Refinable, which describes itself as the “first major NFT marketplace on BSC” has joined the Most Valuable Builder (MVB) II program hosted by Binance. The MVB accelerator program is designed to offer support, funding, and exposure for projects building on Binance Smart Chain. Previously successful MVB participants such as PancakeBunny have gone on to have huge success within the BSC ecosystem.
Refinable is an NFT marketplace on BSC which enables creators and collectors to create, discover, trade, and leverage NFTs in an easily navigable environment. The ecosystem is supported by $FINE, a multi-purpose token for settling transactions and community voting, which also confers unique benefits such as discounted platform commissions and increased distribution and royalty limits.
Refinable’s acceptance into round two of the MVB should provide the company with an opportunity to scale to even greater heights. Winning the accelerator program would certainly define Refinable as an illustrious company. The first projects that won support from Binance were AutoFarm, PancakeBunny, and Beefy.finance. All three sites have gone on to achieve great success within the BSC ecosystem. The distinctive status as MVB winners helps to drive additional community interest and traffic their way. AutoFarm and Beefy.finance have since been listed on Binance.com, and PancakeBunny received $1.6 million in investment from Binance Labs.
For this round of the MVB, Binance is focusing specifically on innovative NFT and DeFi projects. With the MVB round opening on May 1st and closing on July 22nd any interested parties can still apply for consideration. Further details on applying for the scheme can be found here.
Users keen on NFTs are increasingly well served on Binance Smart Chain. Major exchanges such as PancakeSwap and BakerySwap both have their own NFT marketplaces, with PancakeSwap focusing on rabbit-themed NFTs and BakerySwap including gamified elements. The addition of Refinable, which is solely focused on the sector and offers a custom-built dedicated NFT marketplace, means that the options available to NFT creators and collectors continue to improve.
The admission of Refinable into MVB II is a fantastic opportunity for the upcoming NFT marketplace. While the competition within this sector is heating up, winning the support and approval of BSC would give the platform a significant boost.
The People’s Republic Bank of China (PBoC), the regulatory body that governs the financial sector in China, recently released a statement reiterating its stance on the 2017 regulation. This regulation prevents financial institutions from providing banking and settlement services for crypto-related transactions. The purpose identified by the central bank is the risk of virtual currencies disrupting normal economic and financial order, illegal cross-border transfer of assets, money laundering and other illegal and criminal activities.
The central bank now requires banks and payment institutions to implement a few regulatory requirements earnestly as part of their customer identification obligations to mitigate financial risks associated with virtual currencies. Upon identification, such categories of customers must not be allowed to open accounts or to participate in activities that involve virtual currencies through the mainstream financial institutions.
The present concern is a real one although the regulation has been around since 2017. The increased effort and scrutiny by the authorities in identifying crypto related transactions is telling of the Chinese government’s firm stand against such activities. The comprehensiveness of its monitoring mechanism to identify and track such activities is crippling the domestic crypto market.
Despite shutting down its domestic crypto exchanges and making crypto ownership increasingly difficult, China allows crypto ownership. Citing the volatility of virtual currencies and price manipulation, the Chinese government has been consistently adopting a hostile relationship with crypto assets. Despite such harsh treatment towards crypto assets, the regulation and policy surrounding blockchain related development has been a totally different treatment.
The Chinese government has been making its own roadmap for adoption of blockchain technology. Recognising the need to be competitive, the two main areas that have been identified for blockchain adoption are economy and finance. This has been revealed through a document officially released by its Ministry of Industry and Information Technology.
This preferential treatment seems to lead to one conclusion: the ease of transfer of value that virtual currencies can facilitate is destabilizing to the Chinese financial system. Therefore from the list of concerns outlined by the central bank the targeted approach seems to have its focus on cross border transfer of assets. Physical assets or fiat currencies are easily regulated by the existing framework of governance. Even if it slips regulatory safeguards, it is traceable, hence the granting of autonomy to crypto assets owners can be quite concerning.
China, just like other sovereign nations, is starting to see the benefits of digital currencies. However, these digital currencies must be controlled by the sovereign state’s governing body. In most cases, it is the central bank. The recent clampdown and tightening of the regulatory noose is a knee jerk reaction from the state’s own initiative in launching its digital yuan.
In a recent development, the state owned bank, Industrial and Commercial Bank of China has allowed for conversion between the digital currency and the physical currency. Real world trials are ongoing as China is preparing to launch a nationwide adoption of the digital currency. Crypto assets that can play the role of a digital currency are seen as a threat that will invariably dilute the use of the digital yuan. In order to be coherent and consistent in its regulatory enforcement, the ban and enforcement that is currently taking place cannot be seen to discriminate against the type of crypto asset.
The crypto market continues to wean itself from relying on China, resources and focus are slowly shifting to more pro crypto nations. Since the adoption of Bitcoin as legal tender in El Salvador, initiatives are now focussed on renewable geothermal energy for Bitcoin Mining.The current devaluation of crypto assets is painful but there is a silver lining in the clouds.
The Southeast Asia (SEA) event concluded on May 30, 2021, followed by the Binance announcement of the top 5 winners in various categories on June the 5th. The event was made possible through BSC network sponsoring Dorahacks, a global Hackathon organizer.
The event raised $27,394 in funding, which was distributed to the top 5 participating projects. The event comprised 31 teams from Singapore, Vietnam, Malaysia, Hong Kong, and Taiwan, all of whom submitted their project application for the Hackathon program.
Following the official end on May 30, a 5-day grace period for the anti-Sybil attack detection and vote analysis commenced. Finally, the team posted the final matching pool distribution result on June 5. The top 5 projects include XCarnival, Bami Defi, Spherium Finance, Project ARK, and Sota Platform. The following reviews of the winning projects of the Hackathon were obtained from the BSC recap blog.
Project ARK is the world’s first carbon-neutral NFT marketplace for rare digital collectibles. They directly fund animal and environmental conservation efforts worldwide. The projects mission is to connect passionate artists with purpose-driven buyers to support international NGOs like the World Wildlife Fund (WWF) and organizations related to the environment.
The protocol signed a partnership with the WWF. Its first-issued NFTs will directly fund community-driven conservations creating collective rewards systems that turn communities into conservationists. In addition, the protocol has signed over 150+ artists from around the world, including Emmy award filmmakers, famous recording artists, and even the IP owner of Pokemon. To learn more about Project ARK, visit Hackerlink.
The India-based protocol is a mobile-first cross-chain wallet that optimizes the returns on crypto-assets while minimizing the risks involved within the transactions. The team plans to bring DeFi to the masses by making it a more user-friendly and all-in-one concept.
Its dApp is currently compatible with BSC and Ethereum networks. They plan to move to Polygon Layer 2 to optimize speed, scalability and reduce transaction costs for users. The protocol is not bounded by one chain, and provision for listing projects to achieve cross chain is made possible by the integration of bridges which can help move tokens from one chain to another. To learn more about Spherium Finance, check Hackerlink.
Bami is a Vietnamese DeFi project seeking to leverage the financial viability of DeFi. It’s an economic city in which the currency will be BAMI (Bami native token). In Bami city, the citizens (users) use BAMI for trades, exchanges, investments, including Bami Dashboard, Bami Exchange, Bami Lend, Bami Portfolio, Bami Pay, NFT.
Bami sees DeFi as a service and have implemented a multichain financial application that aims to bring permissionless money solutions to the mass, built to integrate interchain solutions in savings, payment, trading, money market, etc. The team has expressed in the Hackathon its intention to focus on the Vietnamese market in the early phase but has plans to move to the international market. The protocol will be open-sourced, and its governance will be by the community. To learn more about Bami DeFi, kindly check out its Hackerlink.
Sota Platform is a Vietnamese-owned project that concentrates solely on the creation, sales, and distribution of NFTs. The platform will be on multichain with a start being on BSC and a gradual move to HECO chain and other chains in the future.
The team joins four others to become part of the SEA hackathon program 2021. To learn more about Sota Platform, check out its Hackerlink.
XCarnival took the first position in the Hackathon event. Experts involved in establishing the new Generation Synthetic Assets Aggregator for everyone in the DeFi and blockchain space are from Australia, the United States, and China. The CEO is a serial entrepreneur, an expert in DeFi, and a well-respected influencer in the blockchain space.
The protocol aims to bring down entry barriers for users by providing new products that are easy to use and maximizing the platform’s liquidity.
XCarnival presented four products in the Hackathon, including;
To learn more about XCarnival, visits the weblink.
Other participating teams in the Hackathon events include; Wooracle, Uptick, Deri Protocol, Hashtagger, Evolution Land, TrustFi network, etc. Visit the BSC recap page to learn more details about each team.
The BSC team extended their thanks to partners of the event, including Bifrost, DeBank, dForce, ETCLabs, Loopring, OKExChain, AngelONE, Solana, Konomi, Collinstar, Coinbene, YBB, SevenX for sponsoring and supporting this event.
It also extends its gratitude towards Blockchain&Dapps, Ethereum Singapore, Blockchain @NTU, Polkadot Singapore, Taiwan Blockchain Academia, NUS Fintech Society, Paulus from Clovers Ventures, NGC, Signum Capital, LongHash Ventures, Pendle, CMS, and IOSG for their help and participation.
DoraHacks Global Hackathon series is going on to host the US Crypto Summer Hackathon (online) via Hackerlink. It's the hope of the community that the sequence of events can help more open source developers to enrich their ideas and projects and build valuable blockchain products that will benefit more users.
The addition of Refinable to the MVB program should bring big things for the NFT marketplace
Refinable, which describes itself as the “first major NFT marketplace on BSC” has joined the Most Valuable Builder (MVB) II program hosted by Binance. The MVB accelerator program is designed to offer support, funding, and exposure for projects building on Binance Smart Chain. Previously successful MVB participants such as PancakeBunny have gone on to have huge success within the BSC ecosystem.
Refinable is an NFT marketplace on BSC which enables creators and collectors to create, discover, trade, and leverage NFTs in an easily navigable environment. The ecosystem is supported by $FINE, a multi-purpose token for settling transactions and community voting, which also confers unique benefits such as discounted platform commissions and increased distribution and royalty limits.
Refinable’s acceptance into round two of the MVB should provide the company with an opportunity to scale to even greater heights. Winning the accelerator program would certainly define Refinable as an illustrious company. The first projects that won support from Binance were AutoFarm, PancakeBunny, and Beefy.finance. All three sites have gone on to achieve great success within the BSC ecosystem. The distinctive status as MVB winners helps to drive additional community interest and traffic their way. AutoFarm and Beefy.finance have since been listed on Binance.com, and PancakeBunny received $1.6 million in investment from Binance Labs.
For this round of the MVB, Binance is focusing specifically on innovative NFT and DeFi projects. With the MVB round opening on May 1st and closing on July 22nd any interested parties can still apply for consideration. Further details on applying for the scheme can be found here.
Users keen on NFTs are increasingly well served on Binance Smart Chain. Major exchanges such as PancakeSwap and BakerySwap both have their own NFT marketplaces, with PancakeSwap focusing on rabbit-themed NFTs and BakerySwap including gamified elements. The addition of Refinable, which is solely focused on the sector and offers a custom-built dedicated NFT marketplace, means that the options available to NFT creators and collectors continue to improve.
The admission of Refinable into MVB II is a fantastic opportunity for the upcoming NFT marketplace. While the competition within this sector is heating up, winning the support and approval of BSC would give the platform a significant boost.
