Blockchain Press Releases
IDTechEx Looks at the Impact of the European Critical Raw Materials Act on Electric Motors
BOSTON, July 20, 2023 /PRNewswire/ — The European Commission has proposed the Critical Raw Materials Act to “ensure the EU’s access to a secure, diversified, affordable and sustainable supply of critical raw materials”. This act could have big implications for various technologies and markets, but one that is growing rapidly with a heavy reliance on critical raw materials is the electric vehicle (EV) market, specifically electric motors. IDTechEx’s latest research report on electric motors predicts that yearly demand for rare earth magnets in EV motors will surpass 1 billion kg by 2031. In which case, what impact will this new act have within the EV market?
Europe is extremely dependent on other regions to source and process strategic raw materials; one category highlighted in the act is rare earth elements for magnets, including Nd, Pr, Tb, Dy, Gd, Sm, and Ce. Much of the act focuses on upping the EUs extraction (10% from 3% now), processing and refining (40%), and recycling (15%) of these materials. The act acknowledges that the EU cannot be self-sufficient in this regard but targets that it shall not rely on any specific country for more than 65% of any individual strategic raw material.
Electric motors in EVs heavily utilize rare earth magnets. In 2022, 82% of the electric car market globally was using rare earth based permanent magnet (PM) motors. There are alternative strategies, with European OEMs like Renault, BMW, Mercedes, and Audi presenting magnet free technologies, including wound rotor motors and induction motors. However, IDTechEx’s research found that their market share in 2022 was less than 23% in Europe (the region with the greatest OEM focus on magnet free motors).
In regards to the recycling and magnet content rules, the act sets responsibility on the entity that places the motor vehicle or light means of transport on the market. They must indicate whether they contain PMs, the family of PM (NdFeB, SmCo, AlNiCo, Ferrite), and the location of the electric motors within the vehicle, with steps to remove them. This should help recyclers when it comes time to process motors at the end of life. For cases where the PM content exceeds 0.2kg (electric car PM motors are typically 1-3kg), the share of Nd, Dy, Pr, Tb, B, Sm, Ni, and Co that has been recovered from post-consumer waste shall be made public information. The specific shares of recycled content required are yet to be set.
While the act sets out targets to reduce the EU’s reliance on imported materials, critically, it does not set out how this could be achieved on the demand side. For example, some OEMs may use a magnet free option that greatly reduces the demand for rare earths, but another may not, which has not been reflected in the act. The fact that an OEM not using PMs will not have to declare or be concerned with the recycled content of its magnets is unlikely to be a key driver of OM content reduction. A reduction in PM content per motor or greater adoption of smaller vehicles would also reduce demand, easing the demand, but this is again not accounted for.
The LEVA-EU (Light Electric Vehicle Association) has pointed out in its feedback to the EU Commission that the 0.2kg magnet weight will mean that some vehicle classes, like electric cycles, will be excluded, but a series hybrid cycle may not be. This makes it harder for certain technologies or companies to operate. It also highlights that the supply of components for LEVs (light electric vehicles) is already insufficient, and so companies (especially SMEs) have less choice on where their components are sourced. This act may discriminate against companies sourcing parts from the EU vs non-EU regions.
In IDTechEx’s opinion, the EU Critical Raw Materials Act in its current form will have little impact on the adoption of magnet free motor designs in most EV categories, with initial cost and price volatility of the materials being a much larger driver. However, the act should start to push greater focus onto the recycling of rare earths, which currently only happens on a very small scale. In a market where motors are in greater supply, higher recycled contents or magnet free designs could become a differentiation point for motor manufacturers selling in the EU. But in the opposite case of components being in short supply, this makes it harder for the final vehicle producer if it wishes to comply with the new proposed act.
IDTechEx’s latest iteration of “Electric Motors for Electric Vehicles 2024-2034” takes a deep dive into motor technology, market adoption, material utilization, and market forecasts. It draws from a large database of vehicles and motors across vehicle segments, including cars, buses, trucks, vans, 2-wheelers, 3-wheeler, microcars, and aircraft.
To find out more about this report, including downloadable sample pages, please visit www.IDTechEx.com/Motors.
About IDTechEx
IDTechEx guides your strategic business decisions through its Research, Subscription and Consultancy products, helping you profit from emerging technologies. For more information, contact [email protected] or visit www.IDTechEx.com.
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Blockchain
Binance Announces Adjustment of Tick Size for Spot Trading Pairs
Binance, a leading cryptocurrency exchange, has announced adjustments to the tick size (the minimum change in the unit price) of specific spot trading pairs. These adjustments are aimed at enhancing market liquidity and improving the overall trading experience for users. The changes are scheduled to be completed by 05:00 (UTC) and 07:00 (UTC) on May 23, 2024.
Traders can find details about the tick sizes of all spot trading pairs on Binance in the platform’s Trading Rules. Importantly, the adjustment will not impact spot trading and related functionalities. API users will also observe changes in the tick size, and they can stay updated with the latest tick size using the GET /api/v3/exchangeInfo endpoint. Additional details and updates can be found in the API Changelog.
Existing spot orders will not be affected by the tick size update. Orders placed before the update will continue to be matched with the original tick size. However, traders are advised to adjust their trading strategies accordingly to avoid any unnecessary impact on their trading activities.
Binance emphasizes the importance of referencing the English version of the announcement for the most accurate and up-to-date information, as there may be discrepancies in translated versions. The exchange remains committed to providing a seamless trading experience and appreciates the support of its users. Users are reminded to exercise caution and make informed decisions when trading on the platform.
Source: blockchain.news
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Blockchain
OKX Announces Support for New USDC Spot Trading Pairs
According to an official announcement released on May 16, 2024, OKX will introduce new USDC trading pairs in the spot trading section between 7:00 am and 8:00 am UTC on May 20, 2024. This addition aims to broaden trading options for OKX users and contribute to the expanding USDC ecosystem.
In light of the risks associated with digital asset trading, OKX has issued a cautionary note to all users. They emphasize that information provided by OKX and third parties is for informational and educational purposes only. OKX does not guarantee the accuracy or completeness of any information and does not provide financial, investment, or other forms of advice.
OKX highlights the speculative nature and high volatility of digital assets, cautioning that they may become illiquid at any time, potentially resulting in the loss of the entire investment. Therefore, OKX advises users to conduct thorough research and assess their risk tolerance before engaging in digital asset trading.
For inquiries regarding the new USDC spot trading pairs or any other concerns, users can contact OKX through their support center or engage with the OKX team on various platforms. OKX’s proactive approach in addressing user inquiries and fostering community interaction underscores its commitment to user satisfaction and the overall growth of the crypto ecosystem.
Source: blockchain.news
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Blockchain
ShibaSwap rolls out major upgrade, moves to Shibarium
ShibaSwap, the decentralized exchange (DEX) affiliated with the Shiba Inu ecosystem, has announced a significant upgrade by migrating to the Shibarium blockchain. This move is expected to introduce a range of new utilities for users, as stated in a recent press release.
The upgrade includes features such as a revamped dashboard, enhanced user experience, discovery charts for trending tokens, and an improved process for onboarding new tokens onto the DEX.
Lead developer Shytoshi Kusama expressed enthusiasm for the upgrade, highlighting its potential to empower DEFI innovators and facilitate community token interaction on Shibarium. Kusama also invited the community to explore the new swap and encouraged existing Shibarium tokens to transition to the platform seamlessly, while assuring that further updates are in the pipeline.
A portion of transaction fees will be utilized to enhance liquidity pool (LP) value in swap transactions, benefiting users and the yield farming community, according to the press release.
The upgrade rollout will prioritize enhancing discovery and can be expected to include more regular updates and upgrades, as noted by fellow developer and contributor Kaal.
The upgrade aims to minimize gas fees and ensure faster transactions, in addition to supporting various segments of the Shiba Inu Ecosystem, including $SHIB and $LEASH tokens, SHEboshis DN-404 tokens, SHIB The Metaverse, ShibaSwap DEX, and the Shiba Eternity game.
Shibarium’s layer 2 mainnet, launched in August 2023, saw the creation of 21 million wallets and was trialed by millions of users. It introduced a new consensus mechanism called proof-of-participation (PoP), which selects validators based on their holdings of the associated cryptocurrency.
As of the latest data, the price of SHIB stands at $0.0002548, reflecting an almost 7% increase in the last 24 hours, with SHIB being the 11th largest in terms of market cap, according to CoinMarketCap.
Source: cointelegraph.com
The post ShibaSwap rolls out major upgrade, moves to Shibarium appeared first on HIPTHER Alerts.
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