NewsletterDeFi Dominance: Binance Coin [BNB] Hits $33.04 High With Large Transaction Volumes
After a rocky sideways movement for over 2 months, Binance Coin (BNB) struggled its way to the top to reach $33.04, its highest since the last $31.64 hike yesterday.
For a short period, Binance Coin (BNB) overtook Polkadot and Chainlink to rank the fifth-largest cryptocurrency by market capitalization. At the time of writing, Polkadot replaced Binance Coin, with a 24-hour surge of 5.70% and a market capitalization of $4.6 billion.
Binance Smart Chain saw major transactions from BakerySwap, Cream Finance, and BurgerSwap. BurgerSwap, based on the Binance smart chain, staked about $400 million in a day.
According to BscScan data, similar to Etherscan, the daily transactions increased from 30,756 on September 11 to 139,279 in just two days.
Binance Smart Chain: BNB’s savior?
With the weekly surge of over 40%, Binance Coin’s uptrend can be attributed to Binance Chain and Binance Smart Chain (BSC). Binance Smart Chain (BSC), launched on August 31st, is a new DeFi platform that is a probable Ethereum competitor with its growing popularity.
Over the past days, Binance Smart Chain’s transaction volume is on a steep slope but not a slippery one. Today, Binance CEO Changpeng Zhao CZ, updating his constant watch on the transaction volume, tweeted, “#BSC transaction volume is now 26% of ETH.”
He added,
“Did a quarter of users move already? or is this just demand that was curbed due to high fees? Looks like the later as ETH tx count didn’t drop much. Growing, not taking, the pie.#BNB
Strangely, a few hours before this hike, CZ tweeted, “Don’t bet against B..”
Don't bet against B.. pic.twitter.com/zRjk60E6nN
— CZ Binance (@cz_binance) September 14, 2020
CZ clear about not endorsing DeFi projects
Due to SushiSwap creator’s exit scam accusation, Binance faced criticism for promoting and welcoming such projects on its platform. With his users’ apprehension towards the food-themed Defi platforms in mind, CZ tweeted,
At the time of writing, according to CoinMarketCap data, Binance Coin is trading at $30.98, with a market cap of $4.4 billion.
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