin.

It’s like going to space: you must wrap yourself up in a space suit to survive in that environment. Once you’re on Earth, you can take it off and breathe fresh air. Even though it’s the same you, you are wrapped in something that expands your capabilities. Similarly, coins from one blockchain cannot operate in other networks due to their architectural differences.
Wrapping is done through a smart contract that stores and transfers the asset’s information and data.

It’s also popular among DeFi investors, allowing them to use their coins in protocols built on different networks. An example could be a lending protocol or liquidity provider rising in popularity, so investors bridge their coins and get a token that can work on such a protocol.

The main drawback of wrapped assets is that they depend on custodians, which can raise questions regarding security, centralization, and counterparty risk. Moreover, they can be slow, expensive, and complicated.

However, it’s worth noting that there are wrappers based on smart contracts that do not rely on a third-party custodian but rather store the assets on-chain. With that, nonetheless, there’s a risk of protocol failure.

Bridging With Liquidity Pools
Other bridges have a different approach to swapping currencies. If a bridge leverages liquidity pools, it is because they incorporate staking and farming programs that prompt users to lock their assets into these pools to earn yield. The bridge then uses the assets to fulfill bridging requests.
Bob wants to convert their Solana USDT to an ERC-20 version.
Cross Chain Bridge receives Bob’s Solana-based USDT and taps into its liquidity pool of ERC-20 USDT.
The bridge then sends Bob the equivalent amount in ERC-20 USDT, charging a small fee.
Bob can always swap back his Ethereum-based USDT for his Solana-based version.
These bridges share similar drawbacks to wrapped assets — mainly security and centralization. But their main drawback is that these pools can be emptied anytime. That means you’d have to wait several minutes, hours — and even days — for someone to fill that pool with the pertinent assets.

Blockchain bridges can be categorized into two main types: Trusted (Centralized) Bridges and Trustless (Decentralized) Bridges. Trusted bridges rely on intermediaries — with the main drawback being centralization concerns. On the other hand, trustless bridges operate without

intermediaries, using smart contracts and decentralized mechanisms to enable asset transfers.

Despite aiming to be as trustless as possible, these bridges may still face security vulnerabilities, such as hacking, phishing, smart contract vulnerabilities, and liquidity issues. Therefore, users should always do their own research and use reputable solutions.

How to Bridge Crypto To Solana
There is a variety of cross-chain bridges for Solana, but in this example, we’ll use deBridge and Synapse.

We’ll use both for this example so you can see how they work. At the end of the article, you’ll see a list of the best Solana bridges so you can judge for yourself
Step 1: Choose Your Bridge
For this example, we’ll use DeBridge, which uses a swap mechanism to bridge crypto, and Synapse, a popular cross-chain communications network.

Step 1: Head over to deBridge and choose Bridge; it’ll take you to the WeSwap.