Crypto Live News: Traders Flock To Solana To Escape Premium Woes At Binance Us

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The post Crypto Live News: Traders Flock To Solana To Escape Premium Woes At Binance Us appeared first on Coinpedia Fintech News

Binance US users have been struggling with high premiums for stablecoins like USDT, Bitcoin, and Ethereum, which makes withdrawing their funds in USD difficult. However, a new cryptocurrency, Solana, has emerged as a popular alternative on the exchange.

Solana’s Features and Benefits for Traders

Solana is a low-cost, high-performance blockchain platform that aims to solve the scalability and speed issues faced by other blockchain networks like Bitcoin and Ethereum. It is designed to be an efficient platform for building decentralized applications (dApps) and executing smart contracts, with the capacity to process up to 65,000 transactions per second (TPS).

Experts believe that Solana’s popularity may be attributed to its unique features, such as its fast confirmation times and low transaction fees. These features make it an attractive option for traders, especially those who want to avoid the high premiums of stablecoins and Bitcoin on Binance US.

Social Media Buzz For Solana

Social media platforms are buzzing with users recommending Solana as an alternative asset for withdrawing funds without paying a premium for BTC, ETH, or stablecoins. One user shared their experience of successfully withdrawing their funds by funding another asset that isn’t at a premium, such as SOL (Solana), and trading their USD for it. They then withdrew the SOL to another wallet of the exchange, successfully avoiding the current premiums.

Seeing people have issues with Binance US right now

There is a premium for stables and BTC, ETH

I wouldn't try to withdraw USD right now as it likely gets stuck

If you want to get funds off the exchange without paying more, find an asset that isn't at a premium such as SOL and… https://t.co/9CJZRXtx4T

— Rager (@Rager) May 8, 2023

Another user suggested that, in order to successfully withdraw funds from an exchange, traders may need to explore innovative methods. This highlights the potential for Solana to be part of a solution for those who are struggling with Binance US premiums.

Yes, this is the way. I did this with Voyager last June except with a different flavor. Withdrawals on off-ramps to the bank weren’t going through so I swapped my USD for USDC and transferred to Coinbase. Sometimes you have to get a little creative. Dodged a bullet and got…

— Doc (@DocTooch) May 8, 2023

Solana To Be A Hit Among Binance US Traders

Solana’s popularity is expected to rise even further as Binance US users continue to struggle with premiums for stablecoins. With its unique features and low transaction fees, Solana is poised to become the go-to option for traders who want to avoid high premiums and successfully withdraw their funds.

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