Daniel Musanni
Daniel Musanni 11 minutes reading from Binance Coin

Binance, Uniswap, CEX Lab, and HON: A Lasting Pivot To BNB Blockchain?

🧐LET'S TALK ABOUT UNISWAP AND BNB 1/ Clearly you just noticed some strange prices moves on BNB Token. And for sure you heard about a lot of Binance 's / CZ bad news.

Those weeks I continuosly ask myself WHY!? Why BNB has pumped so hard? πŸ”»

2/ So far seems there was a support around 235 and price pumped back to 325 Nice! And it was clearly a "Buy the rumors Sell the news"

What happen? Simply someone named ILIA_0x at Uniswap just started a "Temperature Check Pool" suggesting moving from Eth to BNB Blockchain. πŸ”»

3/ Main reason:license expiration and authorize 0xPlasma Labs to deploy the Uniswap v3 protocol to the BNB PoS Chain on behalf of the community

Seems a good idea isn't? At least for Cheaper fees More Users High transactions speed Cross Chain +1B of TVL πŸ”»

Snapshot

4/ This guy already checked the ground few weeks ago. Here you can find the first proposal 11/12/2022

Strongly suggest to read all comments in this page to clarify ideas on why YES or why NOT

πŸ”»

[RFC - Update] Deploy Uniswap v3 (1 / 0.3 / 0.05 / 0.01) on BNB Chain (Binance)

5/ A smart user named Kwaskoff just pointed out that moving on to centralized structure could hit hard Uniswap users if something goes wrong. What can go wrong within a Cex so shady like Binance? And also he pointed out BSC users already have PancakeSwap. πŸ”»

6/ So moving Uniswap will benefit only...Binance and BNB Best question ever : "I understand you want to make money before April (Business-license), but what will happen after April (SEC can arrest CZ?)?"

More info about Binance problems here

πŸ”»

US Probes Binance Over Token That Is Now World’s Fifth Largest

7/ In December @DefiIgnas warned about the risk of UniSwap V3 Fork and deploy on BSC under a different name

So for Uniswap business is crucial to make a choose

πŸ”»

Ignas | DeFi Research on Twitter

8/ Best of all GFXLab group pointed out that,even if idea could be good for liquidity and new users, there are issues with Celer bridge protocol (very risky indeed) Celer was audited Feb 2022 by Peckshield and SlowMist, which do not inspire a high degree of confidence πŸ”»

/9 The answer by MoDong of Celer was eye catching. Simply say : "Trust us because you must", "Documentation will come", "We are developing slowly because we care".

Ok, so what? GFXLab clearly doesn't like Celer. And I must admit for more than a reason. πŸ”»

/10 GFXLab was the only one who voted against with a considerable amount of UNI, almost 5Mln

This the short story. Here you can check the results

Now the best part : players involved? πŸ”»

Snapshot

11/ Of course OxPlasma Labs who started the pool Founder :

Github :

Site :

He only have interest in earning by developing for Uniswap BSC. Period. πŸ”»

Twitter
ilyamk - Overview
Plasma Finance – Multi-chain DeFi & NFT Metaverse. Powered by 0xPlasma

/12 There was 20Mln UNI for a Yes. Narrative says 6495 votes. Yes, but no

Consensys used 7Mln UNI for a YES (35%) 0x8962285fAac45a7CBc75380c484523Bb7c32d429

Did you know who are they? Developers of MetaMask and they build apps on Ethereum blockchain πŸ”»

Blockchain Technology Solutions | Ethereum Solutions | ConsenSys

13/ And best Consensys investors are/was blackrock jpmorgan Coinbase Alameda And they lays off 96 employees few days ago

Obviously they have hundread of reasons in Uniswap to BSC : Lower fees, new enviroment for developing while the crypto market continue crashing. πŸ”»

14/ "Blockchain at Michigan" used 3.5Mln UNI for a YES (17,5%) 0x13BDaE8c5F0fC40231F0E6A4ad70196F59138548 50 developers for sure happy to develop Uniswap in BSC ... not for free. πŸ”»

15/ MonetSupply used 3.5Mln UNI for a YES (17,5%) 0x8d07D225a769b7Af3A923481E1FdF49180e6A265

Man this one is implied in a lot of governance. (Also MakerDao...I bet we will see him again) πŸ”»

monetsupply - Disclosures
MonetSupply's DAO Profile

16/ FranklinDao.eth used 3Mln UNI for a YES (15%) 0x070341aA5Ed571f0FB2c4a5641409B1A46b4961b

They are a group of unknow students involved mainly in governance. However their threads on Twitter are quite interesting πŸ”»

FranklinDAO

17/ teemulaumhonkasalo.eth used 2Mln UNI for a YES (8%) 0x553F674dD7D102ad79C644103974a1cc53b62Ac2

Those guys are hevily involved in MakerDao and other governance projects

πŸ”»

Mhonkasalo & teemulau Delegate Platform
Twitter

18/ So What? We have 5 entities involved in shifting Uniswap chain to BSC Chain, with total amount of 93% or 19Mln UNI for a Yes. At last 3 entities are interested in Uniswap shifting in Binance Chain for developing purpose (0xPlasma included) 2 entities for governance πŸ”»

19/ Only GFXLab see the hidden risk, mainly on Celer inclusion. Someone pointed out that using Celer and roughly 25mln , there will be a 99% chance of a full malicious attack with a "steal" reward way more higher than risk. πŸ”»

20/ Ok,so let's resume Someone was ready for BNB pump,with huge buy at 220 17 Dec '22 (we already have the names isn't?) GFXLab doesn't want the Uniswap shifting Only 4 players have interest in it And of course there is a large risk swimming in the same pool with Binance πŸ”»

21/ Now I'm expecting the next phase "Governance Proposal" with 40UNI Quorum What could happen to BNB prices? If price pumps will be only because everyone know proposal will end with NO Otherwise if start to dump heavily under 220 ... maybe someone will try to became rich. πŸ”»

/22 I'm quite unsure about Binance future.

However almost all BNB tokens are in their hand (more than 90%).

So let's the Pump'n Dump game continue. πŸ”»

/23 Did you appreciate this thread? It took me about 3hr figuring out what's happening and cross checking.

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This post is based on this twitter thread.

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