Binance Coin has suddenly moved up to third place on the list of the best cryptocurrencies. It’s now the third-largest project in terms of money.
The growth of Binance Smart Chain, which is Binance’s version of a DeFi platform, is a big reason why the price has gone up. In the wake of Binance Smart Chain’s rise, there has been a lot of debate, especially among Ethereum users.
In the last few days, the value of Binance’s BNB coin has risen to $40 billion. You can buy it now, behind Bitcoin and Ethereum.
Big Rise in the value of Binance Coin
The BNB token from Binance has surpassed Tether to take up the top spot on the cryptocurrency leaderboard.
Overnight, the value of the currency went up a lot, CoinGecko says. In 24 hours, it went up about 36%. A lot has changed in the last week. It’s up more than 100%. It now costs $262.40 on Binance, which puts the value of BNB on the market at more than $40 billion.
It overtook Tether last night, which has a market value of only $33.7 billion. Because of the rise, it took over last night. It has also just beaten Polkadot and Cardano. These are now the top five cryptoassets in terms of market value: BTC, ETH, BNB, USDT, and DOT.
There is no doubt that Binance Smart Chain has grown a lot. BNB is the main currency for the new network, which has had some success with some types of decentralized finance. This is what CoinGecko says: PancakeSwap and Venus, both of which run on Binance’s Smart Chain, have both made a lot of money in the last seven days.
PancakeSwap is probably the most important project on the platform. It has an exchange service that works like popular decentralized protocols like Uniswap and SushiSwap. PancakeSwap had more transactions in the last 24 hours than any other decentralized exchange on Ethereum, CoinGecko and CoinMarketCap say.
Debate on Binance Smart Chain Sparks
On Twitter, many crypto enthusiasts are talking about the rapid growth of BNB, and especially its linked chain, which has sparked a lot of attention. On the grounds that it makes significant trade-offs in terms of centralization, some have attacked the Binance Smart Chain.
This is because Binance Smart Chain is owned by the world’s biggest centralized cryptocurrency exchange. This means that it doesn’t have the same level of decentralization as projects like Ethereum, which do. Binance Smart Chain, on the other hand, is focused on DeFi, which puts it in direct competition to Ethereum.
Recently, many people have been unable to use Ethereum because of a rise in the cost of its gas fees. It costs less to use Binance’s version of Coinbase if you don’t want to use Coinbase.
Some developments have shifted to Binance Smart Chain because Ethereum’s costs are too high. Qiao Wang, a well-known advocate for DeFi, said that some people use the Binance Smart Chain as a band-aid solution. He also said that some people in the Ethereum community were not happy about the project’s growth.
In terms of market cap, Binance Coin now has 2.4 percent of the market. It seems to have a long way to go to reach up to Bitcoin and Ethereum, but it is getting closer.
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