Binance Smart Chain transaction volume is now 14% of ETH, meanwhile BNB market cap is 10% of ETH
Binance appears to be looking to be the Google of the cryptocurrency market as it continuously launches new products and offers almost weekly. In particular, Binance Smart Chain is gaining significant traction amid a wave of new DeFi replicas, all of which are attracting liquidity providers. In the last week or so, BurgerSwap and BakerySwap both launched on BSC.
Is Binance Smart Chain competing for 1: 1 with Ethereum?
Binance CEO Changpeng Zhao has bragged about the new network level and BNB price as they are slowly catching up with Ethereum. In it, Binance Smart Chain transactions surging to almost 140,000 on Sunday, while Ethereum’s are just over a million per day. Most of that activity, however, has been driven by one DeFi farming clone called BurgerSwap, which had almost $ 400 million in BNB staked on the first day.
#Binance Smart Chain (BSC) transaction volume is now 14% of ETH.
BNB market cap is 10% of ETH.
— CZ Binance (@cz_binance) September 14, 2020
The DeFi duplications are coming thick and fast as another, called BakerySwap, is preparing to launch at 15.59 GMT today, September 14, doing precisely the same thing on the Binance network.
CZ has maintained his actions, and those of his company are benevolent, Tac in an earlier tweet:
Of course, love to see moe DeFi projects migrating over, and lessen the load on ETH, and hopefully, reduce the gas fees there a little too.
— CZ Binance (@cz_binance) September 13, 2020
Following the launch of the firm’s Ethereum-compatible Smart Chain on September 1, Zhao announced the launch of a $ 100 million investment fund devoted to luring projects to building on the new blockchain at the World of DeFi summit last week.
Naturally, the above momentum caused BNB price to receive a massive boost as yield hunters load up to make deposits in new liquidity pools based on the exchange’s native token. BNB hit an all-time high of $ 32 on Sunday, September 14, marking a surge of almost 30% since the same time last week. This has propelled its market capitalization over $ 4 billion, which is around 10% of Ethereum’s at the moment.
- Binance Launches Launchpool, A New Form Of IEO, Users Will Staking BNB, BUSD To Receive DeFi Token
- What Is BurgerSwap? Is BurgerSwap Behind The 50% Price Increase Of BNB These Days?