CRYPTO CORNER EPISODE 155
Market Analysis, Updates, News & Reviews
In today’s episode:
►BNB Technical and Fundamental Analysis
►Binance Smart Chain
►Pancake Swap reaches $1Billion Marketcap
☝These are my opinions, not financial advice, always DYOR.
Most people know Binance as just an exchange – well, the most popular one of course, but the truth is, Binance has grown to be so much more. It’s a complete ecosystem of a great deal of services and applications that strech way beyond the exchange.
They launched their own blockchain back in 2019 when they moved their BNB token from being an Ethereum based token and the purpose was to enable smart contracts, in a similar fashion to Ethereum, ultimately becoming a competitor to the second largest Blockchain network.
Then they developed the Binance Smart Chain to enable users to build and create decentralized applications (dApps) and enter the world of DeFi
The Binance Smart Chain started back in September last year (2020) and one of its many uses is for cross-chain transfers which are made possible because of its interoperability.
With that, users are now able to stake BNB and earn passive income from it, anyone can now stake BNB to become a validator of this new blockchain.
With the introduction of the Proof of Staked Authority (PoSA) consensus mechanism, BSC creates an ecosystem where validators, token holders, developers, and users all benefit from a rewarding blockchain that offers high performance and a vast space for further innovations.
With the launch of Binance Smart Chain, DeFi projects and the bigger blockchain community can leverage the best that Binance Chain has to offer, fortified by smart contract support, cross-chain interoperability, and more advantages that BSC brings. So the Binance Chain and Smart Chain community welcome all the dApp developers and projects to try on this new arena.
Cheap transaction fees that can be as low as 1 cent also adds to the appeal of BS chain, especially now that Ethereum fees have reached an all time high and even the smallest transactions are requiring around $20-30 fees on Ethereum based tokens, which is a great disadvantage for all Ethereum based tokens right now. This will change with time, but for this particular moment, many users are looking for alternatives and this enables Binance Smart Chain to grow at much faster speed.
THere’s also a great deal of Ethereum-based super-projects that are collaborating with BSchain – like Chainlink, Band Protocol and other infrastructure tools like Trust Wallet, also some other top DeFi projects like Swipe, Aave, 1inch Dex, WazirX, and Cream amongst others.
Indeed, Cream – the token of Pancake Swap is one that is in the news right now due to a smashing performance.
In this article from yesterday, Cointelegraph reported that PancakeSwap became the first billion-dollar project on Binance Smart Chain.
They call it the “rising star” in the decentralized finance (DeFi) sector with the recent surge in price helping the food-themed token become the first billion-dollar project on the Binance Smart Chain (BSC).
Data from Cointelegraph Markets and Tradingview shows that the price of CAKE has risen 520% since reaching a low of $1.89 on Feb. 3 to establish a new all-time high of $11.12 on Feb. 17. This propelled its total market cap above $1 billion for the first time. and while the majority of the top DeFi projects are still operating on the Ethereum network, protocols that are based on other networks such as the BSC are beginning to see an increase in active users seeking respite from high transaction costs and delayed confirmation times.
Such increase in the utility and user adoption of Binance Smart Chain based tokens brings more utility to the BNB token itself and this reflects in its price too. This is why the BNB token has jumped by more than 500% in the last month reaching the third spot and displacing previous top projects like ADA, Polkadot and XRP. The current marketcap of BNB is 41Billion Dollars, which is even higher than USDT – a pseudo-cryptocurrency that is being printed endlessly and is pegged to the dollar, so I often do not count it in my market analysis.
In the video above I also go through a quick Technical Analysis to give you my perspective on what can we expect from BNB in the short term, so make sure you watch it till the end.
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The information contained in this article is for informational purposes only. Nothing herein shall be construed to be financial or legal advice. The content of this video reflect solely my own opinions. Purchasing cryptocurrencies poses considerable risk of losses.
All information is meant for public awareness and contains what is already in the public domain. Please take this information and do your own research.