DeFi’s TVL on Binance Smart Chain is catching up with Ethereum

By May 1, 2021Ethereum
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Binance is firing on all fronts, from the Smart Chain to its native cryptocurrency. As Binance Coin (BNB) approaches an all-time high (ATH), the total locked value (TVL) of decentralized finance (DeFi) on Binance Smart Chain (BSC) is also shown to be approaching that of Ethereum. (ETH).

Mati Greenspan, founder and CEO of Quantum Economics, tweeted today that BSC’s TVL is currently at $ 43 billion. Meanwhile, Ethereum stands at $ 65 billion.

Furthermore, reports indicate that the BSC-based decentralized exchange (DEX), PancakeSwap (CAKE) transacted more than four DEXs based on the Ethereum blockchain, including leaders Uniswap (UNI) and SushiSwap (SUSHI).

Binance coin

Binance coin

PancakeSwap traded $ 1.6 million in a 24-hour periodwhile Uniswap lagged behind, with $ 1.1 billion. In the same time period, SushiSwap traded $ 300 million.

This is the first time PancakeSwap has outperformed both Uniswap and SushiSwap combined in terms of transactions.

PancakeSwap Binance Smart Chain

PancakeSwap Binance Smart Chain

Almost a new all-time high for BNB

Upon reaching a price of $ 620.12, BNB has been close to hitting an all-time high earlier today. Just two weeks after its last milestone, achieved when it hit $ 638.50.

According to the data, Binance’s native token, which is also the third most valuable cryptocurrency by market capitalization, It has been on a steady increase in the last 24 hours.

Binance Smart Chain

Binance Smart Chain

On the night of April 29, the BNB low was $ 572.76, after which it continued to break above the $ 600 mark, reaching $ 620 on the morning of April 30.

The same data also revealed that BNB had risen 20% since the last seven dayss, marking one of the best recoveries since last week’s crash.

BNB

BNB

Binance and BSC in other news

It wasn’t just about increases in value for Binance this week. For good and bad reasons, it’s been a hectic seven days for the exchange and its blockchain network.

Read more

Most recently, on April 28, the exchange came under scrutiny from regulators, in response to its offering of stock tokens. It sparked an investigation by European regulators, which they are now debating whether or not the tokens adhere to the rules on corporate disclosures and transparency.

Binance Smart Chain

Binance Smart Chain

Binance had previously announced that they would offer tokens that would give exposure to investors from MicroStrategy, Apple, and Microsoft.

Meanwhile, on the same day, it was reported that Uranium Finance had been the subject of an exploit in the middle of a migration, with $ 50 million stolen in cryptocurrencies. Uranium Finance is an automated market maker based on the BSC.

However, this week there was good news for BSC. Particularly since their first NFT platform DEX Initial Offering (IDO) sold out in less than five minutes.

The post DeFi’s TVL on Binance Smart Chain is catching up with Ethereum was first seen on BeInCrypto.

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