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With its significant trading volume, Binance, the world’s largest cryptocurrency exchange, announced the completion of the integration of the stablecoin USD Coin (USDC) into the NEAR Protocol (NEAR) network. Following this integration, users will be able to deposit and withdraw USDC on Binance through the network with much lower fees compared to networks like Ethereum and Avalanche.
Integration of USD Coin into the NEAR Protocol Network Completed
Cryptocurrency exchange Binance has announced the completion of the integration of USD Coin into the NEAR Protocol network. With the completion of the integration, USDC deposit and withdrawal operations for Binance users have been initiated.
Currently, a user wishing to withdraw funds from Binance using the NEAR Protocol network is required to pay a transaction fee of 1 USDC, similar to networks such as Ronin, Algorand, Solana, Stellar Network, Tron, Polygon, and Arbitrum One. On the other hand, the fee is 15 USDC for the Ethereum network and 4.59 USDC for the AVAX C-Chain.
Binance’s move is highly valuable for the altcoin project NEAR Protocol, which has the potential to increase network usage.
What is NEAR Protocol?
NEAR Protocol is a Layer 1 Blockchain network designed as a community-operated cloud computing platform that eliminates some limitations causing congestion in competing Blockchains, such as slow transaction speeds, low efficiency, and poor interoperability. The network provides an ideal environment for decentralized applications (dApps) and offers a developer and user-friendly platform. For example, NEAR Protocol uses human-readable account names instead of the cryptographic wallet addresses commonly found on Ethereum. NEAR Protocol also offers unique solutions to scaling issues and has adopted its own consensus mechanism called “Doomslug”.
NEAR Protocol is developed by the community known as NEAR Collective, which updates the initial code and publishes updates to the ecosystem. The declared purpose of this community is to create a platform secure enough to manage high-value assets like money or identity and performant enough to be useful for ordinary people.
Flux, a protocol that allows developers to create markets based on assets, commodities, and real-world events, and Mintbase, an NFT minting platform, are examples of projects built on NEAR Protocol. The native asset of NEAR Protocol is NEAR.
