DeFi Platform Nostra Halts Borrowing Following Price Feed Issue
Decentralized finance (DeFi) platform Nostra has temporarily halted borrowing services due to a price feed malfunction. The issue impacted the accuracy of asset valuations, prompting the platform to pause borrowing activities to protect users and maintain system integrity.
BNB Chain Launches $100M Liquidity Program
In related DeFi news, BNB Chain has announced a $100 million liquidity incentive program aimed at boosting liquidity for native projects listed on centralized exchanges (CEXs).
The initiative, announced on March 24, will distribute incentives primarily in BNB tokens to projects successfully listed on any of 11 specified major exchanges.
- The program will initially run for a three-month trial period.
- Projects must have at least a $5 million market capitalization and $1 million daily trading volume to qualify.
- Rewards vary based on the prominence of the exchange, with the largest incentives ($500,000 in permanent liquidity) reserved for listings on major platforms like Binance and Coinbase.
- Liquidity incentives may include non-withdrawable BNB tokens or two-sided liquidity involving project token purchases.
This follows two earlier, smaller liquidity programs by BNB Chain, each allocating $4.4 million to incentivize listings of memecoins and other ecosystem projects.
BNB Chain’s Market Position
Currently, BNB Chain ranks fourth among blockchain networks by total value locked (TVL), with approximately $5.4 billion, according to DefiLlama data. Ethereum and Solana lead the market with TVLs of around $46 billion and $7 billion, respectively.
BNB Chain is affiliated with Binance, the world’s largest cryptocurrency exchange. Recently, Binance has faced scrutiny, including a $4.3 billion penalty in 2023 related to anti-money laundering compliance issues.
Former Binance CEO Changpeng “CZ” Zhao has denied recent reports suggesting a potential acquisition of Binance.US by entities affiliated with former U.S. President Donald Trump.
