Binance Freezes 12 Billion TRX, Votes Itself Into TRON Super Representative Top-Spot
Evidently Justin Sun believes this is a positive development that an entity voted themselves in thanks to their depositors tokens.
To me it seems wrong, just because you have tokens on a binance exchange doesn’t mean you want to vote and least of all for binance. Considering the percentage of votes they had i seriously doubt there was an opt in feature let alone an option for who to vote for, the fact that they are disbursing some rewards is irrelevant imho… even if TRON is all about the money… i see this as vote buying and paying it off with network rewards, if im reading this right then binance should be ashamed of this behaviour, i hope the market punishes them
so these tokens are now frozen meaning they can no longer be traded, so they’ve probably set aside a certain amount of tokens for their customers to trade in the mean time, or perhaps these are exactly the reason for locking up tokens in their token lending/interest payments scheme
anyone considering taking interest from binance should have a good think about it
if we as a community don’t force exchanges to use enterprise addresses by threatening not use their services due to lack of transparency then this will happen to cardano as well, very bad juju imho
Yes exactly. We need to encourage decentralization not centralization of power.
but perhaps there is a way to incentivize enterprise addresses - what if enterprise addresses enabled users to stake from the exchange
Such a feature would offer a competitive advantage to exchanges who implement this feature over competing exchanges who do not. Those exchanges who don’t could try and counter this with a lending/interest scheme like binance but such a lending scheme can’t lock tokens for any period of time for it to be a viable alternative for ada holders and especially traders - who make up the bulk of ADA tokens at exchanges.
how beneficial would a lending/interest scheme without locking up tokens be for an exchange? i don’t know but it would certainly make it a far less attractive prospect for them, it could very well be the difference between making such a system profitable
but the main idea is that if users can stake from the exchange via an enterprise address then there is a much less ADA available for the exchange to stake themselves.
an enterprise address could act as a ledger containing all ADA holders at the exchange and their corresponding ADA. This enterprise address can then leverage the users ability to stake their ADA how they wish directly from the exchange.
this could enable the exchange to still co-mingle funds and facilitate exchange services like trading, shorting and lending with their clients ADA, these enterprise addresses could work like a sidechain with its “firewall” feature providing a 1 to 1 in/out relationship with their equivalent tokens on the cardano SL