Explaining Binance Coin’s (BNB) Surge Past DOT, XRP, and Litecoin

Binance’s BNB token has surged more than 860% in the past month to attain the position of fourth-largest cryptocurrency by market cap. Binance Coin’s Rise to Prominence BNB has historically been offered by Binance as a utility token for discounted trading fees on their platform. However, with the release of Binance Smart Chain in September 2020, it has become a serious potential competitor with Ethereum in the DeFi space. PancakeSwap and Venus, both decentralized exchanges operating on the Binance smart chain, have rapidly increased their total value locked to $3.4B and $3.9B according to Defistation, respectively. In comparison, the far more established UniSwap and Aave stand at $4.4B and $3.4B, respectively. The TVL on Binance Smart Chain illustrates a truly telling picture of which ecosystems users want to participate in, with almost the entirety of PancakeSwap’s and Venus’s capital entering in the past four months compared to Aave and UniSwap’s…

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