Binance vs ETH: BNB as a community token powering BSC
2 min read
Binance Coin (BNB), or the cryptocurrency of the well-known exchange – has now a value of about 265 dollars, after a huge rise started on February 11st, when BNB was about 130 USD.
Even if it is now far from its all time high hit on February 19th when it arrived to a price of 342 USD, according to Coinmarketcap data, BNB use cases have expanded thanks to hundreds of different DeFi dApps and the Binance Smart Chain.
Binance Coin (BNB) vs ETH
That’s why the Binance narrative is also changing, with the aim of becoming the new ETH. In fact, it is on the Vitalik Buterin’s blockchain that we have the greatest part of DeFi applications but Binance wants to remove its primacy.
The Binance Smart Chain has also recently surpassed the ETH network for transaction volume and unique active wallets.
The Binance smart chain, in fact, is counting now 158 DeFi dapps, according to DappRadar.
“The longer term vision for BNB is for it to become the native token on multiple application specific blockchains. BNB was never intended to replace BTC or ETH. To become a true mass-adopted application, BNB must be able to facilitate billions of transactions per day. In its current form(s), we still have a long way to go. We are working on it”, explains a recent press release of Binance.
BNB powers the Binance Ecosystem and it also has multiple use cases, beyond the BSC-related ones. For example, it fuels transactions on the chain, paying for transaction fees on Binance Exchange, making in-store payments, and many more.
Recently, Binance also launched its Visa Card and Binance Pay as a competitor to Paypal.
“The utility and worth of BNB have exploded and almost as much as the exchange itself and have been evolving. The development of BNB isn’t limited to just Binance; it’s embraced by the wider community. This year, we launched 28 fiat channels. Users are now able to purchase BNB via 46 local currencies in total, using different payment methods including debit card, credit card, and bank transfer”, reads the press release.
The post Binance vs ETH: BNB as a community token powering BSC appeared first on The Cryptonomist.
