Binance vs. Ethereum War Continues; Here's How to Prepare
For months, rumors have circulated around the cryptosphere regarding Binance delisting the second most popular cryptocurrency in the world, Ethereum. While we’ve yet to see the fruits of those rumors, analysts suggest this is the beginning of a crypto war between Binance and Ethereum that will change the crypto market indefinitely. From YouHodler’s point of view, we’ll do a deep dive on this debate and also mention how this news could affect your ETH loan capabilities.
Binance wages “silent attack” on Ethereum
Ethereum is under a silent attack over recent months on the crypto exchange Binance. While they haven’t outright removed ETH from their exchange, Binance is effectively putting “crypto sanctions” on Ethereum by refusing to list new tokens against ETH on the platform. In some other cases, Binance is even removing pre-existing ETH trading pairs.
Behind the scenes, Binance Chain continues to attract Ethereum-based projects to move to its own blockchain with a new promise. A promise of an exchange listing they thought was previously unobtainable. For example, from February - April 2019, Binance listed Ontology Gas (ONG), Celer Token (CELR) and Cosmos (ATOM). All three have BNB, BTC, and USDT trading pairs with no sign of Ethereum pairs despite ETH being the third most traded cryptocurrency in the world.
Binance Chain vs. Ethereum Chain
Even with Binance founder Changpeng Zhao denying the exchange’s role in these aforementioned behaviors, it’s clear Binance Chain is making moves to overcome Ethereum in the coming years. Binance is already the worlds’ top exchange with a user base that continues to grow. Using this massive influence, Binance is attempting to leverage their popularity in order to get people to migrate from Ethereum over to Binance Chain.
Just as a search engine like Google can manipulate their results to dictate the success of a given website, Binance can use token listings and pairings to effectively make any crypto obsolete. Whether this is an abuse of power or not is another discussion but more importantly, how will it affect the price of ETH and your ETH loan abilities on YouHodler?
How an ETH loan on YouHodler can protect your portfolio from delisting
Regardless of what happens to the future of Ethereum, there are still ways to prepare your portfolio and avoid the negative impact of Binance’s manipulative tactics. If ETH makes up the bulk of your assets right now, then YouHodler recommends not to sell in panic. Instead, use ETH as collateral for an ETH loan.
You can then use the funds from this loan to buy more crypto and diversify your portfolio in the case of an ETH price collapse. Also, when you pay back your loan, you still have your ETH assets in the event the platform perseveres this conflict.
Either way, there are options to use an ETH loan to your advantage on YouHodler. You can also convert ETH to stable assets like USDT, PAX, USDC, TUSD or any of our available crypto options on YouHodler (BTC, Binance Coin, ETH, XRP, XLM, LTC, BCH, BSV, DASH, EOS, REP, BAT). So visit us today to ensure your protection from all major market movements in the near future.