Happy Friday! Binance Bytes is an initiative by the Research team to provide a quick round-up of the week.
Highlights 🧵:
1/ Tether announced the launch of a stablecoin pegged to the UAE Dirham, in collaboration with Phoenix Group PLC. The Dirham-pegged token will adhere to Tether’s reserve standards, ensuring stability and confidence in its value, and will seek licensing under the UAE Central Bank’s Payment Token Services Regulation. Paolo Ardoino, CEO of Tether, emphasized the significance of this addition while highlighting the UAE’s growing status as a global economic hub.
2/ Arbitrum DAO has approved a preliminary proposal to introduce ARB token staking and enhance its utility, with 91% approval from over 25,000 participants. The initiative will allow ARB token holders to stake and delegate their tokens in exchange for a liquid staked ARB token (stARB), enabling auto-compounding of rewards and DeFi compatibility. The staking mechanism will use Tally’s system, customized for Arbitrum’s governance, and will reward active delegates based on a Karma Score.
3/ Magic Eden has announced the launch of its ecosystem token $ME, which is set to enhance user incentives and support cross-chain digital asset trading. The $ME token can be claimed exclusively through the Magic Eden Wallet and aims to advance cross-chain protocols and community-led governance, with further details on its utility and tokenomics to be revealed later.
