By
Marco T. Lanz
April 16th, 2024
After Binance launched its native blockchain network and decentralized exchange, investors rushed to buy a massive amount of Binance Coin (BNB) tokens.
This week, the world’s largest cryptocurrency exchange, Binance, released a stream of positive announcements. As a result, the exchange’s native cryptocurrency Binance Coin (BNB) has skyrocketed to hit its all-time high of $25.52. At the press time, the Binance Coin is trading at $24.59 with a massive $438 million in daily trading volumes. Moreover, with today’s price surge, BNB’s market cap tops above $3.5 billion.
The Binance Coin has made massive gains over the last year with its price surging by 100%. This performance comes despite the massive crypto meltdown of 2018. Such a stellar performance can be attributed to Binance’s constant efforts to bring important structural changes to the crypto platform. Also, Binance has effectively managed to read the requirements of the crypto community.
Binance Launches Its Native Blockchain Network
Two days back, in the early hours of April 18, Binance hinted the launch of its new native blockchain network, Binance Chain. Soon by the evening, Binance confirmed the launch of its mainnet. The crypto exchange also announced that on coming Tuesday, April 23, it would execute Mainnet Swap.
It means the complete transfer of Binance Coin tokens, which are currently on the Ethereum blockchain network, to its native Binance Chain network. This is a massive achievement as nearly $3.5 billion worth crypto tokens will migrate to a new network.
The Binance Chain poses direct competition to platforms like Ethereum. Further, it aims to create a complete ecosystem and use-cases for the Binance Coin thereby increasing its utility. Along with Binance Chain network, the company also announced the launch of its decentralized network (DEX).
Besides Binance Coin, the Binance Chain is custom-built for hosting the entire decentralized exchange. The Binance Chain facilitates extremely huge transactional capacity with just one-second block times. Binance CEO Changpeng Zhao explained:
“With the core Binance Chain technology, Binance DEX can handle the same trading volume as Binance.com is handling today. This solves the issues many other decentralized exchanges face with speed and power.”
Binance is trying to attract several Ethereum-based crypto tokens to its native blockchain platform. Besides better performance, the exchange also promises ease-of-use and better liquidity. However, Binance will charge some listing fee from crypto projects willing to issue their tokens on Binance Chain. Depending on the size of the project, the listing fee could go to as high as $100,000 said Changpeng Zhao.
Soon after the official announcement of Binance Chain launch, Mithril confirmed to be the first project to migrate on the Binance Chian.
Binance Expanding to Singapore
Earlier this month, crypto exchange Binance announced that it will soon expand its operations to Singapore by launching a fiat-to-crypto exchange. The launch will take place next week confirms Binance CFO Wei Zhou. Speaking at the Paris Blockchain Week, Zhou told CoinDesk,
“Next week we are going to launch the Singapore simple buy/sell on-ramp. It will actually be a new product we are launching, as a very easy buy/sell platform so users in Singapore can buy and sell bitcoin with Singapore dollars.”
Zhou said that initial the exchange only plans to allow Bitcoin trading. However, it will soon add other digital currencies upon confirmation from the local jurisdictions.