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Binance Ends Support for BUSD Stablecoin: What It Means for Users and the Future of Stablecoins

Binance, one of the largest cryptocurrency exchanges in the world, has made the decision to end support for its Binance USD (BUSD) stablecoin. This move comes after Paxos, the company responsible for minting new BUSD coins, announced that it would be halting its operations. The transition is set to take place on December 15th, and it will have significant implications for users of the BUSD stablecoin. Automatic Conversion to First Digital USD Starting on December 31st, many users' BUSD balances on Binance will be automatically converted into First Digital USD. This conversion will take place seamlessly, and users will not be required to take any action. The transition is designed to ensure a smooth and uninterrupted experience for BUSD users. Implications for BUSD Users While the automatic conversion should minimize any disruption for BUSD users, it is important for them to be aware of the implications of this change. Once their BUSD balances are converted into First Digital US
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Produced by Daniel Aharonoff & Mogul Media AI

NFT-Optimized Palm Network: Transitioning to Polygon ZK Supernet for Enhanced Accessibility and Scalability

NFT-Optimized Palm Network to Become a Polygon ZK Supernet

By EthDan

July 27, 2023 - Nonfungible token-focused blockchain Palm Network is set to undergo a significant transformation as it transitions into becoming a customized Polygon blockchain. This move is expected to enhance accessibility for users and pave the way for a more robust and scalable network.

A Transition to Proof-of-Stake

One of the key developments on the horizon for Palm Network is the transition from its current Ethereum sidechain to a proof-of-stake network. This transition is scheduled to take place in August of this year. By embracing proof-of-stake, Palm Network aims to increase the efficiency and sustainability of its operations while reducing energy consumption.

Becoming a Full-Fledged Layer 2

In addition to the shift to proof-of-stake, Palm Network has ambitious plans to become a full-fledged layer 2 solution based on Polygon's zero-knowledge protocol. This transition is expected to take place in 2024 and is set to further enhance the scalability and functionality of the network.

The Benefits of the Transition

The decision to become a customized Polygon blockchain brings several benefits to Palm Network and its users. Some of the key advantages include:

  • Enhanced Scalability: By leveraging Polygon's zero-knowledge protocol, Palm Network will be able to handle a significantly higher number of transactions per second. This increased scalability is crucial for the growing demand in the NFT market, where transaction volumes have been soaring.

  • Lower Transaction Fees: The transition to a customized Polygon blockchain is expected to result in lower transaction fees for Palm Network users. This reduction in fees can make NFTs more accessible to a wider audience and encourage greater participation in the ecosystem.

  • Interoperability: As a part of the Polygon ecosystem, Palm Network will benefit from enhanced interoperability with other blockchains and decentralized applications. This interconnectedness can foster innovation and collaboration within the broader blockchain ecosystem.

The Future of NFTs on Palm Network

With its transition to a Polygon ZK Supernet, Palm Network is positioning itself as a leading player in the NFT space. The combination of enhanced scalability, lower transaction fees, and increased interoperability sets the stage for a vibrant and thriving NFT marketplace on the network.

As the NFT market continues to grow and evolve, Palm Network's optimized infrastructure will provide a solid foundation for creators, collectors, and enthusiasts alike. The transition to a customized Polygon blockchain marks a significant milestone in Palm Network's journey towards becoming a go-to platform for NFTs.

Final Thoughts

Palm Network's decision to become a Polygon ZK Supernet is a strategic move that aims to address the scalability and accessibility challenges faced by the NFT ecosystem. By embracing proof-of-stake and leveraging Polygon's zero-knowledge protocol, Palm Network is poised to offer users a more efficient, cost-effective, and interconnected experience.

As the transition unfolds, it will be interesting to see how Palm Network evolves and how it positions itself in the competitive NFT landscape. With its optimized infrastructure and commitment to innovation, Palm Network has the potential to become a driving force in the NFT space, providing users with a seamless and immersive experience.

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