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A by-the-minute look at Tether’s $1 billion swap from Bitfinex to Binance

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On August 20, a Tether swap worth $1 billion happened — it involved Binance, Bitfinex, and a major fire dumpster on TRON (TRX) blockchain. 

Tether flows. Source: Flipside Crypto.

From time to time, the news of Tether burning some of its supply on one blockchain and then minting it anew on another appears in the headlines. Although it sounds easy enough, in reality, it involves quite a bit of planning and more importantly — trust.

Tether $1 billion swap transactions. Source: Cointelegraph.

During the six-transaction swap that spanned two blockchains and took 1 hour and 1 minute to complete, the Tether/Bitfinex side was never at risk as Binance was the initiating party. On the two occasions — after the first transaction and after the fourth one, Binance was down $400 and $600 million respectively. These companies must either have a trusted relationship or perhaps, there were additional mechanisms involved that we are not aware of.

Another necessary condition for the swap was the fact that Binance had a surplus of $1 billion TRON-based USDT and was willing to trade it for the equivalent amount of Ethereum-based USDT. It is unclear whether these funds belonged to the exchange or constituted user deposits.

Cointelegraph has reached out to Binance, Bitfinex and Tether, but has not received a response in time of publication.



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Coin98 gains 1,200% after Binance listing, Ampleforth soars on Aave integration

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Few things in the cryptocurrency space generate more hype than a new token listing because the prospect of finding a rare 1000x coin continues to be a top goal of many crypto investors. 

Coin98 (C98) is the most recent example of this phenomenon after the Binance Smart Chain-based decentralized finance (DeFi) solution rallied 1,200% from its initial coin offering price at $0.075 to $0.928 on its first day being listed on exchanges.

Coin98 is the 20th project to come out of the Binance Launchpad and describes itself as “a DeFi gateway for traditional finance users to access any DeFi services on multiple blockchains.”

Along with being listed on Binance, C98 is also available to trade on Gate.io and MEXC Global and token holders can also earn a yield through staking and liquidity pool options on PancakeSwap (CAKE).

Altcoins post double-digit gains

Bitcoin’s (BTC) rally to $33,000 led to a prolonged boost in several altcoins and data from Cointelegraph Markets Pro and TradingView shows Ampleforth (AMPL), Amp (AMP) and Axie Infinity (AXS) as the top movers over the past 24 hours. 

Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

AXS’s month-long rally picked up steam again after the price rebounded from its lower support touch at $14 and the rally in AMPL demonstrates the benefit of cross-protocol integrations.

Related: Bull or bear market, creators are diving headfirst into crypto

According to Ampleforth’s Twitter, the new-found interest in AMPL is the result of the token being added to the AAVE DeFi ecosystem

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for AMPL on July 19, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. AMPL price. Source: Cointelegraph Markets Pro

As seen on the chart above, the VORTECS™ Score for AMPL first turned green on July 17 and climbed to a high of 75 on July 19, around 15 hours before the price increased 57% over the next three days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.