The Daily: Binance unveils reward-bearing asset BFUSD, Movement introduces the MOVE token and more

Happy Tuesday! In today's newsletter, Binance unveils its reward-bearing asset BFUSD, Movement introduces its MOVE token, Talus Network raises $6 million amid plans to launch a TikTok-linked 'AI dating experience' and more.

Let's get started.

Binance unveils reward-bearing asset BFUSD

Binance is set to launch BFUSD on Nov. 27, a reward-bearing margin asset that generates passive rewards by simply holding it or trading futures with it.

• The crypto exchange promises that the asset's APY "will never go below zero," protecting holders from negative returns, supported by a BFUSD Reserve Fund, initially seeded with 1 million USDT.
• Similar to Ethena's sUSDe, rewards are derived from delta hedging and staking strategies, with daily APY fluctuations influenced by market conditions.
• Users can purchase and redeem BFUSD exclusively with USDT, with fees temporarily waived during a promotional period until Dec. 26.
• However, unlike USDT, BFUSD is not a stablecoin as it cannot be withdrawn from a Binance futures account or traded on the open market, according to a spokesperson.
• "It can only be used as margin for futures trading on Binance, and redeemed with Binance for USDT stablecoin," they said.
• The Binance spokesperson claimed that, based on recent data, the theoretical APY for BFUSD has ranged between 12% and 35% during the period from Nov. 20 to Nov. 25.

Movement introduces its MOVE token

Movement developers have unveiled plans for its native MOVE token as an ERC-20 on Ethereum, with a total supply of 10 billion tokens.

• The Movement Foundation will retain 10% of the supply, with 17.5% earmarked for early contributors, 22.5% for investors, 40% for ecosystem initiatives and 10% distributed via an upcoming airdrop.
• MOVE will play key roles in paying gas fees, staking for economic security and enabling decentralized governance through proposals and voting.
• Movement is the first blockchain developed using the Move programming language, featuring proofs that settle on the Ethereum network, with its mainnet and token launch anticipated soon.

Talus Network raises $6 million, plans TikTok-linked 'AI dating experience'

Talus Network has raised $6 million in a strategic funding round led by Polychain Capital at a $150 million valuation.

• With the fresh funding in place, Talus plans to further develop its ecosystem, including its blockchain infrastructure Protochain and the Nexus framework — a toolkit for developers to build self-governing and self-executing agents.
• As an example of the technology, Talus is also launching "AI Bae," an "interactive and gamified" blockchain application that offers an "AI dating experience."
• It works by users connecting their TikTok accounts to generate their AI companion avatars, with the app featuring real-time chat, Polymarket-style betting and memecoin elements — allowing users to bet on relationship outcomes and even turn their unique Baes into tokens, the team told The Block.

Kraken to close NFT marketplace, shift focus to other projects

Kraken will stop allowing listing, bidding or selling on its NFT marketplace after Nov. 27 and will fully shut down the platform on Feb. 27, 2025.

• "We've made the decision to close our NFT marketplace so we can shift more resources into new products and services, including unannounced initiatives in-development," a Kraken spokesperson told The Block.
• "Clients have been informed of the changes and our team will support them as they move their NFTs to their Kraken Wallet or a self-custodial wallet of choice."
• Kraken launched its NFT marketplace in November 2022 after teasing the idea in December 2021, but stagnant NFT trading volumes contributed to its decision to end the service.

Phantom wallet rolls out full support for Base

Web3 wallet Phantom has rolled out full support for the Coinbase-incubated Layer 2 network Base following a successful beta phase, allowing all users to buy, swap and interact with its ecosystem alongside Ethereum, Solana, Polygon and Bitcoin.

• Base ranks sixth among blockchain networks by total value locked, trailing Layer 1 chains Ethereum, Solana, Tron, BSC and Bitcoin. However, it remains the largest Layer 2 network with nearly $3.4 billion in TVL.
• Initially a Solana wallet, Phantom's multi-chain expansion underscores its focus on cross-chain interoperability, aiming to simplify asset management across diverse blockchain networks, co-founder and CEO Brandon Millman said previously.

In the next 24 hours

• U.S. jobless claims and GDP figures are released at 8:30 a.m. on Wednesday. U.S. PCE data follows at 10 a.m.

Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.