Tokens from the Binance Chain ecosystem are surging today, led by Binance Coin’s (BNB) own example—which broke above $270 today, according to CryptoSlate’s Binance Smart Chain sector data.
The level of $270 is yet another major milestone BNB is storming in just over a week. On February 9, the coin’s price spiked above $100—an impressive achievement by itself, but one that was overshadowed as BNB more than doubled it just nine days later.
Today, the coin peaked at roughly $272 as its market capitalization exceeded $40 billion. The latest price rally pushed BNB to 3rd place among the largest cryptocurrencies—right behind Bitcoin (BTC) and Ethereum (ETH).
At press time, BNB is trading at around $264.4, up 42% on the day and +105% on the week. In total, the coin saw some phenomenal growth over the past 30 days, gaining more than 500% over the last 30 days.
The Binance Chain sector as a whole is up 96% over the past seven days.
The growing number of use cases
One of the main factors that contribute to BNB’s appreciation is the growing number of other skyrocketing platforms based on Binance Chain and Binance Smart Chain (BSC). For example, PancakeSwap—a decentralized trading platform (DEX) that allows users to swap various tokens—swiftly rose to prominence lately. While it has its own token—CAKE—it is also using BNB for liquidity pools.
— CZ 🔶 Binance (@cz_binance) February 18, 2021
After its daily trading volume exceeded $1.58 billion today, PancakeSwap became the largest DEX by this metric, pushing Ethereum-based Uniswap to 2nd place. CAKE is also deep in the green zone, trading at $17.5. The token is up 51% on the day and 170% on the week.
Venus (SVX) is another platform in the BSC ecosystem that has been blowing its competition out of the water lately. Over the last 24 hours, it generated roughly $27.5 billion in transaction volume and currently makes up 87.77% of the whole DEX sector, according to CoinMarketCap.
As CryptoSlate reported, DeFi platforms on Binance Smart Chain have been thriving over the past month thanks in large part to users fleeing Ethereum’s constantly growing transaction fees.
According to crypto metrics platform Blockchair, the average transaction fee on Ethererum has shot up above $24 recently, making the blockchain quite expensive to use for “common” crypto enthusiasts.
Explore the Binance Smart Chain ecosystem on CryptoSlate.
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