KeyTakeaways:
- Binance supports new trading pairs for PHA, STEEM, and USUAL.
- Phala Network launches Ethereum Layer 2 to enhance privacy and scalability.
- The broader crypto market downturn impacts the performance of these coins.
Binance has extended its support for Phala Network (PHA), Steem (STEEM), and Usual (USUAL) by introducing new trading pairs. The exchange added the PHA/USDC, STEEM/USDC, USUAL/USDC, and PLN/USDC pairs, available from January 10, 08:00 (UTC).
The update also includes trading bot services for these pairs, allowing users to employ advanced strategies within Binance’s Spot market.
While the launch of these new pairs comes during increased market volatility, the expansion is expected to improve user engagement. Despite the added support, the crypto market sentiment remains bearish, with Bitcoin recently dipping below the $92K threshold.
Moreover, the newly supported coins, including PHA, STEEM, and USUAL, have seen their prices decline. Phala Network (PHA) has experienced a 13% drop in the last 24 hours, while Steem and Usual have similarly faced price reductions.
Additionally, Binance’s announcement introduced the PLN/USDC pair, representing the Polish Zloty, a fiat currency, making it more accessible for international traders. However, due to regulatory constraints, users from certain restricted regions, including the United States, Canada, and North Korea, will not be able to access these pairs.
Phala Network’s Ethereum Layer 2 Launch Bolsters Ecosystem
Phala Network (PHA) has also made strides by launching its Layer 2 solution on Ethereum. The integration, developed in collaboration with Succinct Labs and Conduit, uses OP Succinct technology, combining optimistic and zero-knowledge proofs to improve scalability and efficiency.
This expansion allows Phala to tap into Ethereum’s massive user base while offering advanced cryptographic computing solutions for decentralized applications.
The new Ethereum-based Layer 2 solution introduces Trusted Execution Environment (TEE) technology, providing secure and private smart contract execution. Phala’s efforts to scale AI and enhance privacy have been well-received, triggering notable interest in the project.
The launch of Phala’s perpetual contract on Binance recently led to a 300% surge in its price, reflecting growing confidence in its innovative approach.
