In response to customer demand, the leading cryptocurrency exchange offers Binance started commercial support for the Steem (STEEM) fork Hive (HIVE) on April 27th..
HIVE can now be traded against Bitcoin (BTC), Tether (USDT) and Binance Coin (BNB).Withdrawals and deposits will not be activated until April 29th.
While the support that Huobi, recently launched for HIVE, grew over 600% in three dayswho have announced the announcement of Binance appears to have led to a decline in retreat, with HIVE falling 20% from $ 0.95 to $ 0.75 in the past 11 hours.
Binance includes HIVE after controversy
The announcement comes a month after Binance and Huobi have mobilized customer funds to help Tron founder and new owner of Steemit Inc, Justin Sun, in their apparent attempt to take over the Steem network.
However The exchanges claimed that Justin Sun misled them about the nature of the vote and quickly withdrew their votes. CZ claims that he was informed of an upcoming update that he had supported.
In the explanations below, CZ warned Sun and said:
“Justin didn’t really talk to me about it. My internal team said it was a necessary network update, so I told him to keep going. There are network updates all the time, and we always support it.”
CZ went on to say, “I told you straight away, tell the community what you’re trying to do and get support first, then do it. Transparency works.”.
The obvious takeover leads to Steem’s resignation
In an interview with Cointelegraph, CEO of OpenOrchard and ex-communications director at Steemit Inc., Andrew Levine said that the situation in which Huobi and Binance supported Sun’s inauguration triggered his resignation.
“It became unbearable when we saw what happened to the exchanges. It was an event with black swans for us,” said Levine, and continued:
“When I saw that the exchange was involved in governance, not just the exchange, it really shook our idea of blockchain space. It really affected us massively.”
Former Steem developer ready to leave the past behind
When asked how he would feel if HIVE were included in Huobi and Binance, the developer said:
“I have no problem with Hive showing up on these exchanges. You always want to have your tokens on the exchanges. There are customers there. There are people who want your token. You want your users to have options.”
Levine noted that the situation involved an “extremely rare event” and also acknowledged that Steem’s “confusing” delegated test governance model played a role in facilitating the acquisition. He said:
“If there is an exchange out there where executives monitor hundreds of tokens, each with their own crazy governance models, this should be taken into account at the start: ‘Hey, people won’t understand the nuances of it.'”
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