Binance Smart Chain tokens highlights and how to track them with Santiment
169,525% or ×1,695 — this could be a return of investment into Binance Coin ICO back in 2017. BNB seems to be unstoppable lately and quickly approaching $200 level.
What's behind this success?
Just a few ideas:
- Coinbase marketcap estimation ($77B) set a target for Binance (currently $30B). It can still grow and reach #3 in marketcap rank after Ethereum.
- Enhanced tokenomics: stake BNB to win a chance for hypish IEO allocation; farm [new project token] exclusively by staking BNB etc.
- Binance Smart Chain. In some sense it's similar to Ethereum and is also fueled with gas. Gas is paid in BNB. So here's another demand perhaps.
Binance Smart Chain
Ethereum blockchain is quite crowded and expensive lately. Migration seems to be unstoppable when traders discover Binance Smart Chain. Cheap, fast and user friendly.
With similar set of yielding farms and DEXes as on Ethereum. With stablecoins and wrapped Bitcoin. So who needs Ethereum then? Miners, yeah. Making millions in fees daily.
Traders seem to migrate slowly to BSC. It has already overtaken Ethereum in daily transaction count. It's DEXes are getting closer and closer to top ERC20 DEXes by volume. Farms APY bigger than in Ethereum. Like in early days of DeFi. When there was no crowd yet in farming on Ethereum.
Santiment users can easily have an overview of Binance Smart Chain projects using a screener with "Binance" market segment enabled. Here's mine - https://is.gd/hs7mOB
You might want to track some highlights here.
ERC20 projects win. No wonder, there are thousands of ERC20 projects being developed now. Compared to hundreds on BSC.
Hope this gives an understanding of where is BSC now compared to Ethereum.
Would you be interested in Santiment providing onchain metrics for BSC tokens? Let us know in comments or in Discord.