Binance coin is now the 3rd largest crypto currency!

Binance Coin (BNB) traded at $275+ with the market cap up by more than 500% in the last 6 weeks.

Binance Exchange has moved to a rapid increase in exponential trading volumes during the last few months amid growing interest from retail and institutional investors. As per the 2021 Global Crypto User Index report the adoption of cryptocurrency assets has accelerated after major players showed support for the crypto market. The report also stated that nearly 60% of cryptocurrency users prefer exchanges to store their crypto currency.

A key factor behind this growth is Binance Smart Chain. BNB is the go to asset for the ever expanding network, which has had some success in supporting elements of decentralized finance. According to CoinGecko, PancakeSwap and Venus, both of which run on Binance Smart Chain are the other the two biggest gainers in the crypto markets over the last seven days.

THE BINANCE SMART CHAIN

Binance Smart Chain doesn’t offer true decentralization in the same way as projects like Ethereum do. Nonetheless, Binance Smart Chain’s focus on DeFi places it in direct competition with Ethereum.

Recently, the surge in Ethereum’s transaction costs have priced out many users. Binance offers a similar alternative option, but at a much lower cost for transactions.

Certain projects have moved to Binance Smart Chain as a result of Ethereum’s costs. Qiao Wong, a prominent DeFi evangelist, acknowledged the development stating that Binance Smart Chain is used “as a Band-Aid solution' by some.