BNB Price Blows Above $600 as PancakeSwap Transaction Count Rises
The BNB price on Apr 21 soared above $600, shaking off bears of Apr 19 and setting the foundation for further gains in the next few weeks. On Apr 18, on-chain data from the Binance Smart Chain (BSC)—a stiff competitor of Ethereum,showedthat the PancakeSwap Router Contract processed 80 percent of all transactions in the Ethereum network. The BSC's DeFi activity directly benefits BNB's prices, as historical correlation reveals.
BSC's competitive edge over Ethereum is its scalability and negligibly low transaction fees. However, critics say this is only due to centralization as Binance—the exchange directly controls all of the BSC's nodes. Still, the BSC ecosystem attracts major projects as dApp protocols migrate away fromEthereumdue to high transaction fees. PancakeSwap's Router Contract processed 1.18 million transactions or 80 percent of Ethereum's 1.47 million.
Impact on the BNB Price:
Bullish. The success of BSC and DeFi within its ecosystem directly feeds into BNB price. Unlike other networks, all DeFi pool rewards in the BSC network are in BNB. Analysts project the BNB price to reach $1k in the medium term.
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