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.
— 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.
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.