In the last 24 hours, Binance’s exchange token rose by almost 50%. This enabled it to take third place by market capitalization among crypto assets, overtaking Tether (USDT) and challenging Cardano (ADA) and Polkadot (DOT) for the fourth spot.
At the time of publication, the asset was valued at $263.7. At its peak, the price rose to $267.4, a new all-time high. Over the past seven days, the price increased by 113.9%. Binance Coin (BNB) market capitalization approached $40 billion.
Data: CoinGecko.
The success of Binance’s native token is linked to rising activity in DeFi protocols on the Binance Smart Chain (BSC) amid record fees in the second-largest cryptocurrency by market cap.
Because of the rise in Ethereum’s price to new highs and a surge in on-chain activity in the last two weeks, the average transaction fee has hovered around $20.
According to CoinMarketCap, the decentralized exchange PancakeSwap, with a daily turnover of $1.5 billion, outpaces Uniswap on Ethereum at $952 million. Another BSC project, BurgerSwap, is not far behind SushiSwap — $269.9 million versus $288.6 million.
Data: CoinMarketCap.
Back in autumn last year, the platform Binance Chain launched the mainnet Binance Smart Chain, enabling the creation of smart contracts and staking of the native token.
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