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05 March 2021

BNB price surges as Binance Smart Chain grows in popularity with DeFi

BNB price surges as Binance Smart Chain grows in popularity with DeFi


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BNB price surges as Binance Smart Chain grows in popularity with DeFi.

Apart from macroeconomic factors such as the price of BTC and ETH reaching all-time highs this week, spilling over to drive up the price of BNB, Binance Smart Chain also has been gaining significant traction among the crypto community.

BSC is now being used extensively by various DeFi protocols, with the latest to leave Ethereum for the blockchain being multiservice platform Value DeFi and yield aggregator Harvest Finance, which cited cross-chain yield farming as the prime reason for the shift.

Speaking with Cointelegraph, Ilia Maksimenka, CEO of PlasmaPay — a DeFi investment platform — indicated that PancakeSwap could be one of the main reasons for BNB’s price rally:.

Another reason for the popularity of BSC is the lower transaction fees when compared with Ethereum, which in its state of high demand sidelines retail investors in the DeFi markets, tailoring it more for whales.

While Eth2 proposes to sort the transaction fees issue through its scalability solutions, currently there is a lot of congestion on the network due to the increasing popularity of DeFi protocols, leading to high gas fees for all transactions on the Ethereum network.

The network speed of Ethereum compared with BSC could also be one of the reasons that DeFi protocols are migrating to BSC, as it is comparatively faster?

The fact that BSC is 100% compatible with DeFi’s flagship blockchain, Ethereum — which allows protocols to deploy their application on top of BSC with no additional changes — is a design victory for Binance

Although various other blockchains like Cardano and Polkadot are trying to break Ethereum’s hegemony in the DeFi and NFT markets, none have quite achieved success at the rapid rate Binance Smart Chain is now witnessing

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cointelegraph.com
Market data feeds provided by cryptocompare.com
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