Is Binance Coin (BNB) the biggest Cryptocurrency you’ve never heard of
Surprisingly, Binance Coin (BNB) is now the third largest cryptocurrency after Bitcoin (BTC) and Ethereum (ETH). CoinMarketCap listed Binance as the third largest crypto on 22 December 2021.
Notably, CoinMarketCap gave Binance (BNB) a $549.10 Coin Price, an $91.576 billion Market Capitalization, an $91.576 billion Diluted Market Cap, and a $1.86 billion 24-Hour Market Volume on 22 December 2021. They based those numbers on a Circulating Supply of 166.801 million BNB.
Impressively, the Binance USD (BUSD) stablecoin was the 15th largest cryptocurrency on 20 December 2021. CoinMarketCap gave BUSD a $14.548 billion Market Cap and a $4.216 billion 24 Hour Market Volume on 20 December 2021.
In comparison, CoinMarketCap gave Bitcoin (BTC) a Coin Price of $50,817.60 a Marker Capitalization of $958.762 billion, and a 24-Hour Market Volume of $28.123 billion on 22 December 2021. Meanwhile, CoinMarketCap gave Ethereum (ETH) a $4,107 Coin Price, a $486.829 billion Market Cap and a $17.833 billion 24-Hour Market Volume on the same day.
So What is Binance Anyway?
Binance Coin (BNB) is a cryptocurrency built on the Binance Smart Chain blockchain.
They claim the Binance Smart Chain is the fastest growing decentralized finance (DeFi) ecosystem in crypto. The ecosystem comprises decentralized apps (dApps), the Bridge Cross chain, the Binance Decentralized Exchange, a build-on-BSC Utility, wallets, and BSC projects.
Cryptoslate identified 133 tokens built with Binance Smart Chain on 21 December 2021. Notable, Binance Smart Chain tokens include Pancake Swap (CAKE), THORChain (RUNE), Kava (KAVA), Bitcoin BEP2 (BTCB), WazirX (WRX), the Bakery Token (BAKE), Radio Caca (RACA), MOBOX (MBOX), Wrapped BNB (WBNB), Venus (XVS), and CertiK (CTK). Hence, Binance Smart Chain is one of the most popular and successful blockchains around.
Binance claimed it had $27.132 billion locked in BSC DeFi projects or dApps, on 20 December 2021. The most valuable Binance dApp, ForTube (FOR) had $302.03 million Total Value Locked on 20 December 2021. Other popular Binance dApps were the Alchemy Toys NFT, Solo.top, Popsicle Finance, the DeHero NFT, and the Kalmar NFT.
Several dApp projects, including DeBank, Defistation, DappRadar, and Dapp.com are running on the Binance Smart Chain.
Is Binance an Investment Bank?
I regard Binance as a FinTech company that owns a blockchain ecosystem and a cryptocurrency. Yet Binance also has some characteristics of an investment bank.
For example, Binance hopes to accelerate Blockchain Growth with a $1 billion growth fund. They hope to lure one billion users to cryptocurrency and accelerate the adoption of the blockchain technology.
The $1 billion fund will finance a $100 million liquidity incentive program, a $300 million builder and incubation program, a $100 million talent development program for cryptocurrency professionals, and a $500 million investment program. They will invest the $500 million in cryptocurrency and DeFi projects and startups.
Binance is a Leader in Blockchain Gaming
Similarly, Binance is promoting GameFi or Game Finance to promote blockchain gaming. Binance’s developers hope to merge gaming and decentralized finance. One use of GameFi is to create rewards for gamers including tokens, nonfungible tokens (NFTs) and digital assets.
They claim there are over 210 games running on the Binance SmartChain. They also claim Binance Smart Chain games attract 890,000 players each day. In addition, they claim the top 10 Binance games have a combined market cap of $1 billion.
Hence, Binance is trying to become the finance solution for blockchain gaming. Blockchain games are a growing business. For instance, the Blockchain Game Alliance (BGA) estimates that NFT games generated $2.32 billion in revenue in the third quarter 2021.
Impressively, the BGA estimates the number of cryptocurrency wallets related to gaming activity grew from 29,563 in the first week of 2021 to 754,000 the third quarter of 2021. Therefore, Binance is a leader in a growing industry, blockchain gaming.
How Far can Binance Grow?
I think Binance (BNB) has become one of the fastest growing cryptocurrencies because they develop many real-world uses for it.
Binance claimed to support over 65 digital assets on its exchange on 16 December 2021. Those assets include Avalanche (AVAX), Axie Infinity (AXS), Ox (ZRX), and Tether (USDT).
Notably, CoinBase gave CoinBase an $91.5 billion Market Cap, a $1.9 billion 24-Hour Market Volume, and a Coin Price of $549.97 on 22 December 2021. Impressively, CoinBase estimates Binance was growing at a rate of 1,414.92% on 20 December 2201. They based those numbers on a Circulating Supply of 166.8 million BNB.
If you are seeking a cryptocurrency that will grow fast, Binance is worth examining. I think Binance (BNB) could explode into one of the largest cryptocurrencies around. I advise all speculators to investigate Binance because it is capable of enormous growth.
