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BNB Market Cap Passed UBS And Santander, What’s Next?

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Stefan

The BNB market cap passed the one of UBS and Santander, rallying 900% to this day which led it to the $64 billion market cap as we can see more in our latest binance coin news today.

2021 had an impressive year for Binance Coin so far as it rallied 900% up to this day. One of the main catalysts for the BNB growth was continued congestion on the ETH network and because of the struggle, Binance Smart Chain emerged as an alternative while meeting the growing decentralized finance sector needs and demands.

The BNB market cap passed the one of UBS and Santander as it reached $64 million market capitalization, but there are analysts that pointed to the estimated value and impact of Coinbase’s upcoming direct listing as a main catalyst for the BNB price hike. The common narrative spun up in the past few weeks after the news on the COIN listing emerged which also added value to the centralized exchange tokens. The analysts speculated that other US-based regulated exchanges like Gemini and Kraken will follow Coinbase’s decision and try to raise funds through stock offerings.

Decentralized Finance Total Value Locked ranking. Source DeBank

The BNB token provides the holders with a discount on trading fees and it is required for the ones that want to participate in the Binance launchpad token sales. With BNB gaining liquidity it became a base pair for other crypto assets at the Binance exchange. Over time other uses emerged when the BSC gained traction. For example, BNB can cover network fees and can serve as a utility token in the ecosystem which includes decentralized dapps and games.

The Binance Smart Chain network uses the Proof of Stake Authority that eliminates the need for miners or expensive transaction fees with the platform keeping its compatibility with the ETH Virtual Machine and has a similar token as well as a smart contract structure. Many cryptocurrencies gained relevance in the Binance network and allowed users to bypass the miner fees. BSC also gained traction on other Defi protocols in terms of total value locked which is why the new use-cases for the BNB token emerged to take center stage.

BNB can also survive without the direct influence of the Binance exchange and if it achieves independent validators and developers, the ecosystem could thrive even more.

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