Binance Coin (BNB) Explodes Past $600 Levels With High DeFi Activity On Binance Smart Chain

12. Apr 2021 Posted by Akolkar B on News

It has been an explosive rally for Binance Coin (BNB) token holders and investors as the BNB price surged a massive 30% all the way to above $600 levels. Earlier today, the world’s third-largest cryptocurrency by market cap Binance Coin (BNB) hit its all-time high of $636.

At press time, BNB is trading at $593 with a market cap of $91.3 billion. Over the last week, the BNB price has surged over 90% and has surged 15x or 1400% year-to-date. The Binance Coin (BNB) has been undoubtedly the best-performing cryptocurrencies so far in 2021.

One of the reasons behind the rapid surge in the BNB price is the exploding transaction activity taking place on the Binance Smart Chain (BSC). The BSC has emerged as a strong alternative to Ethereum for DeFi users. The Binance Smart Chain (BSC) has benefitted from the solid congestion on the Ethereum blockchain network and skyrocketing fee on the Ethereum blockchain.

Thus, many DeFi players and users have moved to BSC in recent times. The transaction cost on BSC is just a fraction of what it is on Ethereum blockchain. Besides, the daily transaction count on BSC has been increasing with a very steady flow of unique addresses. Recently, the daily transaction volume on finance Smart Chain (BSC) has crossed 5 million and it 4x than the daily transactions on Ethereum.

The good thing about BSC is that it is compatible with the Ethereum Virtual Machine (EVM). Thus, it can be easily ported over ETH apps and users. Also, the recent Binance Smart Chain bridge Panama has emerged as the most popular cross-chain solution.

Adding fuel to the BNB price rally, Binance CEO Changpeng Zhao tweeted that Binance is heading ahead for one more BNB token burn. He wrote: “When you burn coins, they are taken out of circulation forever. It increases the value of the remaining coins. BNB token burn in a few days! Not financial advice!”

This is probably the 15th token burn for BNB. Also, as token burn removes a particular quantity completely from circulation, it is likely to drive prices higher. In another development today, Binance announced its stock tokens facility in the market. The newly announced zero-commission tradable stock tokens allows users to trade fractional stocks. All the stock tokens shall be “denominated, settled, and collateralized in BUSD”.

The company announced: “Binance Stock Tokens are zero-commission digital tokens fully backed by a depository portfolio of underlying securities that represents the outstanding tokens. Holders of stock tokens qualify for economic returns on the underlying shares, including potential dividends”.

The first Binance Stock token to be listed will be Tesla (TSLA) with the TSLA/BUSD pair going live today itself.