Place/Date: - November 18th, 2022 at 5:16 am UTC · 3 min read
Source: Orbeon Protocol
Amid a collapse of the rival FTX exchange, many are questioning what’s in store for Binance and its token. At the same time, the situation created a windfall for other projects like Orbeon Protocol.
Binance is one of the leading cryptocurrency exchanges in the world. It provides a simple way to buy, sell and trade various digital assets. Founded in 2017 by Changpeng Zhao, it has become the biggest global cryptocurrency exchange in terms of trading volume.
BNB is the native token of the Binance ecosystem. It is used to pay fees on the Binance exchange, and it can also be used to purchase goods and services. The BNB token has a wide range of uses, and it is one of the most popular digital assets in the world.
Moreover, due to its low gas fees and scalability, BNB has attracted a large community of crypto developers. Independent projects launch on the BNB smart chain daily, boosting its appeal.
Moreover, the BNB token gives several advantages to Binance users. For instance, traders can enjoy a 25% discount on trading fees on Binance when they use BNB to pay for them.
Recently, Binance was involved in the collapse of rival exchange FTX. Binance’s chairman, CZ, said he was in talks to acquire FTX, but then pulled out of the deal.
After news of FTX’s collapse surfaced, BNB dropped 20%. This is a small drop compared to what FTX token holders are experiencing. However, the FTX collapse could shake the public’s confidence in crypto exchanges in general, which could hurt Binance as well.
Analysts have mixed views about where the BNB token will go in the near future. CoinCodex says that the coin will likely drop to $277 in the next 30 days. DigitalCoinPrice has a more optimistic view, saying that the coin could stay at about $290 and then shoot up in 2023. CaptainAltCoin expects a short-term drop to $196 and then a surge to $430 in 2023.
In any case, the BNB token is tied to the performance of Binance. However, the FTX crash is pushing people towards self-custody and DeFi. Binance is a centralized exchange and could suffer from that trend.
With the recent FTX collapse, many traders shift their focus to security. That’s why Orbeon Protocol is getting more attention.
Orbeon Protocol is an investment platform that makes investment in early-stage startups more accessible to regular people. It also has a strong focus on security. That’s why analysts predict that it could go up 6,000% in the coming weeks!
Orbeon Protocol uses smart contracts and decentralized technology to provide a safe and trustless environment for investors. Its smart contract has a built-in insurance system that protects investors from rug pulls. For instance, if a project doesn’t reach its funding goals, the investors are automatically refunded.
Orbeon Protocol is committed to building transparent, decentralized and open-source solutions for investing. This could be appealing to traders who are looking for a safe way to invest in digital assets.
While centralized exchanges are under risk of collapse due to the FTX fallout, DeFi could make a comeback. Decentralized solutions don’t suffer from the same risk of bad actors taking over. Now, investors are jumping in the Orbeon Protocol’s presale, which is selling out rapidly.
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