Binance coin is doing a great job during the third quarter of 2020. The price of the coin went from $16 to $28. On the other hand, Bitcoin and Ethereum seemed to be in a horizontal position. Binance Exchange had a lot of positive developments as it widens its product offering available by trading volume on the world’s biggest exchange.
Fundamental Analysis
Some incorporations and initiatives of the Binance exchange continue to benefit Binance Coin. One of Binance’s initiatives has been the Binance Smart Chain, which lets many blockchain applications be held. Several projects are listed on the Binance Smart Chain, and one of these is the Trust Wallet.
The Trust Wallet Team’s effort and decision to drift into Binance Smart Chain was highly accepted by the Binance CEO, Changpeng Zhao. Trust Wallet was Binance’s primary purchase in 2018. In this partnership, Trust Wallet seemed to be maintaining its operational independence, which made it Binance’s pre-selected option to support. In addition, Trust Wallet has burned the 89 billion TWT token and made available tokens on the Binance Smart Chain. As per the official Trust Wallet’s blog, it will be available as a BEP 20 token and a BEP2 token.
Viktor Radchenko, Trust Wallet’s founder, said that they made TWT experiment with a reward program and increase the development and have continually succeeded. As a result, It has developed into an ecosystem of Ethereum-compatible blockchain services that has DeFi (decentralized finance) and dApps (decentralized apps). Binance Smart Chain has invited a lot of blockchain projects that increase the daily number of transactions to over 1.66 million.
Binance: Vision
According to Changpeng Zhao, his vision for BNB is to grow into the native token on many application-specific blockchains, but he never planned to substitute Bitcoin or Ethereum. Binance Coin aims to assist billions of exchanges per day for it to be a mainstream application. Moreover, the CEO said that they still have a lot of work to do, but they are getting there.
In September 2020, the Binance team announced a product, which is called Binance Earn, as one of their new initiatives. The product collects the different passive-earning products into one landing page. This makes it easier for users to organize their portfolios. Furthermore, it includes Launchpool, Flexible Savings, Locked Savings, and Asset Management (Binance Liquid Swap and Dual Savings) products.
The team just celebrated the first anniversary of the Binance Futures launch with a giveaway of $1,000 in Bitcoins. This is just one of the many ways to keep investors interested in the Binance Coin.
Conclusion
Therefore, Binance’s success goes along with service improvements. The Binance CEO, Changpeng Zhang, said that there will be a leap to the BNB burn process at least once every three months.BNB has grown to become a native coin on two blockchains. The CEO believed BNB soars high because of unexpected surges and continuous determination for growth. When the time comes, BNB will no longer be a significant chief point, but the start of something bigger.
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