Binance loses 4% of it's firm value in less than two months, which crypto exchange is still safe?

Binance CEO, Changpeng Zhao, continues to downplay reports of large outflows from the world's largest cryptocurrency exchange.

#1 A Nansen report revealed that Binance lost more than USD$3.6 billion last month

Nansen published a report on Binance on 13th December 2022, indicating that the Cryptocurrency exchange had lost around USD$3.6 billion - after seeing outflows of more than 8.7 billion, with a inflow of 5.1 billion. This amounted to around 4% of the firm's total, at the time.

Binance's current exchange reserve stands at an estimated 56 billion total, according to the exchange reserves dashboard on Nansen. The next two exchanges are OKX and Crypto.com, standing only at a reported 6.5B and 3.2B respectively according to Nansen data. This further shows Binance's current monopoly over the current crypto markets.

Nansen's dashboard allows users to see the latest financial trends in Blockchain, including the global exchanges

#2 According to Forbes, Binance's performance has also declined rapidly in other areas such as its coins

The decline of Binance Coin (BNB) is also significant, as BNB has lost 29% of it's value in the last two months alone and 37% in the last 12 months. Binance USD (BUSD) tokens have also reportedly sank by 40% in volume / number of tokens held by Binance.

Forbes also pointed out that Binance's decision to stop charging fees for spot bitcoin trading during the market downturn had also cost it almost USD$3 billion in revenues a year.

Binance crypto wallets holdings, with data generated from crypto data firms and compiled by Forbes.

#3 Binance's actual Bitcoin holdings may not be fully legitimate, according to research from multiple data firms

According to data combed from multiple Crypto firms such as CoinMarketCap and CER.LIVE, Binance's bitcoin (BTC) holdings reportedly range from $4.3 billion to $9.9 billion respectively based on the two firm's findings.

CoinMarketCap and CER.Live's BTC holdings for Binance can be found above respectively

There is also the possibility that the data companies did not manage to comb all of Binance's wallets, with CoinMarketCap listing only around 248,000 BTC held by Binance while CER.Live estimated a much higher estimate of 570,000 BTC - an alarming disparity of almost 56% between the two data firms.

PG launches fusion for Gen2 holders, what's next for 2023?

It has been almost a year since the newly rebranded PG (previously known as Project Godjira) initially launched their Genesis 1 collection with a 333 supply, around February 2022.

What's next for the future of PG holders? The Asian Mint reports.

#1 Fusion adds much-needed utility for PG Gen 2 holders

PG announced a concept called "Fusion" on 2nd January 2023, with 450 fused NFTs available on the Fusion website (Priced at 1750$ JIRA each) and 450 fused NFTs available to reserve on the Jiraxchange (Priced at 1750 $JIRAX each).

Owning a JiraVox gives you a 100 $JIRA discount when fusing on the website - with a maximum discount of 500 $JIRA tokens if you own 5 JiraVox tokens.

In terms of Fusion NFT utility, holders will unlock the following:

  • Revenue sharing of 10% for successful referrals of NFT Projects to PG Services
  • Participate in PG's Web3 incubator called "Faction DAOs", giving access to their network, capital and advisory services
  • Increased whitelist allocations
  • Pledge Mint Access: Lock in your mint for a guaranteed spot, in a Launchpad or PG Consulting project. Holders can prepay with this option, in ETH
  • Access to PG's partners ecosystem, such as unique tools, token drops and exclusive servers
    -> Some of PG's partners include 3VERSE, INFINIT3 STUDIOS etc
  • Fused NFTs will generate 16 $JIRAX per day
  • 1 more Fusion-related announcement in Q1 2023
Preview of PG's Fusion NFT and one of the factions called "Legion"

#2 What are the key differences between $JIRA and $JIRAX?

Initially, the team launched with the $JIRA token via staking but reportedly encountered multiple legal issues which caused them to pivot.

After feedback from the community, the PG team subsequently launched $JIRAX - a new off-chain token to be used in their gasless marketplace, saving gas fees in the process.

Holders of $JIRA can also convert it to $JIRAX for purchases in PG's gas-less marketplace, which promises instant transactions and no hidden costs to users.

#3 Their Genesis 1 collection once crossed 20 ETH

On April 18 2022, the PG Genesis 1 collection recorded an ATH sale of 20.6 ETH - the first time the collection had crossed that milestone which made it one of the few collections to cross 20 ETH last year along with an exclusive group of Blue-chips such as Bored Ape Yacht Club, MoonCats and Azuki.

One of the most talked-about collections in 2022, PG's 333 Gen 1 collection currently hovers around a 7 - 8 ETH floor price today

Since then, floor prices have corrected more than 50% across all PG collections below as of 11th January 2023.

  • Gen 1: 7.95 ETH
  • Gen 2: 0.75 ETH
  • Jiraverse: 0.0137 ETH
  • Jiravox: 0.0199 ETH

Will fusion and other updates in 2023 see PG's floor prices increase again across all their collections? The Asian Mint has reached out to project founder, Shan for comment but he has not replied at the time of this post.

The Asian Mint will continue to follow the progress of PG closely and provide future reports in 2023.

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3-pointer news: 0N1 Force crosses 1 ETH floor price, sees mini revival in January 2023

Almost 2 years on from it's initial announcement around July 2021, 0N1 Force once belonged in an exclusive group of projects which managed to cross a 5 ETH floor price in 2021.

What has happened to the project since then? The Asian Mint reports.

#1 0N1 Force faltered shortly after a successful mint event in 2021

One of the big stories coming out of the NFT space in 2021 was the debut of 0N1 Force, an anime-inspired NFT which received huge hype and attention globally. An Indonesian artist, IMCMPLX created 100 hand-drawn attributes to be featured in the 7777 generative collection - which was launched only just 5 months after the Bored Ape Yacht Club.

The last time 0N1 Force crossed a 1 ETH floor price was approximately a year ago around February 2022, according to sales data from OpenSea.

Evan Tan, a well-known NFT Influencer, shared his view on the future of the 0N1 Force project: "To put it simply, the original, previous and current management is and was essentially a dumpster fire. So any change of management or hiring someone with a fresh take at the helm could revive the otherwise dying project."

Evan Tan is a highly regarded NFT Collector based in Indonesia, who is still currently holding four 0N1 Force NFTs.

He also shared his relief on recent rumors of 0N1 Force's acquisition, "Rumors of the project being acquired probably provided some sense of relief and hope for most holders. Many of us are just eager to see who that could be and where they could take us."

Currently, 0N1 Force is being led by Starlordy who is listed as a Project Manager (PM) on the website. He has also been the main figure pushing out announcements on the project's Discord channel since February 2022 as well, around the same time when 0N1 Force started losing trading momentum.

#2 A number of famous celebrities bought in, such as Logan Paul and Steve Aoki - but failed to sustain it's momentum

The first 0N1 Force sales was recorded on 9 August 2021. On 23 August just two weeks later, the collection was making waves - having reached an ATH price of 6.48 ETH. However by 6th December (less than 3 months later), the floor price of 0N1 Force NFTs had reached a new low of 0.75 ETH.

This period was also when Logan Paul spent around 188 WETH (Approximately ~USD$623,000 at the time) on an extremely rare Bumblebee NFT.

In July 2022, Logan Paul tweeted about how his 0N1 Force purchase was essentially written off.

However, with the 0N1 Force collection climbing back to a 1 ETH floor today, the Bumblebee NFT has now received offers of over 3 WETH (Just below USD$4,000, based on Ethereum's price today).

Besides Logan Paul, another celebrity whom was deeply invested in various NFT projects was none other than world-famous DJ, Steve Aoki.

Steve Aoki was also the project's first official "0N1 KA1", with discussions reportedly taking place on featuring 0N1 Force at his live shows and how Aoki could represent 0N1 Force as the face of the brand.

Some of the other NFT projects Steve Aoki has reportedly invested in include Bored Ape Yacht Club and Moonbirds. He is also a proponent of Gala Games and it's off-shoot, Gala Music.

Below is a list of rare 0N1 Force NFTs that were purchased for a high amount back in August to late September 2021:

  • K4M-1 #03 sold for $623.7k
  • 0N1 #2856 sold for $310.9k
  • 0N1 #3627 sold for $293.5k
  • 0N1 #1132 sold for $280.8k
  • K4M-1 #04 sold for $271.9K

Other celebrities or influential people that bought into 0N1 Force include Gary Vee, Snoop Dog, KSI, Banks (Faze Clan), Michael Le (52 million TikTok followers) and Mike Shinoda.

However after the project's initial pump, many influencers lost interest in the project after trading volume came to a grinding halt by early 2022.

#3 0N1 Force supports $APE Token through the 10KTF shop - a Yuga Labs acquisition last year

An interesting connection between 0N1 Force and the Yuga Labs ecosystem is Battle.town, a PFP platform where players can use their 10KTF Shop items which includes 0N1 Force collectibles to engage in missions.

A fellow community member "Jake.ntd" commented his support for 0N1 Force that it could be used in missions to earn $APE tokens directly on the platform.

Besides 0N1 Force, other integrated collections on the Battle.town platform outside of Yuga Labs include blue-chip collections from all over the world such as Cool Cats, Gutter Cat Gang, Pudgy Penguins, Moonbirds, Nouns, World of Women and more.

The Asian Mint will continue to keep tabs on 0N1 Force and provide more reports in the future as new developments arise.

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3-pointer news: AVIUM announces a Dota 2 Esports team, with plans for decentralization

AVIUM, a Singapore-based Web3 project, announces a newly rebranded decentralized esports arm with a new Dota 2 roster competing to be in The International, a tournament with a historical multi-million dollar prize pool.

#1 Previously announcing a Mobile Legends: Singapore roster called Slate Esports, they have now rebranded their entire esports arm as "Geek Slate" with this new collaboration.

The new Dota 2 team is a joint collaboration between AVIUM and a traditional esports organization based in Malaysia, Geek Fam. AVIUM's co-founder Ivan "Alphakongz" Yeo and Geek Fam's co-founder Keat Kuang "Sheep" Lim are both regarded as veterans in the esports industry.

The Geek Slate Dota 2 roster would be competing in the Dota Pro Circuit, the official tournament circuit for professional Dota 2 teams - for a chance to qualify for the International. They will start from Division 1, which has a prize pool of over USD$200,000 and attempt to qualify for the first Dota 2 Major of the year.

The press release also noted that there will be more esport teams announced in the future under the Geek Slate brand, such as a Mobile Legends: Indonesia team and a PUBG Mobile: Malaysia roster.

#2 There have been two other Decentralised Esports projects announced in 2022 called FlareMC and BLVCKHAND.

Even though AVIUM announced Geek Slate as the first decentralised esports organization, there were at least 2 other decentralized esports organizations including BLVCKHAND and FlareMC announced last year.

Originally focused on CS:GO, FlareMC had reportedly secured a top 15 International CS:GO team (the players had over 2.5 million followers on their social channels) and had raised US$1 million from a private investor - unfortunately, the capital raise came too late and they failed to secure the premier team. Following that event, they did not have a successful mint and had to refund their community as they did not raise enough to complete their roadmap.

For BLVCKHAND, their biggest achievement was winning the Pokemon Unite: World Championship last year, winning a prize pool of US$100,000 for coming in first.

They've also announced teams in both Halo Infinite and APEX Legends - the description on their website reads as such, "BLVKHVND is creating an emerging ecosystem for onchain esports organizations. Our mission is to be the center of competition no matter where it lives."

It will be interesting to see how AVIUM sets themselves apart from the rest, especially being the only Asian-based project to venture into a potential Esports DAO so far.

#3 AVIUM's roadmap to decentralisation is still relatively unclear, even though their community is strong in Asia

During an AVIUM Twitter Spaces today, co-founder Ivan Yeo promised that value would be created through Geek Slate - connecting to the rest of the AVIUM ecosystem including the Founder's Pass and Origins collection.

When Asian Mint reached out to Ivan for more details, he mentioned that the team was working hard on the decentralized ownership of the assets through Geek Slate - but declined to reveal a specific timeline.

AVIUM's genesis mint, titled the "AVIUM Founder's pass", has seen 244 ETH of trading volume and maintained a strong floor price of 1.75 ETH at the time of writing, with less than 3% listed so far - showing that the community has a strong belief in what Yeo is building at AVIUM.

The Asian Mint will continue to follow AVIUM's progress and bring you more news on this up and coming Asian-based Web3 project and their esports decentralisation plans.

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3-pointer news: Animoca Brands targeting another US$1 billion raise in 2023

With over 240+ investments, how does Animoca Brands see the future of Web3 and find time for every company in their portfolio? The Asian Mint tuned in to a Twitter Spaces today held by Bloomberg with Animoca's executive chairman, Yat Siu.

#1 Animoca's business valuation and revenue projections mostly comes from the crypto tokens of the projects it invests in

Yat Siu mentioned that Animoca started Web3 investments back in 2018 - to date, the company has raised US$804 million according to Crunchbase.

Animoca started their Series A funding round in January and throughout the year, raised a total of 6 rounds totaling US$564.9 million - meaning more than 50% of their total investment all came in the past year alone.

In the Twitter Spaces, Yat Siu also mentioned specifically that Animoca's valuation and revenue model mostly comes from the crypto tokens of the 240+ investments they have made - mostly in Web3. Some of the earliest investments Yat Siu cited was OpenSea, Sandbox, Axie Infinity and WAX Blockchain.

30 day average active users, Sandbox and Decentraland ranks bottom in April 2022

#2 Based on Animoca's reported valuation / revenue model, the number don't seem to add up especially in a bear market

Despite the hype surrounding Sandbox and Axie infinity as two of Animoca Brands' premier investments, their monthly active users recorded in April last year did not match the highs of other AAA game titles such as Dota 2 and Counter-Strike: Global Offensive by game publisher Valve.

In April 2022, Sandbox reportedly only raked in less than 1200 monthly active users, while Axie Infinity achieved only slightly higher numbers at 107,000+ monthly active users - according to a Coindesk report.

Despite the decline in users for their top investments, Animoca Brands was still valued at a reported US$5.6 billion in their latest funding round that ended last September 2022 - just 6 months after the numbers were recorded above in a bear market.

Ultimately, Animoca Brands also takes into account NFT sales and advisory components which can be derived from the daily trading volume of the NFT Projects it has a direct stake in - Yuga Labs and Cool Cats are two of the crown jewels in its NFT portfolio, which includes collections such as the Bored Ape Yacht Club, The Otherside, Cool Cats and Cool Pets under those two brands alone.

#3 Yat Siu is reportedly pro-Binance

Another prominent point during the Spaces was Yat Siu's vocal support for Binance, backing both it's BNB token and also Binance's latest bail-out fund for Web3 companies during this bear market.

Yat Siu is a vocal supporter of CZ and Binance, the world's largest Cryptocurrency exchange.

Image credits: Bloomberg

Besides Binance, Yat Siu also mentioned his support for a number of other familiar Web3 names - such as DCG Group, which owns the Crypto website Coin Telegraph and Bitkraft Investments, a gaming and esports venture capital firm.

It will be interesting to see how Animoca Brands and it's extensive Web3 ecosystem continue to evolve throughout this bear market. The Asian Mint will continue monitoring the developing stories surrounding Animoca Brands and Yat Siu in 2023.

To listen to the full Twitter Spaces with Bloomberg feature Yat Siu, visit here.

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3-pointer news: Where did $BONK come from?

$BONK has enjoyed a steady rise over the past week, and bears remarkable comparisons to the rise of the legendary group of meme coins.

The Asian Mint has done a concise 3-point summary of $BONK and it's origins, which bears similarities to Dogecoin and Elon Musk's public support for it.

#1: $BONK only has a 1-page litepaper and was announced less than a month ago

First announced on 9th December 2022, $BONK has caught the attention of the Crypto market globally especially in the past 24 hours.

You can read $BONK's litepaper here, which includes basic tokenomics of $BONK published.

The first tweet from the "official" account, @bonk_inu

$BONK's trading history has already been listed on Binance, but it is not tradeable as of the time of writing. However, Binance has created a guide on how to purchase $BONK tokens that was added to their chart listing page. $BONK's token information is also listed on CoinMarketCap and Bybit.

Over 40 Solana NFT collections and other Solana related projects were chosen for the initial 50% airdrop of it's entire 100 Trillion supply, with the airdrop reportedly only happening last week just before news of the coin started blowing up on social media and messaging groups this past week.

Based on their three main goals, The Asian Mint can summarize their strategy in three key points similar to other Meme coins previously:

  • Announce the integration of $BONK with the top projects on Solana
  • Wait for Solana communities to buy into $BONK, to create price action and hype
  • Burn billions of $BONK tokens in the same period

#2: $BONK is not the first Solana memecoin

Samoyedcoin ($SAMO), originally branded as the first Solana dog memecoin, was announced back in April 2021.

Contrary to $BONK's description on it's website, it is not the first Solana Dog coin when taking $SAMO into account.

It's Twitter was still active in the last 24 hours, but a lack of utility after the initial hype has seen the coin lose momentum compared to it's previous ATH market cap of more than $700 million around October 2021.

Interestingly, $SAMO had revealed that it signed a market maker agreement with Alameda Research back in 2021.

#3: $BONK funds will reportedly be controlled by Solana's top-tier community

$BONK appears to be heavily connected to the Solana ecosystem, with their official Twitter announcing that Solana community members would be the ones to control the BonkDAO multisig.

Funds for the BonkDAO multisig currently are standing at 15 trillion $BONK tokens, you can view the address here.

For more information on Solana, you can also read our exclusive Case File report #1 on Solana this week where we described the challenges facing the Layer 1 blockchain and it's founder, Anatoly Yakovenko. We have reached out to Anatoly to be a guest on AM's Twitter Spaces to share more on Solana's future plans especially in 2023, but he has not replied.

The Asian Mint will continue to keep tabs on this developing story on $BONK and the Solana connection. Let us know how you feel on the Asian Mint Twitter here.