Binance Exchange’s native token Binance Coin (BNB) recorded another ATH yesterday of $412.26 after spending most of March in consolidation. BNB’s rise this bull season has nothing sort of phenomenal rising from under $50 towards the end of February to a new ATH above $400.
The phenomenal rise of BNB was mainly aided by the rising popularity of Binance’s native chain called Binance Smart Chain (BSC). The high gas fee on the Ethereum network made it quite costly for traders and defi users to execute any trade as the transaction cost in many cases were higher than the transaction amount itself.
BSC being an ERC-20 replica turned out to be the perfect alternative and ETH traders as well as several Defi protocols either migrated to BSC or created a cross-chain support. The popularity of BSC rose so much so that it was processing double the transaction volume than the Ethereum network.
The post $BNB Rises to New ATH Amid Growing Defi Market on BSC appeared first on Coingape.
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