Binance may be trying to dominate the DeFi space, just like the crypto sector
THE crypto exchange Malta-based has launched several products in the past few months and it would not be wrong to suspect that its goal is to become Google’s crypto. The newly launched Binance Smart Chain has had a positive impact so far.
The project is gaining even more momentum amid the wave of doppelgangers DeFi that are attracting liquidity providers. In recent weeks, DeFi clones such as BakerySwap, BurgerSwap and Cream Finance have moved under the wings of the blockchain Binance.
Binance’s chief executive, Changpeng Zhao, logged on to Twitter to talk about how the new network and the exchange’s native token are almost eating Ethereum.
“The #Binance Smart Chain (BSC) transaction volume is now 14% of ETH. BNB’s market capitalization is 10% of ETH. In addition to #BSC, #BNB has a native fast DEX blockchain, burn, discount rates on #Binance and more …” said his tweet.
These figures comprehensively define the current situation with Binance Smart Chain transactions increasing to almost 140,000 at the beginning of the week. On the other hand, Ethereum is circulating around a million a day. It is important to note that a large part of the activity is being conducted by BurgerSwap, reported having seen almost $ 400 million in BNB wagered on the first day.
DeFi duplications are increasing, with another clone named BakerySwap, preparing for launch, having the same impact on the Binance network.
Changpeng Zhao, CEO of Binance, labeled his shares and those of his good-natured company with a previous tweet that said: “Of course, I love to see more DeFi projects migrating and reducing the ETH load and, hopefully, reducing gas rates there a little too”.
The explosion in food production has given BNB a huge advantage as income seekers stock up to deposit in new liquidity reservoirs. BNB posted a historic record of $ 32 yesterday – an increase of almost 30% compared to the same period last week. This, in turn, raised its market capitalization to over $ 4 billion, which is about 10% of Ethereum at the moment.