CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
    • Español
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • Español
  • bitcoin
    BTC$22,961.00
  • ethereum
    ETH$1,652.75
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
      • Español
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    • Español
    Home » Crypto News » BNBBTC » 14% of ETH Transaction Volume Now Belongs to Binance Smart Chain

    14% of ETH Transaction Volume Now Belongs to Binance Smart Chain

    Author: Martin Young

    Last Updated Sep 14, 2020 @ 07:50

    There is no doubt that Binance Coin has been one of the top performing digital assets over the weekend, and the company chief executive couldn’t resist another dig at Ethereum.

    Binance has made it no secret that it aims to dominate the world of DeFi as it has done with the crypto industry. The company is clearly angling to become the Google of crypto, launching new products and incentives on an almost weekly basis.

    The latest hot DeFi launch, Binance Smart Chain, is gaining traction among the wave of new DeFi clones that are all luring liquidity providers. In the past week or so, new DeFi doppelgangers Cream Finance, BurgerSwap, and BakerySwap have all set up shop on the new Binance blockchain.

    Binance Smart Chain Eating Ethereum?

    With DeFi food on the mind, it wasn’t long before Binance CEO Changpeng Zhao boasted about how much the new network and the exchange’s native token is catching Ethereum.

    #Binance Smart Chain (BSC) transaction volume is now 14% of ETH.

    BNB market cap is 10% of ETH.

    In addition to #BSC, #BNB has a native fast DEX blockchain, burn, discount fees on #Binance, and more… https://t.co/rmrxMhxJvi

    — CZ Binance (@cz_binance) September 14, 2020

    Those figures are pretty accurate with Binance Smart Chain transactions surging to almost 140,000 on Sunday, while Ethereum’s are just over a million per day. Most of that activity however has been driven by one DeFi farming clone called BurgerSwap which, as reported by CryptoPotato, had almost $400 million in BNB staked on the first day.

    ADVERTISEMENT

    The DeFi duplications are coming thick and fast as another, called BakerySwap, is preparing to launch at 15.59 GMT today, September 14, doing exactly the same thing on the Binance network.

    ‘CZ’ has maintained his actions and those of his company are benevolent, stating in an earlier tweet:

    “Of course, love to see more DeFi projects migrating over, and lessen the load on ETH, and hopefully, reduce the gas fees there a little too.”

    Following the launch of the firm’s Ethereum-compatible Smart Chain on September 1, Zhao announced the launch of a $100 million investment fund devoted to luring projects to building on the new blockchain at the World of DeFi summit last week.

    Big Pump For BNB

    Naturally, the food farming frenzy has given BNB a massive boost as yield hunters load up to make deposits in new liquidity pools based on the exchange’s native token.

    BNB hit an all-time high of $32 on Sunday, September 14, marking a surge of almost 30% since the same time last week. This has propelled its market capitalization over $4 billion which is around 10% of Ethereum’s at the moment.

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

    You Might Also Like:

    • binance_chain_cover
      Binance Smart Chain Handled 21% of Ethereum Transactions 35X Cheaper
    • Who Is Behind BurgerSwap? Already $400 Million BNB Staked in 1 Day Via Binance Smart Chain
    • ethereum_cover
      ETH Spiked 50% On Binance, Just To Crash 50% Immediately After
    Tags: Binance Binance Coin Binance Coin (BNB) Price DeFi Ethereum
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Martin J. Young
    More posts by this author

    Martin has been writing on cybersecurity and infotech for over two decades. He has previous trading experience and has been covering developments in the blockchain and cryptocurrency industry since 2017. Contact Martin: LinkedIn

  • bitcoin
    BTC$22,961.00
  • ethereum
    ETH$1,652.75
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    What is Optimism (OP): Guide to One of Ethereum’s Layer-Two Scaling Solutions

    What is Optimism (OP): Guide to One of Ethereum’s Layer-Two Scaling Solutions

    Why ZK-Rollups Are the Future of Ethereum Scaling: Interview with StarkWare PM Gal Ron

    Why ZK-Rollups Are the Future of Ethereum Scaling: Interview with StarkWare PM Gal Ron

    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!