Cryptocurrency

The crazy rise of Binance Coin (BNB) and the possible rumors

Binance

Binance in these last days, is at the centre of media attention in the field of cryptocurrency, given both the recent announcements regarding the debut of Binance Chain, and the swap token BNB, both the recent events between the CEO CZ and the maximum exponent of the Bitcoin SV, delistato a few days ago. Also, a few days ago were also destroyed 15.6 million Dollars in token Binance Coin (BNB), on the occasion of the classic token-Burn quarterly.

In the last hours, on CoinMarketCap, you will have noticed the remarkable growth from the token BNB, which just at this moment, recording a +10%, with a value close to 23.9 us Dollars.

Important numbers if you think that in the scenario of crypto today, Bitcoin and other cryptocurrency are practically steady, with fluctuations rather marginal.

Binance Chain BNB

If you look at the price history of the last 10 days, you notice even more the big leap forward made by BNB. On the 9th of April, in fact, a B was worth a little more than 17.3 Dollars, while a few hours ago was close to $ 25, by touching the 24.75 Dollars to track down momentarily to close the $ 23. Impossible to predict what will happen now, in view of the powerful growth suffered and the upcoming launch of DEX.

Binance Chain and DEX imminent

As mentioned in the opening, it was announced yesterday the debut of the blockchain the owner of the BNB. This is the Binance Chain, a platform for very high performance that will have two important applications. First of all, will handle all of the mechanisms used in the Binance DEX. According to the latest leak, the exchange decentralized Binance could debut as early in the course of the next week.

Of course, there is a certain date, this is just rumours circulating on Twitter and Reddit. Different sources, in fact, seem to converge towards a possible debut of the DEX of Binance shortly after the swap of the first token BNB. This last step is at the time has been fixed for the 23rd of April. If everything goes as expected, it is then reasonable to expect the debut of the DEX towards the end of next week, if not in conjunction with the debut of the Binance Chain. We’ll see.

The second aspect that is strongly influencing the price of the currency regarding the use of the Binance Chain in different projects. Do not speak – indeed, the rumour – only projects in phase of the ICO, therefore they start completely from scratch directly on the BNB, but also projects a rather solid that will migrate from the blockchain of Ethereum to Binance Chain.

Among these, the most expensive currently is the BAT, which could leave Ethereum to go on the platform of the BNB. Of course, there are confirmations official, but the network runs for several days this news. Among the other projects that will go/will start directly on the Binance Chain, we highlight Mithril, AtomicWallet and Red Pulse.

Of course, all these projects will feed the ecosystem of the BNB, from the time that the fee for the transaction will be paid in token BNB. Not only that, even on the DEX of Binance the commissions will be paid with tokens BNB. Therefore, could open up a real competition with Ethereum, due to the greater flexibility offered by the platform of Binance.

Probably the goal of CZ, CEO of Binance, is to oust Ethereum, offering an ecosystem faster, more flexible, and directly integrated into your DEX. Will serve time, but the road seems to own this.

Token BTC/ETH on Binance Chain

Another important rumour regarding the possible debut on the Binance Chain of token real pegged to the value of the Bitcoin, Ethereum and other cryptocurrencies. Of course, the possible application of this token is rather intuitive: allow the trading of BTC, ETH and other currencies also on the DEX of Binance.

In this way, users would be offered greater freedom of choice, as well as all the benefits,  are guaranteed by an exchange in a decentralized compared to the classic platform centralized. All without having to give up the trading of coins and tokens belonging to other blockchains.

This is not a novelty in reality, since already in the past had been announced a token ERC-20 to the value of the Bitcoin. It is therefore very likely that this hypothesis proves to be true, although probably in the phase of the launch of the DEX, we’ll find a choice of token and copies of trading is rather limited.

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.