Related news indicates that the criticisms may not be deterring exchanges from adopting trans-fee mining, however.
The recently introduced “trans-fee mining” revenue monster is kicking off to switch the cryptocurrency exchange landscape, despite some criticism of the method from industry insiders.
According to CoinMarketCap, two exchanges have just slok to the top of the 24-hour trading volume rankings after rolling out trans-fee mining for users.
The gegevens shows that 24-hour trading volume on Singapore-based CoinBene is now almost $Two billion, while on Hong Kong’s Bit-Z the figure is close to $1.Five billion – both well ahead of the $1 billion te volume posted by the previous leader, Binance.
Very first featured by FCoin, a fresh exchange launched ter May by a former chief technology officer of Huobi, the trans-fee mining specimen sees crypto exchanges punt their own tokens spil a means to incentivize users to trade on the podium.
Ter Bit-Z’s example, according to its white paper, the toneelpodium plans to produce its BZ token with a capped total issuance of 300 million. For every transaction toverfee a user pays to Bit-Z ter the form of either bitcoin or ethereum, the toneel will reimburse the user 100 procent of the value te its token.
Based on announcements from the two companies, CoinBene launched its suggesting on June Legitimate, while Bit-Z commenced on Monday. Notably, the unexpected spike te trading volume seen spil a result shoved them to become the top two mundial platforms within days of their respective token issuances.
Spil previously reported by CoinDesk, one of the controversies associated with the nascent proefje is that it could incentivize users to create fake transactions using automated bots te an effort to obtain the tokens issued by exchanges.
After FCoin’s trading volume very first spiked te the last month, the Chinese cryptocurrency media, spil well spil Binance, also weighed ter with allegations that the prototype is, te essence, an initial coin suggesting (ICO) and that the token’s price could be manipulated by exchanges.
Zhao Changpeng, founder and CEO of Binance, further questioned whether the proefje is sustainable ter the long-term.
Related news indicates that the criticisms may not be deterring exchanges from adopting trans-fee mining, however. BigONE – an exchange backed by Chinese crypto investor Li Xiaolai – is also moving to adopt the monster, according to the company’s webstek.
The leader te blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a rigorous set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests ter cryptocurrencies and blockchain startups.