2021-1-19 17:17 |
The past week has seen significant updates to several large-cap altcoins as the market continues to move despite Bitcoin’s stalling performance.
Recently, Binance Coin (BNB), the in-house asset from top crypto exchange Binance, notched a new all-time high.
All Eyes on BNBAccording to data on market aggregator CoinMarketCap, BNB hit an all-time high of $46.90 on Monday as the asset prepared for a significant token burn.
The milestone is a considerable one, culminating in a price rally that began over the past six months. Sentiment around consolidation is strong for many reasons, chief of which is the BNB token burn.
The token burn process is a deflationary tactic that allows asset issuers to control their circulation and cause artificial scarcity. As expected, the objective is to reduce supply – and, by extension, the asset’s price.
The last BNB burning round occurred on October 16, 2020. Binance burned 2.25 million BNB tokens at the time, representing 1.13 percent of all the asset’s available supply. Historical data shows that most token burns have led to price gains for BNB.
Changpeng Zhao, Binance’s chief executive, has confirmed that the burn just happened earlier today. According to CZ, 2.4x the previous BNB was burned (in terms of USD). The 13th coin burn was a total of $68 million, putting this latest burn at about $163.2 million.
All eyes will be on the asset to see how much it can gain.
BNB 1.78%
Binance Coin / USD
BNBUSD
$ 45.44
$0.81
1.78%
Volume 588.16 m
Change $0.81
Open $45.44
Circulating 142.41 m
Market Cap 6.47 b
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Binance Coin Hits All-Time High With 14th BNB Token Burn and DeFi Push
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Beyond the token burn, BNB could also benefit from Binance’s foray into decentralized finance (DeFi). Last week, the exchange announced that it had partnered with Orbs, an Israeli blockchain company, to launch an accelerator program for DeFi projects and their developers.
Named DeFi.org, the accelerator will focus on research and development for community development and open-source software in the DeFi space. The accelerator will grade projects based on their compatibility within the DeFi space and their innovation. Several principles – including community ownership and fair distribution – will also play into the evaluation criteria.
Participants in the program will get benefits such as funding mentorship and exposure to the market. Mentors will include top executives from Binance and Orbs and several other top blockchain industry players.
Binance’s Smart Chain platform is also set to get support from TosDis (short for The One-Stop DeFi Interoperable Solution), a service that offers white-label solutions for projects staking and yield farming spaces.
Support will first roll out for the Binance Smart Chain and Polkadot, with TosDis also looking to add borrowing and lending services later on in the year.
With its integration into DeFi, Binance hopes to capitalize on a growing industry. DeFi has been as vibrant as ever, with total assets locked in protocols hitting all-time high levels of $24.85 billion. Several DeFi-facing tokens – including LINK and DOT – have also posted substantial gains, coasting off the sub-industry’s health.
Binance Coin/USD BNBUSD 45.4443 $0.81 1.78% Volume 588.16 m Change $0.81 Open$45.4443 Circulating 142.41 m Market Cap 6.47 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=BNB&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~BNB~USD"); The post Binance Coin Hits All-Time High With 14th BNB Token Burn and DeFi Push first appeared on BitcoinExchangeGuide.Similar to Notcoin - TapSwap on Solana Airdrops In 2024
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