14% of Ethereum transaction volume is now recorded on the Binance Smart Chain at the same time when the Binance Coin became the best performing digital asset over the weekend so let’s find out more in our Binance latest news.
Binance made no secret that it wants to dominate the DeFi world as it has done with the entire crypto industry. The company aims to become dominant in the crypto space so it launches new products and incentives on a weekly basis. The latest hot DeFi launch, Binance Smart Chain, gained traction among the new Defi clones as they are luring in liquidity providers. Over the past week, new DeFi doppelgangers Cream Finance and BurgerSwap have all settled into the Binance blockchain.
#Binance Smart Chain (BSC) transaction volume is now 14% of ETH.
BNB market cap is 10% of ETH.
— CZ Binance (@cz_binance) September 14, 2020
With DeFi now stealing the spotlight, it wasn’t long before Binance’s CEO Changpeng Zhao boasted about how much of the new network and exchange’s native token is catching ETH. The figures are accurate with the Binance Smart Chain transactions surging to about 140,000 on Sunday while Ethereum’s are over million each day. Most of the activity has been driven by BurgerSwap which had more than $400 million in BNB staked in day one. The DeFi duplications are coming back faster than ever with the latest called BakerySwap preparing to launch today.
Zhao maintained his actions benevolent and tweeted:
“Of course, love to see more DeFi projects migrating over, and lessen the load on ETH, and hopefully, reduce the gas fees there a little too.”
Right after the launch of Ethereum’s compatible smart chain at the start of September, Zhao announced the launch of $100 million investment fund that is aimed to investors that want to build their projects on the blockchain at the World of Defi summit last week. With the 14% of ethereum transactions being on the binance Smart Chain, Zhao will not stop here. The food farming craze gave the BNB price a massive boost as traders are depositing in new liquidity pools based on the native token on the exchange.
BNB hit an all-time high of $32 and marked a surge of 30% since one week ago. This propelled the market capitalization of more than $4 billion which is about 10 percent of the Ethereum’s market cap at the moment.
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