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- The BNB Coin’s upward trajectory is further propelled by the latest airdrop activity within the Binance ecosystem, notably with the introduction of the cross-chain gaming platform, Portal.
- Despite ongoing legal disputes with the US SEC, Binance’s BNB Chain reported surpassing 1.2 million daily active users, demonstrating robust growth and scalability.
In a remarkable turn of events, Binance’s native cryptocurrency BNB Coin surged to its highest price point since the FTX crash, dispelling concerns lingering from last year’s legal woes surrounding the crypto exchange.
BNB, holding the position as the fourth-largest cryptocurrency by market capitalization, reached an impressive $387 mark during the day, marking its first ascent to such heights since November 2022. This surge represents a notable 7% gain over the past week, signaling a renewed bullish sentiment among investors. Analysts expect the BNB coin rally to continue to $400 and beyond.
BNB’s close association with Binance underscores its significance in the crypto landscape. Issued by the exchange in 2017, BNB powers the thriving blockchain ecosystem of BNB Chain, previously recognized as Binance Smart Chain. Moreover, Binance’s consistent token-burning initiatives contribute to reducing the circulating supply of BNB, further solidifying its value proposition in the market.
Airdrop Activity Boosts on Binance Ecosystem
Furthermore, the BNB Coin also gets a boost from the latest airdrop activity taking place in the Binance ecosystem.
On Wednesday, Binance unveiled its cross-chain gaming platform, Portal, on the Binance Launchpool. This introduction provides Binance users with an opportunity to participate in the PORTAL token airdrop scheduled for February 29th, as well as listing the upcoming token on the exchange. To qualify for the airdrop, users can lock up BNB tokens or FDUSD stablecoins in Portal’s liquidity pools.
Following this announcement, BNB holders displayed significant enthusiasm, transferring over $400 million worth of BNB tokens to Portal within 24 hours in anticipation of the airdrop, as highlighted by blockchain intelligence firm Arkham in a post on Thursday.
BNB holders have sent >$400M in BNB to Binance in the past 24 hours to farm @Portalcoin’s launchpool.
7 separate addresses have sent over $10M of BNB, with the largest whale sending in over $40M.https://t.co/EBINQnUPWn pic.twitter.com/dZvvxYXJ0E
— Arkham (@ArkhamIntel) February 22, 2024
BNB Chain Daily Active Users Cross 1.2 Million
Despite the bitter ongoing battle with the U.S. Securities and Exchange Commission, Binance continues to hit new milestones.
On February 21st, the BNB Chain blog released a report titled “BNB Chain & the Web3 Blueprint,” announcing that the blockchain network has exceeded 1.2 million active users. This achievement stands out despite Binance’s ongoing legal dispute with the U.S. Securities and Exchange Commission (SEC) in recent months. Over the past four years, the total number of active users on the BNB chain has surged by sixfold.
In 2023, BNB Chain experienced remarkable growth, especially amidst increased activity and a positive market cycle shift. Both Binance Smart Chain, the layer of the BNB ecosystem handling smart contracts, and opBNB, BNB Chain’s Layer-2 solution, demonstrated their scalability by managing peak throughputs of 2,000 and 4,500 transactions per second, respectively.
Launched in September 2023, the opBNB mainnet is evolving to elevate user experiences in decentralized finance (DeFi) and gaming, offering high throughput and low fees. Ongoing development aims to achieve an impressive milestone of 10,000 transactions per second, solidifying its position as a leader in the Layer-2 solution landscape.
