CEX.IO API acts as your eyes and ears on the cryptocurrency market by continuously monitoring multiple crypto assets and automatically executing trades whenever your conditions are met.
This allows API traders to take advantage of emerging opportunities without having to look at their screens 24/7.
To bring you more opportunities, CEX.IO is thrilled to be listing three new cryptocurrency assets this month to add to your API trading portfolio. Plus, we’ve made new networks available on CEX.IO for additional transfer potential.
CEX.IO API can dramatically increase your trading speed while eliminating human emotions and errors. To make the most out of API trading, you can visit the CEX.IO API website.
Read along to discover which new crypto assets are available on CEX.IO, as well as the critical news and developments that shaped the ecosystem in August.
New coin listings/trading pairs
CEX.IO listed three new cryptocurrencies last month — Optimism, Merc, and Luna 2.
Optimism (OP)
Optimism is a layer 2 (L2) rollup network on top of Ethereum. The network enjoyed explosive growth in less than a year in line with the rising popularity of L2 blockchains that operate in tandem with Ethereum.
Layer 2 blockchains were introduced as a scaling solution for Ethereum. L2 chains act as side roads from the main Ethereum network to help execute transaction requests. This in return reduces the load on the mainnet (layer 1, or L1) and makes transactions cheaper and faster.
Fees on L2 networks are typically very low, and the subsequent drops in on-chain transaction loads significantly reduce the gas fees on the main Ethereum blockchain.
The opportunity to transact with less overhead on the Ethereum network brought unparalleled adoption. Optimism has been the second largest beneficiary of this movement after Polygon, with around 10% of all Ethereum transactions passing through the Optimism network now. As of today, Optimism has $900 million in value locked on its network.
Robust network activity translated to a powerful movement in Optimism’s token (OP) price. Following the crypto market bottom on June 18, the OP token’s price exploded, increasing by as much as 450% in only 45 days.
You can now trade the OP token on CEX.IO using the OP/USD trading pair. OP deposits and withdrawals will be available soon.
Mercury Coin (MERC)
Mercury Digital Assets is a technology provider for institutional crypto markets. The company delivers tailored products for API traders to fully automate their transactions.
MERC is the utility token of Mercury Digital Assets. Holding the token gives you discounts on Mercury products as well as participation in the Mercury Partner Loyalty Program. To redeem discounts or unlock loyalty rewards, MERC holders must stake their tokens on the network.
You can now trade the MERC token on CEX.IO using the MERC/USD trading pair.
Please note that MERC is not yet available for U.S. and Canada-based users.
Terra 2.0 (LUNA2)
Despite collapsing in May after holding the fifth largest cryptocurrency market cap at just over $30 billion in locked value, users decided to give Terra a second chance.
The Terra community decided not to abandon the Terra ecosystem and forked the original chain with a new blockchain – Terra 2.0. The original chain is now rebranded as Luna Classic whose native token, LUNC, is still available for trading on CEX.IO.
The new Terra 2.0 chain now exists without the algorithmic stablecoin UST, making it no longer prone to depegging and subsequent hyperinflation risks.
You can now trade the LUNA2 token using the LUNA2/USD trading pair, make LUNA2 deposits, and conduct withdrawals all on CEX.IO.
Please note that LUNA2 is also not available for U.S. and Canada-based users as of yet.
New networks for crypto transfers
CEX.IO added the Cronos network to its platform to help enable faster and cheaper Cronos token (CRO) transfers to your CEX.IO account.
Ethereum (ERC-20) used to be the only available network on CEX.IO for CRO deposits and withdrawals. Now, you have two options to pick from according to your cost and speed preferences.
The Cronos network is an open-source, decentralized blockchain developed by the financial services, trading, and payment company Crypto.com.
To learn more about other available networks for transacting multi-chain tokens, visit the Deposit page on our homepage.
View of the CRO deposit page on CEX.IO
Note: Depositing and withdrawing CRO is currently not available for Canadian and U.S. users.
Crypto industry news and developments
1. Tornado Cash sanction sparks fears of crypto enforcement
Tornado Cash was sanctioned by the U.S. Treasury after allegations of money laundering surfaced following a string of recent cryptocurrency heists.
Tornado Cash is a privacy protocol on the Ethereum blockchain that anonymizes coin transactions by masking transaction hashes and wallet information. In that sense, the protocol is akin to privacy coins like Monero and Zcash.
The protocol has been accused of facilitating the $455 million hack of Axie Infinity’s Ronin bridge by North Korea’s state-sponsored Lazarus Group.
The sanction stirred a lot of concerns in the crypto community. Many people are worried that this could create a slippery slope for Web3 privacy and precipitate an existential crisis for the space. Since Web3 envisions a decentralized ecosystem, the erosion of privacy could result in the same centralized internet that crypto enthusiasts lament.
On August 10, the arrest of a Tornado Cash developer in the Netherlands further shocked the community because it opened the door to broader questions about cross-border jurisdictions in the crypto space. Crypto enthusiasts are now asking the question: f the sanction is enforced by the U.S., then why was there an arrest made on foreign soil?
2. Circle blocks USDC accounts
Regulatory clampdown fears started to dominate the space immediately after the Tornado Cash ban. For example, Circle, the issuer of USD Coin (USDC), froze $75,000 worth of USDC tokens that belong to Tornado Cash users.
The decision similarly provoked widespread debates in the crypto community. Many people expressed their concern that corporate intrusion has eroded the cryptocurrency ethos of privacy and decentralization.
Following Circle’s account freezes, crypto users transferred $1.6 billion from USDC to rival stablecoin, Tether (USDT).
Tether’s approach might be paying off for now, but if the U.S. Treasury releases more specific guidelines around stablecoin issuance, the tides could turn in Circle’s favor.
3. Tether refuses to ban Tornado Cash addresses
In contrast to Circle, Tether is not blacklisting crypto wallets associated with Tornado Cash, according to data from Dune Analytics.
The company stated that it will not ban addresses associated with Tornado Cash “until the U.S. Treasury Department’s Office of Foreign Asset Control (OFAC) says otherwise.”
Tether’s CTO, Paolo Ardoino added that it’s unclear whether Tether, as a Hong Kong-based company, is required to comply with U.S. Treasury sanction rules.
In the meantime, Tether is getting ready to be audited by BDO, one of the top five global auditing firms to alleviate widespread criticisms about its reserves backing the USDT stablecoin.
4. Mass liquidation hazard for BAYC NFTs
The crypto ecosystem has recently seen the emergence of new lending platforms that offer loans in return for NFT collaterals. According to crypto analyst DoubleQ, many of these platforms have become illiquid as the floor prices for NFT collections have tanked.
BendDAO, a prominent lending platform for Bored Ape Yacht Club (BAYC) NFT collaterals, makes the most of the headlines for this anticipated liquidity crisis.
There are currently 20 BAYC NFTs on the platform with a health factor of less than 1.1 and dozens more under 1.2. Fears related to low health factors resulted in liquidity providers removing the majority of the wrapped Ethereum (wETH) tokens they had been providing to the protocol.
According to researcher NFTStatistics.eth, there are only 15 wETH left on BendDAO in return for the 15,000 ETH deposited to the protocol to buy NFTs on leverage. This could potentially trigger the liquidation of approximately $55 million worth of BAYC NFTs.
&
To keep up with the critical news and events in the cryptocurrency space, follow our weekly CEX.IO Ecosystem Updates on our blog.
CEX.IO Ecosystem Updates are published every Thursday and provide highly detailed reviews about the price action of Bitcoin and Ethereum, as well as their on-chain activities. Additionally, each update provides a brief synopsis of critical industry events and developments impacting major altcoins.
To further develop your crypto trading skills on top of receiving the best market insights, stop by CEX.IO University.
Disclaimer: Information provided by CEX.IO is not intended to be, nor should it be construed as financial, tax or legal advice. The risk of loss in trading or holding digital assets can be substantial. You should carefully consider whether interacting with, holding, or trading digital assets is suitable for you in light of the risk involved and your financial condition. You should take into consideration your level of experience and seek independent advice if necessary regarding your specific circumstances. CEX.IO is not engaged in the offer, sale, or trading of securities. Please refer to the Terms of Use for more details.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments